The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1922-10-12
INDUSTRIALLIST
PLAYED HEAVILY
IN STOCK MARKET

New York. October 11.-Heavy buy
ing of shares of industrial companies
holding large SURPRISES on further
reports of melon cutting again fed-
tured the stock market today, the
main price tendency in which was
again upward. Rails. which have
been tagging behind In the last few
days. became quite active today and
some substantial gains were re-
corded by the high grade shares
Immediately after the market
closed, the Standard OIL company of
New Jersey announced its intention
Of declaring 400 per cent stock
dividend payable in shares of the
present S25 par value, the capitalize
ton OF the company to be increased
from S110,O00,000 to S625 600. The
stock fluctuated today within RAJ
dius of SA points, closing at 2S6l4,
a net gain of 33a on the day, but
f4h below yesterdays high. Mex
lean Petroleum closed at 1919, net
gain of Ia points, after having es-
tablished a new nigh for the year at
2O5A. Both Pan-American Issues
created new tops on rumors of extra
dividend distribution. Other oils
moved within comparatively narrow
limits.
National Biscuit
Overnight announcement of 20
per cent stock dividend in National
Biscuit was about expected, the
stock closing at EOS, the same as yes
terday, after having been run up to
21lA Announcement of so per
cent stock dividend in America Radf~
ator apparently was disappointing to
speculative interests. that stock
showing a net loss of more than 5
points on the day.
Shares of coal carrying companies
benefited most from the buying
demonstration staged in railroad
shares, gains of q to 1& being
recorded by Lackawanna, Reading,
Lehigh Valley, Norfolk and Western.
Changers also made good progress,
notably Union Pacific, Canadian Pa
cific, Atchison, Southern Pacific ana
Great Northern preferred.
Steel prices were forced down dur
Jig the afternoon reaction but inn
proved fractional1y later in response
to publication of weekly trade re-
views showing steady increase in
production. Equipments also sold at
slightly higher levels.
National Lead
National Lead was boosted to
higher ground, while StudebalSer was
active at steadily rising prices.
Strength of United States Industrial
Alcohol was based on revived re-
ports that a Standard Oil company
was negotiating for its entire out
put. Sugar stocks responded favor
ably to the increase in the prices for
the refined product.
United States Realty broke about
points on announcement that no
dividend would be paid and that a
preferred stock issue would be sold
TO retire outstanding debenture
bonds, but it rallied later. closing at
net loss of 3h points American
Car, Bosch Magnetic. Macy Department
stores and Fisher Body also were
conspieuousiy weak. Fifteen shares
of Atlantic Refining company stock
were sold at S1.405 4 share or $lJo
below the previous closing price
Sales l.1Ss.0O1 shares.
Easier Tone
An easier tone was noted in the
call money market. the opening and
renewal rate of 5 " per cent easing
10 Az before the close. Commercial
and paper rates were somewhat
firmer largely because Of seasonal
Interior requirements.
Foreign exchange rates we're de-
eidedly better. demand sterling inn
proving at point at f.45A
There was noticeable drop in
the offerings of grain and cotton
bills. Czeeho- SfovalSian rates con-
tinued reactionary, registering an
overnight drop of p points. Canadian
collars were still selling at 4
premium of Il or l per cent and pro-
nounced improvement was noted in
the rates for South American re-
YniffaNres