Evening star., 1922-10-11
ACTION ON SPECIAL
STOCKS,FEATURE
Searching for "MeIons'
Keeps Market Nervous.
j Price Movement Erratic.
BY STUART p. WEST.

BY STUART p. WEST.
BY Special Leased Wire to The Star.
NEW YORK. October 11.-Interest
in the markets today again conversed
upon the fluctuations on the stock
exchange. In other directions. the
price movement was small and un-
important.
Inasmuch as the Turkish matter.
beginning a week ago. had ceased to
occasion serious uneasiness. the for
NAL signing of the armistice protocoi
had little effect.
Sterling exchange got above SAB
and Continental rates, including Ger
man marks. were higher. These
changes, along with somewhat higher
quotations for European government
bonds, was all the response there was
to the peace agreement.
Special Movements.
The stock market, following the
modern day method of procedure. was
rather a collection of special moves
for special causes than any general
swing.
Fully half. if not more than half.
of the list was neglected.: there was
little tendency one way or the other.
But in the stocks which did change
these changes were mostly upward.
and included a number of rapid ad-
vances.
Speculative imagination. which has
been conjurinG up stock dividends in
volving the splitting up of capital &C
count, was naturally stimulated by
overnight by the National Biscuit
Company. followed by a similar decla-
ration this morning by the American
Radiator.
Had Been Anticipated.
Both of these actions had been
foreshadowed and pretty we'll dis
counted by the extensive rise which
their stocks have had during the last
few weeks.
But on the rest of the market the
effect was to quicken the search for
the stocks of other companies whose
treasury assets and earning power
were such as to justify similar dis
bursements.
Most of the principal individual up
turns were explained by the specu-
lative community on the ground of
possible melon cuttings.
Apparently this was the incentive
back of the spectacular advance in
Mexican Petroleum and the Pan
Americans. 1t furnished the motive
also for the rise in such stocks as
American Woolen and National Lead.
shorts Intlmidated.
At the outset these demonstrations
intimidated the short interests in
others of the highly speculative in
duStrials. and stocks like Baldwin
Locomotive and Studebaker were bid
UP a point to two points. But these
advances were not we'll sustained.
In the afternoon the general mar
ket became very irregular again, re-
f1ecting the confusion and at the
same time caution inspired by the
violent performances in these high
priced and easily manipulated in
dustrial specialties.
Steel Revival Maintained.
The weekly steel reviews threw
very little light upon the business
movement in general.
The important point was that the
revival which started with the ter
mination of the coal strikes has been
maintained. with a further slight in
crease during the past week in pro-
duction. and this is the more notable
in some sections for want of cars.
With the increase in steel output.
steel prices have stopped going up;
in fact, there has been some shading.
Mexican Petroleum.
More fireworks in Mexican Petroleum
and Pan-American today, carrying the
former above 200. once again brought
regarding both companies. The
financial district was literally flooded
with rumors that the Doheny COM
panies were likely to declare a
sizeable extra dividend in the near
future and also that a new split-up
In the share was a possibility.
Industrial Alcohol.
Further talk of a contract with one
of the big Standard Oil units for its
entire fuel alcohol output was one
of the reasons behind the sharp ad-
vance today in the shares of the
United States Industrial Alcohol Com
pany.
National Lead.
With interest in possible stock dis
tributions stimulated anew by the big
dividend on National Biscuit. the
as another company which might be
doing some melon cutting before long.
This was the theory back of the rise
in the stock, and 1t did not seem to
be altogether unreasonable.
National Lead has holdings in the
which was credited with making big
war profits, but nothing has been
said from that day to this about what
disposition was made of them.
American Wooden.
Some critics casting about for
other stock dividend possibilities
have singled out American Woolen
as one, and aScr1bed the recent ad-
vance In the stock to this cause.
The main thing against this sup
position is that in May. 1920, the
company did double its common share
capital, but did not hand this out to
its stockholders as a gift.
Quite the contrary, the subscrip-
tion offer at par was rejected and
most of the new stock had to be
taken by the underwriting syndicate.
At the same time an increase of
from $40.000.00 to $60,000,00O In the
preferred stock was authorized, but
the new shares were never issued.
This would seem to be an important
point to remember in connection with
the talk of any stock distribution
now.
Regular quarterly>~dividend were
declared by F. w. Woolworth Com
pany, common and preferred, the for
mer payable December l to stock
holders Of record November 10 and
the latter payable January to stock
holders of record December 9; Union
Tank Car Company common and pre-
ferred payable December /, to stock
holders of record November 6.
BUYING MUCH EQUIPMENT.