Norwich bulletin., 1922-10-12
FINANCIAL AND COMMERClA
MARkEr MAs AcTIvr

New York, Oct. 11--Heavy buying of | shares of industrial companies holding | large surpluses on Further reports of "rnelon cutting again was the feature l of today's active stdck market, the main price tendency in which was again up- ward
 Indications that the trading was largely of a professional character were seen in the violent Fluctuations of the ntre populaf shares although initial strength undoubtedly was due in part to 8 flood of outside buying orders. Rails, which have heen tagging behind in the last few days, became quite ac- tive today and some substantial gains were recorded by the high grade shares. Immediately after the market closed, the Standard oil company of New ,Jer- Isey announced it's intention of declaring a 400 per cent. stock dividend payable in shares of the present S25 value. --;e capitalization of the company to be in- creased from s110,000,O00 to s625,O0o, GOO. The stock fluctuated today within radius of 8 1-4 points, closing at 236 l 1-4, a net gain of 1-2 on the day, but i If 1-4 below yesterdays high Mexican l Petroleum closed at 199. a net gain of 1 , 1-4 points, after having established i high for the year at 205 If, both Pan i American issues also created a new tops l on rurors of extra dividend distribu- l tion Other oils moved within compara lively narrow limits.
 Overnight announcement of a 75 per
 cent stock dividend in National Biscuit was about as expected, the stock closing ] at POS, the same as yesterday. after l having been run up to 211 1-4. An nouncementtof 50 per cent. stock divi- l dend in American Radiator apparently ] was disappointing to speculative inter- ests, that stock showing a net loss of more than three points on the day Shares of coal carrying companies
 benefited most from the buying dem 1 onaerati5u staged in railroad sharesl gains of S-4 to 1 5-S being recorded I by Lackawanna. Reading. Lehigh Val l ley, Norfolk and Western Changers all
 90 made good progress. notably Union
 Pacific, Canadian Pacific. Atchison, l Southern Pacific and Great Northern
 preferred
 Steel prices were forced down during
 the afternoon reaction but improved fractionally later in response to publi-
 cation of weekly trade reviews show
 ing a steady increase in production.
 Equipments also sold at slightly higher levels.
 National Lead was boosted to high CT ground on rulnors oe melon cutting while Studebaker was active at seadi- 1 ly rising prices on speculative belief
 that the forthcoming directors meeting would result in d special distribution : to stockholders. Strength of United
 States industrial alcohol was based on
 revived reports that standard oil com pany was negotiating for it's entire out put. Sugar stocks responded favoraby
 to the increased prices for the refined product.
 : United States Realty broke about ! points on announcement that no divi | dend would be paid that a preferred stock issue would be sold to retire de
 benture bonds Sbw outstanding but il rallied later, closing at a net loss or $ Is points. American Car, Bosch Mag
 neto, May Department Stores and Fish : CT Body also were conspicuously weak
 Fifteen shares of Atlantic Refining com pany stock were sold at $1405 q share or $105 below the previous tR s,Eg price
 Total sales were 1.1SS.000 shares. An easier tone was noted in the cal
 money market the opening and renew a al rate of , 1-2 per cent easing to |:
 before the close. Time money and com u naereiat paper rates were somewhat firm CT. largely because of seasonal interio
 1 requirements.
 Foreign eXchange rates were decidedl,
 better demand sterling improving a poin C at $4.A3 1-2. There was noticeable drol Ii in the offerings of grain and eottol n bills Czecllo-Sloyakian rates continue !, reactionary,. registering an overnigh
 ! drop of 21 points. Canadian dollars wer :, still selling at a premium of IS to pc + cent. and pronounced improvement wa J noted in the rates for South American
 renittances.