The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-09-01
CONFUSION OVERCOME
IN STOCK MARKET
Announcement OF Chicago l. Alton Re-
eetvership Induces Bearish Opera
tons, But Closing Quotations GO
Higher.

\ New York Aug. 3I.-CoutUscd price
"a ryemca:s took place in today'N stock
market. but closing quotations were gen
&rally higher than those Of yesterday.
"a Oyern xht announce mcHt Of a recetN-
rship. Chicago & Alton railroad because
heavy expense incurred in the rail-
| Ind coal strikes. induced bearish opera
8tions especially against the cheaper
4 rails. which temporarily unsettled the
market Sentiment became cheerful
again, however. upon Rdvices - brokers
indicating a speedy end Of the aEthra-
cite ccsl strike and brisk dsmand for
ASil shares. which apparently VAS based
N government reports - heavily In
Creased consumption and decreased pro
.7suction OF crude product during July.
Wall Street Not Surprised.
Wall street was not wholly unrrepared
for the Alton receivcrship The pre-
ssrred stock 81 that load had closed
Wednesday night A. -; and the common
at 5Ts. The opening sale today was
5000 preferred At four and 5000 common
AZ s The preferred rallied later ana
1 closed a ~ while the common declined
DO ~ before il rallied and closed at
a. The break IN bonds was much more
8rronouncsd.
The hc@yincss N AItoa extended I"
other low-rrriced RAILS. hut most Of them
n recovered part Of their losses before the
close Western MARY land was of rs on
the day. Chicago Grea: Western liz. the
preferred 81. 81. Paul = the preferrco
y. Minneapolis and St Louis y. Kans-
SIS City Southern i, Texas and Pacific l
land New Haven u.
Canadian Pacific crossed ''' on re-
Aports that the volume Of trcish; traffic
&rSs now the heaviest in its history
Equipments were In good demand upon
blicetica OF a report that the PcnnsEl-
tnia railroad had ordered TOO large To-
s motives from th> Baldwin locomotive
hmpany. Baldwin advanced nearly
birt with sympathetic gains being rec
Eded by American Locomotive. Pullman.
& ,ne-ican Car and Railway steel Spring.
Sensational Move In OIL.
\ Mexican Petroleum enjoyed another
Of its sensational moves ;oday. closing
J at a net gain Of 1914 points on heavy
buying by speculative interests. hoth
|Assues OF PaN-Amc-icIn. which controls
exican Petroleum. advanced more tAan
roe points. Most Of the other ior@iSn
la domestic oils showed only fractional
|anSes. most Of them upward. Calf
rnia Petroleum. however. moved up
YER
~ SpecialticS which registered S"h>tan-
hal gains cor the day included Aremican.
5<lrool. Loose Wilss and Pittsburgh Coal
e Total sales Appropriated '''.oo'
8sharcS
rorciSn .N.htHS- rates we're ntesn
Iar. the announcement, If Tremi"c Foin-
cares acceptance OF the Belgian COM
promise on the German separations
question comIn2 i"r late 10 influence
2tcdav's market quotations.
~ Early rates 81 demand sterling an"
Antiacutal rsmjttan""S were generally
,kvcr but they improved IS the da% pro-
Iassed. Czccho Slcvsak!au crowns con-
nucd TO drop under speculative selling
reSsure
~ Call money opened and renewed a. -
5erccnt. the highest rate IN more tnan
Utwo weeks and hardened 70 five az the
'&c,osc The irmncss was due 20 Sep,e"-
her tirsl and holiday requirements. Time
Smoney rates were virtually unchahEeu
18th little business being transacted