, 1922-10-17

1 buying OF high priced stocks and re-
newed strength OF rail and copper
/ shares was the outstanding develop
4 ment in today's stock market Sos
1 son. Intermittent reaiizsng waH well
. absorbed and the general trend was
4 decidedly upwnrd- Sales a~pproximat-
. cd ]. COO. 900 shares.
NEW YORK, Oct. discrimination
OF yesterdays Irregular price move
ments took place It tho opening OF
today's stock market. Mexican Petro-
.leum opened al 30. up four points,
jumped TO 314. a new high record,
in the next three sales. The Pan
| american issues also established new
psak prices at gains of 2 TO 4 points,
buying being based on reports Of n
possible Increase in the cash dividend
and declaration OF n stock dividend
/ followed by an offer OF exchange for
Mexican Petroleum. approximately 70
per cent OF the stock OF which Is owned
by the Pan-American company. Re
newed buying power appeared in the
rail group. Louisville and Nashville es-
t~abilshing a new hIEh Pm a gain OF Ia
points. Union Petite moved up one
point and a number Of others scored
large fractional advances. Top prices
for the year also were established by
Auas Powder. Manhattan Shirt and
Wells Fargo Express. United States
steel was reactionary. dropping a
point. n Weakness also was noted IN
Atlantic Coast Line, Kresge. American
Locomotive. Continental Can and
Chandler.
EE--.- --ft-- - a.. T-.aN-F Ct-s.-
/. Steel, Baldwin. S~tucebaker, and Amer
lean and Continental Can shares
caused further irregularity during the
first hour. but when these offerings
had boon digested the whole market
moved forward. Coppers were I'M
usually active and strong, apparently
in response to the favorable semian-
nual earnings statement OF the Amer
Jean Smelling company. A broader
inquiry also was noted for food, pub
lie utility and tobacco issues. Rail-
road shares quieted down for n time
but started upward again in response
to a brisk demand for New York Cen
trail. which touched 1905, a new high
for the year. buying of this stock be-
ing attributed to reports of additional
financing through a new I per cent
issue OF preferred stock. Speculative
buyers continued to favor the Mexi-
can oils. Mexican Petroleum. advanc-
ing to 2f5h; National Biscuit and Pos
tum Cereal were the favorite special
ties. establishing a new top price. Call
o n opened at 5 per cent.
Expanding dealings were attended
by considerably higher range OF prices
in the early afternoon with many
high priced shares scoring sensational
advances. Mexican Petroleum climb
ed to 21siz. while Atlas Powder was
up 9S: National Biscuit s: Associated
OH 81 and Brooklyn Edison 5 points.
Low priced domestic oils were bought
freely especially Barnsdail "A" and
Producers and Refiners.
Pronounced strength was also man
ifested by the shippings, New York
Air Brake. American Metal. United
States Food Products. Electric Stor-
age Battery, General Electric and
Southern Railway preferred. IsoIat-
ed points of weakness were shown.
Fisher Body losing 6 points, Ameri-
can Express An, Pierce Oil preferred
3; Corn Products q, and Brooklyn
Transit and Pressed Steel Car IL
each.
Finding hat the depression of spe-
cial issues brought out little stocks.
shorts covered freely in ~Studebakcr
and Baldwin in the final hour. carry
ing them well above yesterdayy's clos
ing quotations. New York Central
crossed o and there was a strong
demand for Consolidated Gas. Famous
Players and st. Louis Southwestern
preferred. all at material gains. Mex
lean Petroleum crossed 225 in the asst