Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-10-10
SPECIAL STOCKS SOAR
TO NEW HIGH RECORDS
Standard Oil, of New Jersey,
Features, With II Points
Advance.
* : Ills
Ni;I.A lively
'h'"rnhir Trade Reports Cause
""rfhcr Activity In Motor Shnrcs
Ntud"bnkrr Climbs I POints--To-
tai transactions I.32B,0DO Shares.
icy Associated prcss.l

NEW YORK. Oct. 9.--Resumption
OF tho upward movement %! prices
In today's stock market was g!von
demonstration In special stocks. Sow
oral Of which were carried to new
high records
standard on of New Jersey was
ihc Individual feature. establishing
u n"w high price at 2iGl-2 with an
advance Of II points. The day's sales
exceeded 10000 shares United
states Steel common was another
favoritc. touching iOsl-i and Clog
ing al lc7 3-S. "a net gain Of 5-s.
'ne sales exceeding 100000 shares.
Speculative belief that the govern
ni"nts now taxation program VIII
!hNp!N" II levy on tn. uudistributcd
'hrpiuS ~ industrial CORPORATIONS TO
tax" care OF tn" government deficit
is responsible In part for tho recent
nctirity IN the shares OF companies
~ith gigantic surplus accounts. j,
> - pointed out that by distributing
~" surplus. tho extra tax may pos
"iblS he avoided. or. IL made retro
nctiyc. tina, tho Individual stock
holder and not the corporation, viii
lay tn" bill. In which case the ag-
Sr"rate tax, assuming (, Is grad
hai.h one. would be considcrably
smaller.
Has surplus of s5o2.oxI .G,:.
tn" last annual statement Of the
Standard OIL Company OF New jersey
showed "a surplus Of $3.50 532
While tho United states steel Cor
roration's surplus on December 81
gg
thc bulk OF the surplus was earned
IN tho last nvc years
bidding NJ OF United States Steel
also WAS influenced Ly reports OF q
large Increase In the monthly state
ircnt OF untitled Ordcrs. which Will
b. made public AT noon tomorrow.
TeNas company and associated OIL
were pushed to new peak pric.s
whiic Mexican Petroleum Registered
a net gain OF more than 3 points
Equipments wcr" Ia good demand
throughout the session. American
Car jumping 10 points and gains OF
10 points being registered hy
American and baldwin Locomotives.
PULLMAN aud Railway Steel Spring
Midvalo Steel advanced on renewal
"t rImors OF a merger with the
EeiAlohein- !-nckawauua combination
al three stocks gaining from 10 .
points.
Rails were relatively dull ana the
changes generally were un!mportaut
Continuation OF favorable trade re-
ports caused further activity In mo
Tor shares. Stud-bakcr climbing
points: Chandler. ! Is: Pierce Arrow
itd. IL, and General Motors. frac-
''iiona!ly.
Dupont Is Up SI-2 Points.
some Of tho Individual strong spots
were Dupont. GD SIG; Atlantic Re-
timing Company up 1885 a share on
u turnover OF only "a shares, the
last price being 1890 share
Union Tank Car. un 4l-i. and Con-
solidated Gas. UP ala.
Total sales Appropriated 1926, 900
shares.
shifting OF loans because Of gov
eminent requirements was respon-
sibie for the marking UP Of the call
money rat. 10 per cent after
opening and renewing at 4l-2. Re
ports were current In the field
that banks which had obtained tenn
porary use OF funds sent over here
10 meet tho intcrcs; on the British
debt October IL. were calling loans
10 repair the loans TO the British
fiscal agents
Foreign exchange rates were weak.
demand sterling dropping ia cent
and the continental rate to 10
Joints. German marks fell 10 33-i
cents hundred, new low