The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-10-12

New York. Oct. 1l.-Hcavy buying OF
shares OF industrial companies holding
large SurpiUScS. IN further reports OF
melon cutting. again featured the stock
market today. The main price tendsn'
cy was AGAIN upward Rails. which
have been lsCE,nS NehjHd in the iaS'
few days. became QUIT" active TO-DAY
and some substantial gains were re
corded b. the high grade shares
I'm nedIaiely after the market closed
the standard on COMPANY Of New Jer-
sew announced - intention ~ declar-
ing 400 percent stock dlvidnd paEa
value. 70. carital'Zarlo0 - me coroa
~ 20 b. increased FROM $40 900 900 to
ss75, 0c0. 900 The stock 1uctua,ed 20
6aw within i radius % $. pants, cos
ing a. 2SS... Ne, gain 90 SD on IN"
day bur i+I hsiow yesterdays h'sH
Mexican Petroleum closed at 1873. net
gain Of g. points. after having eS;ab'
ished a new high for the year at c'N'4
Both Pan American issues also created
new tops on ruTors Of extra dividend
distribution Other oils moved within
comparatively narrow limits.
Biscuit Dividend
Over night announcement Of -
percer, stock dividend in National BIS
cui, was about as expected. the STOCK
closing at COS. the same as yesterday
after having been run up TO ma. IN
nouncement Of so percent stock o'E'
idend in American Radiator apparently
vas disappointing 10 speculative inter-
es,s, that stock showing a net loss %
more than three points on the day.
Shares Of coal carrying companie.
benefited most from the buying demon
s,ration staged in railroad shares gains
OF 3, to IS being recorded by Lacha'
wanna. Reading. Lehish Valley. Nor
folk & Western. GraaEers also made
GOOD progress. notably Union Pacific,
Canadian Pacific. A;chesou. Southern
Pacific and Great Northern preferred
Steel Prices Upward.
Steel pr;ces were forced down dur
ing the afternoon reaction but improv-
ed fractionally later in response TO pup
ncat!cn OF weekly trade reviews snow
y a steady Increase IN production
Eouipnents also sold a. slightly higher
levels
National Lead vas boosted 10 higher
ground. while Studehaker was active al
steadily rising prices. strength OF
United States Industrial Alcohol was
based on revived reports luat u SS''''Aa' y
OIL company was negotiating Cor It's ell
tire output. Sugar STOCKS Responded
favorably 20 the increased prices iof
the refined product.
United States Realty broke about
points on announcement that no diNi,
dend would be paid and that a preferred
stock issue would be sold 10 retire oe'
bentlre bonds now outstanding. out II
rallied later. closing at net loss "'
; Is points. American Car. b"Scn
Magnetic. May Department Stores ana
Fisher Body also were conSpicuousis
weak. Fifteen shares Of Atlantic he'
fning Company stock were sold al
81. 400 a share. sos below the previous
|cios,rg price.
Total sales we're 1.1SSnoo shares.
Call Money Easier.
An easier tone vas noted IN toe call
money market. the opening and renewal
rate o: 81. percea, easing 10 "a oe-
,ora the close. Time money and con-
mercial paper rates were some~haI
|trner. largely because OF seasonal IN
|terior requirements.
Foreign exchange rates were decioeo'S
batter, demand sterling improving
point a, S443tI. There was noueea,
il. drop in the offerings OF grain ana
cation bills Czecho Slovakian rates
continued reactioaary. registering an
overnight drop OF II points. Canadian