The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-10-12
HEAVY BUYING OF
NDUSTRIALS AGAIN
FEATURE MARKET
Rails Again Become Active and
Substantial Gains Recorded
by High Grade. Shares. o.:
.IEAVY BUYING

Law L DO 14ANG-
NEW YORK, Oct. 1.-Heavy buy
ng Of shares Of industrial companies
lolding large SURPRISES on further re-
ports of melon cutting again featured
the stock market today, the main ten
dency in which was again upward.
Rails, which have been tagging behind
in the last few days, became active
today and some substantial gains were
recorded by the high grade shares.
Immediately after the market closed
the Standard Oil Company Of New
New Jersey announced it's intention of
declaring a 400 per cent stock dividend
payable in shares of the present $25
par value, the capitalization of the
company to be increased from $110,-
100000 to $625.0OO,O0O. The stock
fluctuated today within a radius of
Ia points, closing at 236 IA, net
gain of 1-2 on the day, but IA IA be-
low yesterdays high. Mexican Pc
troleum closed at 1919, at a net gain Of
Ia points, after having established
a new high for the year at 205 Ia.
Both Pan-American issues also Great
ed new tops on .rumors of extra divt-
dend distribution. Other oils moved
within comparatively narrow limits.
Overnight announcement of a IS per
cent stock dividend of National Bis
cult was about as expected, the stock
closing at 2OS, the same az yesterday
after having been run up 70 I'll IA
Announcement of a so per cent stock
dividend in American Radiator ap-
parently was disappointing to speoula-
tive interests, that stock showing net
loss of more than three points. on the
day.
Shares of coal carrying companies
benefited most from the buying demon
stration staged in rail shares, gains
of 3 IA to 5-8 being recorded by
Lackawanna, Reading, Lehigh Valley
and Norfolk and Western. Changers
also made good progress, notably
Union Pacific, Canadian Pacific,
Atchison, Southern Pacific and Great
Northern preferred
Steel prices were forced down dur
ing the afternoon reaction but improv-
ed fractionally later in response to
publication Of weekly trade review
showing a steady increase in produc-
higher levels.
National Lead was boosted to higher
ground while Studebaker was active
at steadily rising prices. Strength of
United States Industrial Alcohol was
based on revived reports that Stand
ard oil Company was negotiating for
its entire output. Sugar stocks re-
sponded favorably to increased prices
for the refined product.
United States Realty broke about
Z points on announcement that no
dividend would be paid and that a
preferred stock issue would be sold
TO retire debenture bonds now out
standing, but it rallied later, closing
at a net loss of 1-8 points. American
Car, Bosch Magnetic, May Department
Stores and Fisher Body also were
conspicuously weak. Fifteen shares of
Atlantic Refining Company stock were
sold at $1,405 a share or sos below
the previous closing price.
Total sales were 1,188,00O shares.
An easier tone was noted in the call
money market the opening and re-
newal rate of 1-2 per cent easing
to IL before the close. Time money
and commercial paper rates were
somewhat firmer, largely because of
seasonal interior requirements.
Foreign exchange rates were de-
cidedly better, demand sterling i'm
proving a point at 4.43 IA. There was
a noticeable drop in the offerings of
grain and cotton bills. Czecho- Slovak-
ian rates continued reactionary regis
tering an overnight drop of 81 points
Canadian dollars were still selling at
a premium of 1S of one per cent and
pronounced Improvement was noted
in the rates for South American re-
mittances.