Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-11
FINANCIAL NEWS M
NEW YORK MARKET
Features Of tho Days Dealings in All
the Leading Stocks

-
Sew York. oct. Io.-Heavy specula-
ZION and violent fluctuations In high
prl,ed oit shares and extensive trading
VI stcel~ and equipments were the out
standing Developments In today's ac-
Dy, and irregular stock market ses-
sr'i.
rush of buying orders sent prices
VI st IN. start, but the Whence of the
rtso and a higher ruling rate for call
money induced heavy profit taking. eS-
pecislly in the Standard Oils. causing
thc hrst hour. The rapid bidding up
~ Mexican and Pan American Petro-
lcutns checked the decline and started
some prices upward again. The mark
ing M Of the call money rate TO per
cent. and a rather widely held Relief
tnat tho rapid extent Of the advance
rad left the market in a weakened
technical position resulted in a gcner
a settlement in fnal dealings
standard oil Of New Jersey. which
fuctuatcd within a range OF Yearly 20
points. established n rev high at 250t
and then closed at 2S3 for net loss
Of l2s points, the days sales approx
troleum moved within radius Of 12t
points. closing at net gain OF IL.
much OF the buying being based oil
resident l.. T.. Doheny's statement
concerning the financial position OF the
Company. The Pan-American issues
we're strong in sympathy. Texas Com
pany established new high. but eased
~ on proht taking at the close. Some
~ the domestic oils. notably Houston:
Iure, Pacific. Producers e Refiners'
aad philips Petroleum. closed below
,,rerdRys nnal figures.
The L. s. steel Corporations state
rirnt ~ untitled orders on september
.n which showed an increase of'1f,-
tns tons. was about What conservative
iptorests expected. but we'll below
some speculative estimates. which ran
ea high as 1000 200 tons increase.
~rectilatsr disappointment WAS re-
freted In drop Of 2 from the days
5 a. which was l0slC the highest in
moro than two years Independent
f'rrls were irregular. Bethlehem y.
fackawanna. Gulf states and Reploele
losing ground. while Crucible and Re-
Iubnc registered small gains. Rumors
IN = proposed merger Of bethlehem and
Nidvalc we're denied by President z. G.
Grace ~ the former company.
Equipments did wcll at the start.
baldwin ana American Locomotives
ana American Car all establishing new
peak prices IN the FIRST hour Virtually
~ the gains were CANCELLED IN later
d.a,inss h MG.s s ans, au oep
Motors we're weak. studebaker drop
iipg more than three points and
handler "a. Rails Jagged behind the
reu 81 the .list and generally closed
"a wcr but Delaware. Lackawanna d
Western moved UP for net gain of u
NJ 153 after having crossed al.
Talk of melon cutting was respon-
v'hlc for tho bidding up Of some OF the
nigh priced industrial spcctalties. Ma
tional Biscuit touched el5s. as com
throd with poi at the close yesterday.
an reports Of proposed - per cert.
siock div idend. American Wooden i'm
IroNod il on reports of better trade
'anditions The sharp break in Brook
IN Rapid Transit stock. which closed
80 a net loss Of 81, WAS founded on the
t"l tcf that new financing s needed ana
o. a n can como only through a new
Nc Of securities or assessment on
vi present stock either of which are
bound 20 have an adverse effect on
quoted Vnlucr.
rotnI sales were i,5O6, 600 shares.
trl money rpcncd and renewed at
.rl thou advanced 10 8, probably as
H.. ult IN the government withdrawal
~ uNu nnD from It's deposits in the
Ia,aI t.utrr Tho time money ana
comm rntal paper markets were quiet.
i'Urt gu exchanges We're Irregular.
ntmlud sterling was firm ut the open
inC rrFCtmg later on heavy Offering
~ commercial bills. and closed at
.ught fractional gain. The premium
an canadian dollars touched OF per
cent .i,.rmau marks fell TO 5-16
CENTS Il hundred another new low.
X IlNug 40 high grade railroad secur-
i'tra fHr the apparent purpose or OBJ
tAinlpg funds for the purchase OF the
now government bonds was one of the
features IN todty's active and irregular
bond market,
t'nInn pacihc - sold off II points
ana Ionnsy lNanIA SIS ono point. while
NfVhlSpn general 4E. chicago. B0riing-
t0n a quincy rs and Canadian North
oru eBs an were offered freely at sub
stautinl fractional concessions.
marlborough n7rtd Transit issues
continued ~ reflect security holders
acceptance 90 the reorganization plan.
thr Is Jumping two points, certificate
5u = ) and tho SIS "a However. Third
ANorur adjustment IS and the Brook
lvn Hurid Transit issues were reac-
Aurnr the rail mortgages to move
. lIrt.r ground were Norfolk Il West
rr convertible 6s. International and
Gr,3t northern IS. Toledo. 81. Louis
~ W..tcrr a.. baltimore & Ohio CON
,rrtthle as. and chicago & Alton 3s.
"r more Some uf tho weak spots in
tho same Inst were Chicago & Eastern
Illinois 20 Southern Pacific collateral
g., colorado y southern AS, Now York
Railways adjustment SIS and New
York. Westminster & BoS'on Ais. each
down = point.
Noxicdn Petroleum SIS moved up II
"a rrEponot 80 tho increase in stock
pfc.s. and Magma Copper IS improved
TWO othcr mdustrials moved within
narrow limits.
Foreign issues we're irregular with
most changes unimTortant. Lyons 6s,
however. Gr,pp"i II.
Total sales. par value. were sl3.9s2,-
Announcement was made today that
tnr tiG 200 n0n Haitian Offering was
oNersuhscrihcd.