Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-10-07
CONFUSING MOVEMENTS
TAKE PLACE IN MARKET
Heavy Speculation in Oil
Shares Is Feature of
Days Activity.
rESEnhh TREND UPWARD
ohrhink Weakness Reversed when
b"Iiihh Demonstrations stapra In
Number ~ SpecinIticn-Cnil None,
Hate In Tn,
sESEi,Af, TREND UPWARD
tny Asseeinted Pre,,l


NEW YORK, Oct 6-Cvntusing
price m"vomenth featured ~ heavy
speculation In oil shares, marked to.
cay's active stock market scseIvn In
which the ultimate trend was up
ward,
Opening weakness undoubtedly was
due TO disturbing overnight, news
rrom tae Near Eas,, which induced
pront takiuH and removal Of short
seiliiE. the general list turning quit 6.
heavy The market reversed ITSELF
however when bu!lish den,ons,ra-
TONS were staged In u number Of
sp"c!aiiies, 6u; fell back again Ia
rcspons" 20 boar raids on Mexican
Petroleum and Scahoard issuea
Declaration OF !. 200 per cent stock
dividend by the Standard OH Com
h.hy OF Sow York was the signal
i"r another rally, which wan acccl-
rfaiSd hy the publication Of uuo,n-
riai estimates Indicating an Increase
81 between 10000 and 600. 900 tons
IN the unified tonnage Of tho United
S'Nies steel Corporation when the
september figures are mad. nut!Ic
l.cs, week. Tho upward swing WA,
restrained soinewha, by marking
up ~ tho call money rate.
OH Stock Up Polnts.
standard OIL OF New York. which
- traded !u on tho curb market.
Jumped 20 points to $40 on announce
tncui OF tho stock dividends ana
iiddcd IS more points by touching e4s
"No slipped back 10 ga ~ the c!urr.
standard on OF New Jersey, which
traded In on tile big board" sold
on f'c points at the opening. jumped
~ 10 and yielded four on proht taxi
''S, Tor net ga:u OF point. HouS-
ton on also pTontci from The heavy
demand Tor oil shares following the
standard OH dividend action. max
tHs ne; gain Of 5-s pointa Tide
water Was pushed up ~ and Texas
Company 3-s. while Sinclair i'm
proved fract'ona!!y on a turnover IN
cNccs5 Of 10000 shares.
Mexican Petroleum., Il Spccula:iv"
-svoritc, Was the target OF a h.av.
bear attack. rcced!ng NOR. than four
points and the Mexican Seaboard
\ issues tgrucd heavy IA consequences
hut yielded only frac;ionally. Threats
.! Litigation over IN. new Officers
'Sa9 blamed for ~. reaction IN
P!e:ce on preferred. which Slipped
ach nor" than points. Tho com
anon offered more resistance - prrs-
sure. showing only ii small fractional
loss
steel shares Arc Active.
Htec! shares became qu!tc active In
IN" afternoon, United S.a;rs Steel
common climbing close to % :or n
no. gain OF - points; Iuif States
adding 10 It's Gmal quotation yes
teraay aud moderate gains being re-
corded By Bethlehem ard LACK
corded By Bethlehem y and Lack
:'wnnuh. Equipments yielded slightly
as did "a number OF the standard
rail shares.
Heavy trading In spccidities, cs-
2"c!a!ly some OF The high grade in
Tca,mcnt !ssucs. was another feature.
Nrw pcnk prices wcro established by
rational Biscuit. Fisherbody. May
department stores, Wells Fargo Ex-
press, DUPONT Powder. Corn Products
and United Fruit. The net gains
angling as high as 3 points.
Tota! sales were l.2es.T0o shares
call money opened and renewed at
IA per cent, advanced 10 4l-e and
thence 10 6. where IL closed. The
tone Of time money rates was slight
~ Hrmed with 4 better dcmand for
funds at 434 for four and Ave
months maturity. 4 fair volume OF
new commercial paper is coming into
the market. the prime grade being
quoted at 41-i TO 4l-2
Foreign exchange rates were ir-
-cGu!nr. Demand sterling and franca
and lire checks sold or ut the stxrt
hut recovered most OF their Losses
later. German marks touched 4I-2
cents 4 hundred. a new low, coinci-
dent with the publication OF the
weekly Reichshank statement show
Ing an Increase OF more than 25,00O.-
100000 marks in circulation.