Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-12-09
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the LEADING Stocks


Features Of the Days Dealings in All
the Leading Stocks
New York. Dec. s.-The complexion
of today's stock market Underwent an
abrupt change for. the better this art
criioon when spectators for the DECLINE
were compelled to abandon their efforts
on tn, short side because Of their fall
ure to bring out any large volume OF
stock. Rails proved vulnerable tar
get to early pressure. but industrials
offered better resistance and 1t was
the strong buying appearing in such
leaders Rs Baldwin, U. s. Steel common
and Studebaker that turned prices up
ward again after neon.
The partial recovery, in railroad
shares was stimulated by publication
of President Hardings message to
Congress approving railroad mergers
and the pooling of equipment, and rec
ommending abolition of the Railroad
Labor Board and the substitution Of a
labor division of the Interstate Com
merce Commission with power to en-
force it's decisions. Canadian Pacific.
Illinois Central, Pere Marquette and
Reading. which had been weak in the
Preferred issues of the st. Paul and
Rock Island ssystems registered net
losses OF more than point each. Re
cent heayiness Of rail shares has been
unloading of pools which had become
discouraged by the lack Of public par
ticipatiQn. 'A-
studebaker continued to reflect the
pany and Speculative approval Of the
directors Intention to Continue the
SD dividend rate on the new stock, to-
gay closing price Of 1894 represent
ing net gain of ~. Other motors
Climbing a point and Hudson. Moon.
Packard. Pierce Arrow and WHY'S
Overland fractionally. Accessories also
did better, Fisher Body advancing 81
points.
Sugars were taken in hand again and
gains OF one to p points were recorded
IN mat group by American Beet Sugar
american Sugar. Cuba Cane common
ana a1b.pp preferred, South Porto Rican and
tabllshed u new top at 1874 on revival
or reports of a stock dividend. Strength
OF Iobacco. Products reflected reports
snoWlng large increase in shipments
HuIlhg the nrSt L months of the year.
6aldWln was pushed up 1s points on
the day, U. S. Steel common touched
IVA put reacted to 1888 for a small
daractional net gain and Corn Pro-
IN response to some heavy short COW
ering. Other outstanding strong spots
We're Hendee, Pullman, Tidewater Oil
Woolworth and Wells Fargo Express,
a az up = to u points. Piggy Wiggly
estapllshed new top in reflection Of
snort covering occasioned by the an
nouncement that the president of the
company had come to this city to de-
interest. w. S-o'
religious holidays abroad resulted in
reduced volume of business in foreign
eeAchange with rates generally holding
t trn h. me advance in sterling appears
ody > ruling rate heinu
against the high of $4.57s YESTERDAY
TIrench francs got up to 7.OS5 and the
n ma LA IRA again cross the scent
ed an d G;anaulan exchange was quot
Sail money opened at 5 per cent. but
c IIneu OH No, 70 ~ and then to 4. where it
cioSeu. Inc time money and CONNER
Ho paper markets were quiet.
neaVy selling Of some speculative
n pa.iroad mortgages for taxation pur-
poses combined with better buvinp
power IN foreign and United States
b BOND n1arIat securities gave today's
win Win only a moderate amount Of bust.
ness being transacted.
e, %; iaui ISSUES were again in free
S noInts tn the refunding AS breaking 81
Tertlble AS u. Frisco income Ss and
Erie convertible IS, series A, also We're
Sold heavily, each dropping II points
M mHlle nearly q dozen other active low
irbo itCh9 uiopped point each
dnere were a few strong spots. how
un t; notably Central New England Is
~ HiIici1 Jumped three points, and $500
oas; Toledo, st. Louis & western Dc
81 orGseiand. Cincinnati. Chicago g.
Nti LOUIS As all up more than noint
,on 9oal fractions We're weak but soma
6oou gains were made in the n,,hiio
iu,IIitv group by Peoples Gas ana CO
iRs,lbia M Gas stamped IS, Saks & Co. IS
7 ~. terminal 5s and Eastern Sugar
StrOnD
G Ghhiilrlal group, while Kaiser is ana
chile Copper Is were weak ana
strength and activity Of Mexio
ponds was the feature of the f onaia,i
group. Mexican 5s advancing tbr gu
points and the As and large Re 'n nre
cach. French bonds also showoS so oile
i,iapro.ement. Paris-Lyons- Mef1it erra
mean an oS registering the largest re- a.
me Old AVS were the most actiTa l.,
ne United states government ero,, Ia
me gains ranging from IA to % nnjntp.,
on 800. Liberty 3as dronned pot nv,
cents and the others were rpch tWo
ooo otal sales, par value, were sio aSo gu.
co pup1c onering was made TODAY ne .
S2,96l, 800 issue general obIigaaiyoo u q
Ana aT per cent. bonds of the civ ~
n9sa1hpnfs' at prices to yield 4e0 ~
By per cent. A 100000 Issue o o9
~, mirnardson d Boynton Co.'S. 15-vear 81
put at par. Announcement wa.. was
mat the recent s4.465. 900 conso,id dnaad
mortgage per cent. bonds of tho re- &c"
mlnlon Iron & Steel Co. has ali 10
soId and the books closed. oee'f