Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-08-24

FINANCIAL



New York, Aug. 23.-Irregular
price changes, mostly downward,
took place in today's fairly active
stock market, presumably in re-
Spouse to the failure of the anthra-
cite coal strike negotiations and
' the pessimistic reports from the
meeting of railroad presidents.
Rail shares, especially the anth-
racite carriers. sold off substan-
TALLY at the opening but recovered
somewhat later, closing quotations
generally showing only fractional
declines. A few issues, like North
ern Pacific. Missouri Pacific pre-
ferred, Louisville & Nashville.
Pittsburgh e. West Virginia and
Western Maryland, closed at slight
gains. Some disposition of recent
buyers to convert paper profits into
cash was noted in rail transactions.
Mexican Petroleum finished the in
dividual feature of the session. ris-
ing nearly nine points on an
nouncement that the company had
settled for five months export
taxes to the Mexican government
under a recent decree which fixes
the rate at 40 per cent of the tax
last year. Allied-American issues
strengthened in sympathy. with
some improvement also being noted
in General Asphalt, Mexican Sea-
board issues, Cosden. Houston and
some of the other domestic oils.
Possibility Of a rate war because
of the increased competition in
transatlantic service was blamed
for the continued weakness of In
ternational Mercantile Marine pre-
ferred, which slipped back ~ to
a new low record on comparatively
extensive trading. American In
ternational Corporation, Atlantic
Gulf and other shipping shares re-
coded in sympathy.
Demand for equipment shares
was centered today in Pullman Car,
which advanced 3% points. other
equipments were irregular, Ameri-
can and Lima Locomotive and
American Car and Foundry show
ing nominal gains, while Baldwin
Locomotive and General Electric
were relatively backward.
Passing of its dividend caused
pronounced weakness in the
Worthington Pump, which fell four
points to a new low. while specula-
tive disappointment over the failure
Of Montana Power directors to de-
clare an extra dividend was held
responsible for the reaction in the
stock. American Telephone sold
off more than IL points on con-
firmation of reports that a further
issue of stock is to be made in the
near future.
The days sales totaled $4,000
shares.
Call money opened at az per
cent, but was advanced to and
thence to Az where it closed. A
slight stiffening was noted in the
rates for time money, with COM
partively little activity being noted.
Foreign exchange rates were in
clined to weakness. German marks
being quoted below 7 cents hum
bred for the first time in history.
Czecho- Slovakia crowns continued
their upward movement, establish
ing a new high rate at 3.47. almost
double that of month ago. but
yielding to 3.43 at the close. A
sharp collapse also took place in
Portuguese exchange, escudos,
which had been quoted above Z
cents early in the week. dropping
to $50.
Closing prices:
American Can ............. 81k
American Smelling & Refg.. 65A
American Tel. & TEL. ..122%
American Zinc ............ 1871
Anaconda Copper .......... SIS
Atchison .103A
Baltimore e Ohio .......... So
Bethlehem Steel "B". -. 7SH
Butte & Superior .......... 30%
California Petroleum ....... 63
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