Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-12-22
! FINANCIAL NEWS
NEW YORK MARKET
features Of the Days Dealings in All
the LEADING Stocka

New York. Dec. 21.-Buying opera
tions OF professional interests. partic-
ularly in the oil group. and broader
investment demand for some of the
high grade railroad shares impaired
strong. tone to prices in today's stock
market.
BY far the most interesting feature
was the sensational rise in Mexican
Petroleum, which opened at 262, up four
points and a new high record for the
year. and then SCARED to 322. often
jumping. five and 10 points between
sales, all of 100 share lots. 1t dropped
back to 800 at the close, where it rep
resented a net gain of AZ points on
the day. Buying of the stock was gen.
orally believed to have resulted from
the belated covering operations of
venturesome short interests. although
speculative anticipation OF more favor
able dividend action and rumors that
the company was contemplating the ac-
Smackover field may have been con-
tributing factors. The days sales to-
tailed only about 2000 shares.
Railroad shares were inclined to be
sion but they became quite active lat
er in response to some heavy buying of
Reading, Lehigh Valley. New York
Central and Union Pacific. all of which
moved up one to two points. There
we're indications that the. so-called
January reinvestment demand was a
factor in the late buying.
Ian-Anerlcan issues were heavily
squirt in Mexican Petroleum. approx
mately 95 per cent of the stock Of
which is owned by the Pan-American
Go. The A stock gained II and the 3
were Royal Dutch, General Asphalt.
Standard Oils. of New Jersey and Cal,
ifornia, Cosden. Houston. California
Petroleum. Phillips Petroleum, Tidewa-
ter. Associated and Pacific Oils, the
gains ranging from one to five points.
Baldwin again led the advance of
Standard industrial issues, closing at
E LIZ. a net gain Of 80: Pond Creek
10 years: on reports of its purchase by
Henry Ford. Elkhorn Coal. on who's
properties Mr.. Ford has an option ex-
pirlEg at midnight. got as high as 22s
but reacted later to 19a. for a net loss
OF |. points on announcement that the
option was not likely to be exercised
at this time.
would be shorter than usual this year
because Of The unprecedented year-end
activity, resulted in brisk buying Of
sStudebaker; WHICH got as high as 1854
but reacted to 134a later, where it was
also were strong. Fisher Body rising.
a. points and Stewart Warner %. Pa.
enc Gas moved up 81 on an increase
dend rate. Declaration Of a semi-an-
nual dividend of II per cent. on Ma
rine preferred. which was announced
after the market closed, came as a
surprise to Wall street, which had ex-
pected that the dividend would be omit
ted altogether. The stock closed frac-
tionally higher
Call money opened at ~ per cent.
and held at that rate until just be-
Lore the close. when it advanced to 5.
The time money business continued
quiet with Ak per cent. bid and Of
tered for the longer maturities some
~ and 90-day loans being arranged at
"a. Little new commercial paper is
ing at Al per cent -
Foreign exchanges were steady. De-
mand sterling was weak at the open
ing, selling at 4.61s, but it recovered
70 4.64! before the end Of the day.
Slight Improvement took place in all
the other important European remit
tanccs.