Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-12-23
s. FINANCIAL,s NEWSh w.
NEW, YORK MARKET
Features & the Days Dealings in All
the Leading Stocks

New York. Dec. 23.-Stock market
tradition was preserved today when
leading stocks were bid up in all Sec
tionE of the list Of the final session
be FORE the Christmas holiday. Short
Interests who had SOLD stocks freely
on the theory that the market was due
for another sharp reaction before the
first OF the year. appeared less, conf
dent and their covering operations con-
tributed to the rise in many stocks.
The manner in which stocks were bid
up plainly indicated that present hold
ers were not particularly DESTROYS OF
selling at prevailing prices.
Baldwin and Studebaker. two OF the
most popular speculative favorites. led
the advance in the standard industrial
shares. the former being pushed up q
then dropping to 1874. where it was up
~ on the day. Pond Creek Coal closed
more than four points higher on Off
c,al confirmation Of reports that Henry
Ford was negotiating for the proper
ty. Considerable interest was shown
by the financial community in the an
nouncement that Corn Products COM
mon stock. which had been placed on a
regular IS basis and that an additional
cash dividend of IS had been declared
Fisher Body. which has been mount
ing to higher ground for several
months. established another new peak
today at 21S. but dropped later to 2154.
where 1t was up one on the day. This
stock has been bought in the open mar
ket by w. {. Durant, automobile man.
ufacturer. who has been selling it in
small units on partial payment plan.
The controlling interest in the Fisher
Body Corporation is owned by the Cen
eral Motors. Co.. of which Mr.. Durant
was formerly the head.
L. S. Steel was quite active. but
closed at last nights final figure. Cru
chile and Gulf States Stcels each moved
" up NOR, more than'a point, but Republic and
Be1 ME Srso 3 were re,o heavy the last
OF speculative uncertainty concerning
The next dividend on the common stock
There is widespread opinion. how
ever. that inasmuch as Bethlehem paid
dividends during two years of business
depression there was little likelihood
or their being suspended xliow when the
industry is in the midst of period of
prosperity.
:. Railroad shares in which there have
been traces of investment buying were
less active today. probably because of
the further weakness of Delaware d
hudson. which dropped three points
however, gains of I to II points were
registered by New York Central. Atchi-
son. Illinois Central and Northern Pa
cific.
Consolidated Gas. which had been
heavy on reports that Governor-elect
smith would recommend thatc ontrol
OF local public utilities be transferred
from the stale public service and tram
SIT commissions to the local board of
estimate, rallied % points. United Re-
tail stores improved IL points on re-
ports of record-breaking holiday bust
ness. Some of the other strong spots
were Jones Brothers Tea, International
Harvester, Liggett d Myers, Otis Ele-
vator and Woolworth. the gains rang
ing from - to nearly five points.
Call money opened at A. per cent
and advanced to just before the close.
Time money and commercial paper
rates were unchanged with business
quiet.
Trading in foreign exchange was ex
tremely quiet with no important
changes in rates. Demand sterling held
steady just above S4.6i and French
francs just below 7.45. 3
Bond trading today was dull and
ing slight improvement.
L. $. government securities all
closed higher, but most Of the gains
We're nominal. The second AIS adVanc-
ed l6 cents on 500 and the third 12c
while the other active issues showed
gains of two to eight cents.
In the foreign list. gains of q point
or more were scored by Mexican 5s
Anton Jurgen 6s and Belgian 6s. but
cuban government AIS We're reaction
try.
The only outstanding changes in the
railroad group were gains of point in
| Lake Shore As of 1925 and Atchison
convertible As of 1860 and a drop of
il; Scaboard Airline adjustment IS
Mexican Petroleum IS, Cerro de Pasc5
IS and Lackawanna steel SIS of 1850
each up one point. led the advance in
industrial mortgages.
$4,000. ~