Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-12-28
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York. Dec. 25.-Speculators for
the advance endeaVored TO continue "
mark up stocks in today's market. Dut
they ran into heavy profit taking and
short selling with the result that the
list presented a decidedly irregular
appearance at the close.
Baldwin was taken in hand early IN
the session and pushed up 40 cents to
1891 the highest price OF the year. ana
American Locomotive advanced three
standard industrials were able to make
much Roadway. Strength of Baldwin
resulted in a revival of rumorS regard
ing the possibility of an extra or stock
dividend disbursement, but IN view OF
the official denial of similar rumors
a few weeks ago these were not taken
seriously.
lion share mark, chief interest in the
financial market was centered on the
further rise in cotton prices. new hlgn
records for the year being establlshcd
raw product to approximately $3.50 a
bale above the quotation prevailing a
few weeks ago. Prices reacted latef
on profit taking.
There was a continued lack Of specu.
lative interest in railroad shares with
decided Il the I,ocks Of
125 today but rallied to 1877. where it
was off II on the day: Norfolk 4
Western, which reported deficit OF
SILL, 600 in net income in November as
against an increase of sl,415.O in the
same month last year. dropped to 11Oa
for net loss of Z points. Losses OF
a point or more also took place IN
Great Northern preferred. Canadian
Pacific and Northern Pacific. :
The New York Central system show
ed an increase of $7.3G6.000 in gross
last month over November 1921, but a
decrease of S32S.00e in ne. The South
ern Pacific system showed an increase
Of s2,160.000 in gross and an increase
of S227S.GOU in net and the Union Pa
cfic system an increase of $1,373,000
in gross and an increase of $1,S19.0UO
in net. Generally, the November show
ing is considered satisfactory. =,
Fisher Body. in which there was
some speculative selling yesterday
the other outstanding strong spots
were American Bosch Magnetic. Amer
lean Sugar, Eastman Kodak. Interna.
tional Nickel preferred. Producers &
and Piggy Wiggly, the last named al
a new top. the gains ranging from two
to "A points. and DnPont Powder up 81
Stromberg Carbutctor established 9
on profit taking and short selling and
rallied to 61e, where it was off 81 OF
the day. Stewart Warner Speedome.
ter also touched a new top at II. but
was off fractionally on the day at its
final price Of 75I. Marked hcaviness
also was. noted in General Electric
General Asphalt preferred, Lorillarc
Tobacco and Chicago Pneumatic Tool
off three to four points. and Mexican
Petroleum off nine. Marine preferred
dropped below 43 for another new low
record. but rallied to 434 at the close
Call money was firm opening at
per cent. and advancing to 81 before
the close. The time money and com
mcrcial paper markets were dull with
no change in rates.
Foreign exchanges reacted slightly
on q large volume of business. Late
business in demand sterling was done
at $4.64l or below last night. while
French francs dropped 195 points t
719 cents. German marks slumpcG
from 1.47 to 1.25 cents hundred in
reflection of the rcparations commits.
sion declaring Germany in default IN
her wood deliveries. The Canadian dol.
lar was at a discount of one cent.