Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-09-13
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the LEADING Stocks

the Leading Stocks
New York. Sept. 12.-Unusually ir-
regular price movements took place in
todays stock market
ing and there was abundant evidence
of profe ssional selling pressure in
other quarters. particularly against
Chicago L. Great Western issues.
Weakness in these shares accompanied
rumors Of possible receivership.
which were promptly denied by Pres
ident Samuel NJ. FELTON,. who declared
the road was able to meet its obliga-
tions and was handling the biggest
traffic movement in its history.
There was fairly sustained de-
mand throughout the session for
equipment shares. American Locomo-
tive. Baldwin. American Brake Shoe
and Railway Steel Spring each being
pushed up to new high records. the net
gains ranging from large fractions to
nearly three .ints. Strength of these
stocks was in response TO increased
orders for equipment by the large rail-
road systems.
Merger talk wa. held responsible for
the further activity in Producers a.
Ref1ners, which crossed so and closed
at net gain Of nearly point Barns
dali "A stock shot up nearly three
points on reports that it was the likely
participant in the Producers rev COM
bination. The latest earnings report
of. Mexican Petroleum. which showed
earnings of $35.43 a share on common
stock for the first seven months Of
1922, as compared with $3.50 for the
cue for squeezing Of the recent short
interest, the STOCK closing at net
gain of two points.
White Motors was pushed up to a
new nigh on renewal IF unconfrmcd
Trucks, which recently has been quite
active. Hupp Motors alsc was rather
active but with rele lively little net
change in price.
Unusual strength Of Tobacco Pro-
points. accompanied revived reports o.
Its possible merger with Schultz Stores
and speculative expectation Of a divi-
dent before the end of the year. The
rise of more than four points in Iron
Products was predicated on higher
prices for the pig iron produce.
Rail shares we're inclined to heavi-
ness but net changes were largely
fractional. Steel shares eased a bit
as did the sugats and coppcrs.
Total sales were 962100 shares.
Call money opened ~ per cent. and
hardened to ~ in the early afternoon.
holding at that figure until the close
Time money was quiet with no change
in rates and there was TO little de-
rlaEd for commercial PAPER.
Duiiness in the European markets
impaired heavy tone 70 foreign ex-
oAange rates in the local cane. Com
para lively little business wes tran
sacted in commercial bills. German
marks were still quoted below seven
cents a hundred. the reported Ultima
tuni of Belgium demanding paymert
OF leo. 100000 1gli MARKS in six
Ilon his having lite effect. The fur
thar drop in the Gree rate was inter-
preted as indicating the abandonment
n he OF n
maintain fixed rate of S.o5 for the
drachma. Todays rate was a.75.
The sharp break and rapir recov-
cry of Chicago & Great Westerns As.
the continued firmness of Liberty
bonds and the unexpected strength and
activity in Brazilian securities were
the outstanding developments in to-
days irregular bond market the main
tendency of which was upward.
Rumors, of a possible receivership
in Chicago &, Great Western as. but
upon the announcement of President
FELTON, that the September interest
had been paid. that no more was due
until next March. and that current
traffic movement was the highest in
the roads history. the bonds recov-
cred all but ga points.
Elsewhere in the railroad list there
were signed of marked strength. par
ticularly in the ordinarily inactive
IS. and Toledo. st. Louis & Western
As. which were up 3-s and IA
points respectively. while gains of
to II were made by Rock Island re-
funding As, Denver & Rio 'Grande con-
solidated IS. Baltimore & Ohio refund
ing So. Pennsylvania consolidated AIS,
Chicago & Western Indiana As, New
Orleans, Texas & Mexico 5s. and
Great Northern SIS The weak spots
were New Haven IS, Norfolk & West
ern convertible IS. Iowa Central As.
and Seaboard Air Line stamped IS,
which were down l to l Ia points.
In the industrial and public utility
divisions. Producers & Refiners IS.
with warrants. were up two. with
gains of l to II in Marland Oil S. with
Brooklyn Rapid Transit IS. while Will
son convertible 6s were reactionary.
Gains Of l to II took place in Brazil
Is. City and State of San Paulo SIS and
Rio Grande dosul SIS. dealers reporting
a scarcity of offerings. Reports from
Buenos Aires that negotiations of the
Argentine government with local
bankers for loan of S212. 900 600 had
been discontinued were branded here
as premature. Action on the bill lau-
thorizing the loan is not expected by
the Argentine Congress before the end
of this week. Meanwhile the syndicate
managers decline to comment on cur
rent rumors.
record for the year today at 1oI.SS,
closing at a net gain of 40 points.
Other Liberty and Victory issues
showed nominal gains.
Total sales. par value we're slS.-
100000.