Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-12-16
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Dec. 15.-Stock prices
failed to make much hea siSs ~, in a, to- 10
boring the gains at the close.
A brisk rise in u. S. steel common.
which sent it up to l0Sa, the highest
price in y month, was the lndIvldual
which brought about temporary
sympathetic rise in the other steels,
followed publication OF unconflrmed ru-
mors that extra cash or stock dlvl-
part Of next year, There was a belief
in some quarters, however, that the
rise in steel was a cover to hide the
unloading of stocks elsewhere. Steel
the day. and Bethlehem. Crucible and
Gulf States closed fractionally lower.
Renewal of agitation for a loan to
Germany. which would undoubtedly
benefit the copper export trade through
that country'S increased purchasing
power. combined with higher prices for
the metal and substantial reduction in
the surplus supply revealed in the lat
est statistics, stimulated buying OF the
copper shares. American Smelling
jumping nearly two points. Anaconda
( and Utah !.
Overnight announcement that the
Van Sweringen interests had obtained
an option on the controlling interest
OF the Chesapeake & Ohio Railroad.
was reflected in a net gain of II for
that stock. Other rails were mixed but
mostly lower, losses of a point or more
being recorded by Delaware & Hud-
quette and Union Pacific.
Publication of report showing that
the sales and earnings of the Stewart
Warner Co. We're running at the same
volume in the last quarter as in the
second and third brought a number OF
buying orders into the motor accesso-
ry group. Stromberg Carburetor was
p aaSdd up 4 points; Fisher body odg
then reacted to o03, up two on the day;
Bosch Magnetic improved II and Gray
& Davis and Stewart Warnet advanced
fractionally. Reynolds Spring. which
day on reports that it had received
large order from the Ford company,
moved up to 81 today. but fell back
later to 25a. OF fractionally below last
nights close.
Baldwin and Studebaker continued
to yield to selling pressure, the former
drupping ! and the latter IL. Cosden
touched 51a, new high on the move
point but most of the other oils were
weak, General Asphalt. Mexican Petro-
leum and Standard Oil of California
dropping one to three points. An
n no. H,arna IVA was made after the mar
had declared a stock dividend of 90
per cent. on the A and b stock. and
that the quarterly dividend of Next
can Petroleum had been increased from
Strength of French francs, which ad-
vanced ~ points to 1851 cents. was
the feature of the foreign exchange
market. Demand sterling was quoted
around s4:64 and marked Improvement
was noted in the Belgian and Italian
rates. German marks were quoted
around u cents hundred as against
II a few days ago revival of agitation
for a. loan to Germany stimulating
speculation in Berlin currency.
Call money opened at per cent ad-
vanced to a during the noon hour and
thence TO 3; where It closed. Govern
local banks caused the higher rate,
which is generally regarded as tempo
rary. Most of the time money busi-
aess Is n done at 4 per cent: for the
maturities. with the commercial paper
market still at AZ per cent.
Trading in bonds was back to nor
MAJ volume today with no. definite
eminent securities were under pres
sure despite the treasury announce
lnent that the recent short term loans
had been overSubscribed
Liberty 3aS gained 16 cents on 500
and the new 44s 6. but the old AS Sc
ries and the uncalled Victories regis
tered losses of to 16 cents.
railroad mortgages were mixed. Pro-
Ohio Railroad by the Van Sweringcn
interests stimulated buying of the con-
vertible 5s of that road. which were
pushed up more than a point. Wabash
second IS got up more than two points
and gains of one to Ii wer made by
Northern Pacific 5s, New York Central
debenture As, Frisco income 6s and ad-
1ustment Gs and Carolina, Clinchfield
q OHIO 5s. Selling Of st. Paul issues,
said to be for income tax purposes.
caused material recessious in the As Of
eral As and st. Louis-SoUthwestern IS
also yielded to pressure.
Brazil rs touched a new high and
gains OF a point or more were made by
Chinese 5S. Anton Jurgen Is and Ser
bian IS. but other changes in the for
elgn group We're unimportant. British
bonds were more active.
A two-point gain in Chile Copper rs
was counterbalanced by q similar loss
IN Cerro de Pasco IS. Fisk Rubber IS
gained a point, but Sharon Steel S.
bethlehem Steel refundinG 5s, Marland
~! IS, with warrants, and Barnsdall
Oil SIS, seriesNA, were reactionary. pub
nc utilities were weak. Brooklyn Rapid
transit Is and certificate Is. Detroit
Edison IS. Pacific Power & Light SIS
and American Telephone convertible
AIS dropping one to two points.
total sales, par value, were s13,-
Terms for the new $50, 900. 600 Cuban
loan are reported to have been decided
upon and the bids probably will be
opened about January 10. The largest
offering today was the $4,000. 900 issue
stock land bank. which were offered nj
1023 tO WELD 70 nor Govt ~ zoos