Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-12-19
FINANCIAL NEWS
NEW YORK MARKET
e,a,urss Of the Days DsaIinss in All
the Leading Stoeks

xew York. Dec. ls.--Prices opened
ing In todays stock market but q
ssc,d,d reaction set in later upon an
ae',,,rononts OF the failure of a large
r,,t in the Great Northern preferred
SS,,,icnd placing IL on 5 per cent. an
e,,,I basis instead of 7 per cent, q
rsia which has been paid without In
Eruption since 1899. There were
s,r notable exceptions to the down.
i1,a tr,nd. hut the declines in stand
srJ tseucs ranged from one TO four
points. ,.,,.i,y ,argo yo,vr. ~ Inn
r,.rrd oils were thrown onto the mar
r., after tho failure. several thousand
srcs bong for the account of the
s'a,i,ent ftm. These included blocks
~ Sinclair. Shelly. Marland. Phillips
r,,roirum. Iuvincible oil and Texas
,',., companies exchanging hands dur
;n, Tie day. Except for a drop of Ia
Varllud and one in Shelly, the net
i,s.es in these issues were all OF Q
r.1etIonnl character.
Fnreat Northern preferred fell to 761,
INV iuV record on announcement of
'hn dIvdcnI action. but rallied at the
,s. 10 77h. whore 1T represented q
,t l0.s uf - ON the daV. Other rails
rb.rl wore active at rising prices in
,s ,ar.y dealings declined in sympa-
tUr. ,,srs Of one to two points being
,.aist.red ~ Chesapeake a. Ohio.
-.on Pacific. Canadian Pacific, Attain
ma coast l.tnc -. Paul common and
rrcf.tud. chicago Il Northwestern.
rpt Island I.ackawanna. New Haven,
NffrI. IS Western and Frisco.
lmrt,liIr ~ Nashville broke four
r..tf~ oi ,t small turnover.
Fisher lsdy touched 2lJ. another
r.r top ~ the carly dealings. but
,,,,ppri later 20 203 for net loss Of
II rclnt@ New high records for the
,aar also were established during the
.-.iun hv Westinghouse Airbrake,
s,evart Warner Spcedumeter. Kelsey
wheel. carr" dc lasco Copper. Union
T,u. rud Strombcrg Carburetor. the
.,,urdly's close in later dealings.
copper stocks offered stubborn re-
s.,rnce 10 selling pressure. fresh quot
Nj fer the rcd metal and speculative
vud b. pat on \ dividend within the
ncKt f.W months. General Electric
Va, ono ~ tie outstanding individual
rung spots. closing at "a net gain Of
rarc than four points.
q. : Slc'l common was again the
rost active stock on the big Board"
,a,rc than LONDON shares changing
lpuis at prices ranging from 1881 to
lo6l Thc closing price OF 1oSs repre-
sid Rpthl'h"m T. dronpci a point each.
BALDWIN. which touched 1o9 before
noon, ten latcr to 1854. or J below
urdnN'S close. Studcbaker was of
4 on mo day. Marine preferred had
smother sinking spell on n revival of
nr"ontrr,d reports that the dividend
vna ia Danger the net loss being q
lulr's.
rall money opened and renewed at
4, per cont aud advanced to before
i1cro~.. Tho time money market was
,IEhtIv o7si'r. few 60 and 90-day
loans bcIug arranged at AZ per cent.
vllh most ~ he 30-day business being
done ON 4. per cent. basis and the
longer mpturitics Mt , Ter cent. Com
m,rclal PAPER continued quiet with no
change tn rates.
TordEn exchanges were weak on
publication nf European dispatches
That lltlo crrhence was being placed
there on The possibility of an interna-
tougl loan being raised for Germany
at his Time, Demand sterling dropped
cent 10 : iGi and French francs TESS
nearly 30 points tn 1893. The German
msrk dropped from 1.97 to 1853 cents a
hundred