Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-11-21
FINANCIAL NEWS M
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

Features Of the Days Dealings in All
the Leading Stocks
New York. Nov. 2o:-Pool operations
IN special shares combined with short
covering in other quarters where the
supply OF stocks at current prices was
apparently scarce, gave the stock mar
ket an appearance of strength during
the greater part Of today's relative
dull session. Some sharp advances in
the last hour were checked by q sud
cen short attack on General Asphalt,
which was depressed to 403 and then
rallied to 40S for net loss on the day
OF 80 points.
Interest of the financial community
was centered principally on the
strength of foreign exchanges, demand
sterling jumping nearly two points to
si.4Ss, or less than two cents below
French francs which registered their
low OF the year, GIT, only two weeks
ago. were quoted at TAI, and similar
Improvement was noted in the Belgian.
pean rates. Even German marks 3D.
vanced slightly to II cents a hundred,
despite an increase of 65,00O.000.000
marks in note circulation shown in
the weekly statement Of the Reichbank.
Expectation of stock dividends was
generally attributed as the reason for
the strength of Continental Can and
+. w. Woolworth, each of which es-
talblished new peak prices for the
year. Continental Can got as high as
102 for the first time since 1919, when
it was on a per cent. dividend basis,
but it dropped to 1908 at the close,
representing net gain of II at that
figure. Woolworth touched 223 clos
ing at that price for a net gain of 13a
points.
Independent steels, public utilities
end sugars were the outstanding IN,
cfn hnin2
attributed to the possibility OF unfa-
vorable legislation in Congress.
Short selling was blamed for the
further weakness of Consolidated Gas.
public utilities were strong, PUBLIC
Service of New Jersey being pushed
up nearly 81 points. and gains of one
to two being registered by Coiumni;a
can and Market Street Railway sec
ond preferred.
U. S. stool common yielded fraction
ally, but Gulf States moved up three,
Midvale %, Lackawanna II, Bethic,
lem b IL, and Replogle and Vanadldm
enc each. Sugars were in good demand
in anticipation of favorable annual
statements in the next few weeks ana
III reflection of the reported excellent
statistical position of the Industry
gains of one to two points being reg
istered by American Sugar, American
Bect Sugar. Cuban American sugar
Cuban Cane Sugar common and pre-
fcrrcd and Punta Algre sugar; ..r
Some of the other individual strong
spots were Otis Elevator. May Pc
rartment Stores, Coca Cola. Electrlc
Storage Battery, Postum Cereal, To-
Lacco Products, and Reynolds Tobacco.
Total sales were oS6,100 shares.
Call money opened and renewed at
Al pcr cent and later advanced to A.
and then to 5, where it closed: Time
money business continued to be done
on per per cont easia w pape rra rate
continues at Al per cent. for the puik
of the best names.
Strength of most of the foreign Sc,
curitics in response to the substantial
improvement in foreign exchange.
marked irregularity of domestic cor
poratc mortgages and firmness of Unit
ed States government bonds stood out
in today's relatively quiet dealings IN
bonds on the New YORK STOCK EA-
change.
Mexican As and SIS. each, up two
points, led the advance in the foreign
list, other strong lines in which were
brazilian Is. us and SIS, Mexican large
Zurich SIS and United Kingdom 5as OF
1929. all up about point. Bordeaux
Is dropped IL points but recovered
most of their loss before the close; ana
Prague .7ass and Paris.Ly9ns7 Meal'r re-
S. slumped from 7oa to 6Ss on reports
of a withdrawal of syndicate support.
Erie and Jersey 6s provided the SEN
sation of the railroad list, jumping
five points. Erie prior lien As and con-
Hertible As. series b. Cleveland. GIN
cinnati, Chicago & st. Louis 6s. series
A. Central of Georgia Gs. Atianuc
Coast Line Is. and Northern Pacinc
IS, moved up one to Il podnts. Avn
son convertible As of l960 ana oeS.
board Air Line refunding 5s eac ci,
dropped two points ana carrieu VIZ WI;
them to lower ground Seaboard consoll.
dated Is. Chicago & Northwestern 5s OF
1887. Baltimore & Ohio gold As ana
chesapealie g. Ohio convertible 5s.
The same irreEularity was noted IN
tbe Industrial and public utility d.
visions. Peoples Gas SIS, Utah Power
"a. Montana Power IS, Atlantic Fruit
IS United Drug IS and wilson con.
vertibie IS closing at advances OF one
to two points, while losses OF tnat
amount were registered by Brooklyn
Ranid Transit gold 5s American Cc'e-
phone As of 1886. Brooklyn Union Gas
7s and marlborough AIS stamped.
II s government bonds showed gains
If two TO eight cents on S10O.
Total sales, par value, were Sll''oo'
ooT The Western States Gas & Electric
70 has called for redemption on Janu-
~, . 1923 the entire outstanding IS
eros IF the, company's 10-year o PCT
cent. gold notes. due February l.. ~
T'he largest offering today was an IS
sue Of ST 100000 Central Illinois JOINT
stock land hank per cent. bonds At
prices Welding over AGO per cent. 70
OPTIONAL maturity and per cent. there-