Albuquerque morning journal., 1922-12-27


Days total sales, 9SS,OOO shares,
Twenty industrials averaged
1894; net gain. AZ.
High, 1922: 103.43; low, 1883.
Twenty railroads averaged
$3.50; net gain, .12.
New York, Dec. 26.-Stock
prices generally exhibited a firm
tone at the beginning of the closing
week of the year. Except for an
advance in crude oil prices in the
Wyoming field, there were no par
ticular outside news developments
TO account for the rise, the buying
reflecting speculative confidence in
business conditions during the first
part of next year and aggressive
pool operations in special shares.
Studebaker was one of the indi-
vidual features, establishing a new
peak price for the year at lao "a,
but reacting ~ point on profit
taking, the net gain on the day be-
ing 8 B points.
New high records for the year
also were established during the
session by Pond Creek Coal. which
is negotiating with Henry Ford for
the sale of some of its Kentucky
coal properties Stewart Warner.
Stromberg Carburetor and EndiCott
johnson, buying of the last named
being attributed to expectation of
stock dividend early next month.
On the other hand Marine pre-
ferred, which recently cut its divi-
dend in half, established new low
record at 43H as compared with
the years high of 81 3s and closed
at A a for a net loss "f . ~ points.
Baldwin was bought heavily on
speculative expectation that the
yearly report will show the COM
mon dividend fully earned and q
sizeable sum carried to surplus.
The stock touched 1863, a new
high on the movement. but reacted
to 1S4 7sa on profit taking. Strom-
berg closed nearly five points high
er, announcement of a proposed
100 per cent increase in capital and
declaration of stock dividend be-
ing made after the market closed.
Otis Elevator dropped two points
on official denials that the COM
pany proposed to split up its COM
mon shares on four to one basis.
American sugar stocks We're
strong despite announcements of
cut in the refined product by some
of the larger companies, gains OF
~ points each being recorded by
American Sugar and American
Beet Sugar. Higher prices for
Wyoming crude oil found reflec-
ton in gains of one to nearly three
points in Pacific Oil. Phillips Pc
troleum, Standard Oil of California.
Cosden and Producers and Refin-
ers. California Petroleum dropped
nearly three points.
Some of the other Individual
strong spots were Burns Brothers.
A, Chicago Pneumatic ToI, Cen
eral Electric, Piggly Wiggly and
Wells Fargo. the gains ranging
from two to four points. Fisher
Body broke 10b points on short
selling and Allied Chemical yielded
12 in response to speculative dis
appointment over the failure of the
directors to increase the regular Sal
annual dividend rate at today'sI
meeting.
Rail shares moved in conflict
ing manner, Reading, New York
Central and Louisville &c Nashville
recording moderate improvement,
while st. Paul common and pre-
ferred and Lackawarrn were re-
dictionary. the last named dropping
nearly three points. November
earnings statements published thus
far, with the exception of the
Lackawanna, comnared favorably
with those of November of last
lyear.
Call money opened at AZ per
cent but advanced to during the
noon hour and then TO 5h, where
| It closed. There were no changes
| In time money and commercial
paper rates. business In each be-
| ing dull. With the London mar
kets closed because of the boxing
holiday, business in foreign ex-
changes was quiet, with no i'm
lportant changes in rates.
Closing ~~ices:
American Beet Sugar ...,.. 40
American Can ............ 73A
American Smelling & Refg.. Sc
American Sumatra Tobacco. 2S
American Tel. & Tel.... ..122R
Anaconda Copper .......... 50H
AtcHlsoH ............ ...slUz
Baltimore a. Ohio .....,.... 41M
Bethlehem Steel "B". ".....,,. 60A