Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-11-24
FINANCIAL. NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

| New York, Nov 23.-Turther liouida-
ton OF stocks took place in today's
STOCK market. short selling especially
IN the railroad shares, accelerating the
uownWard movement. Declines in ac-
tive issues ranged from one to three
| points.
Public buying support was again
lacking. bears pressing their advantage
ana ana, being a aided by increased margin
tn, value Of the collateral for which
| mad been substantially impaired by
the recent reaction. A few half-hearted
attempts were made to rally the list,
put they were given up when the out
side public refused to come in. Short
covering, influenced by the lower call
money rate. largely accounted for the
moderate rebound in the final dealings.
Speculative disappointment over the
relatively poor October earnings state
ments and a decrease in car loadings
indicating that the peak of traffic had
been passed for the year. resulted in
the throwing over of large volume
or railroad shares. which also was re-
ported to have been influenced by fear
that the transportation act would be
| amended by Congress.
Louisville & Nashville slumped to
124 and then rallied to 1853 for a net
loss of nearly four points. Rock Is
than three points. and losses of one to
u took place in Atlantic Coast Line,
Chicago & Northwestern, Lackawanna,
1llinoi; Central common and preferred,
and Union Pacific. Atchison got be-
low 100 but rallied to par at the close.
Strength of American Sugar. which
rose 81 points, was one of the bright
spots N the industrial list. buying IA
vorably influenced by another increase
in the refined product bringing it to
the high level Of the year. Other SUI
gars responded only feebly: studeba-
ller. which got down below 122. led the
afternoon recovery. closing at net
gain of of point. Baldwin. which
had sunk to 1909, rallied to IL to it's
close of last night. while American
Locomotive closed at slight fraction
al gain. Burns Brothers A. Corn Pro-
ducts and Beechnut Packing were
strong during most of the session, clos
ing at substantial gains.
Oil shares were in rather free sup
ply during the height of the reaction
brt net losses generally were not very
| large. Producers & Refiners' and
Standard Oil of California each yielded
more than point, but the declines IN
Pacific Oil, Standard of New jersey
tons. while General Asphalt ana
Houston were slightly better. Steels
offered a little better resistance but
final prices were mixed. steel common
Bethlehem Il. Republic. Replogie; Va
nadum and Midvale dropping to lower
ground. while Lackawanna, Cruch1plc
and Gulf States either advanced slight
~ or were unchanged.
National Lead failed to RESPOND 10
| the announcement of a higher dividend,
breaking three points, probably on
! speculative disappointment over inc
directors failure to declare an extra
dividend in addition to increasing me
regular rate. Other conspicuous weak
! spots were American Smelling, Amerl,
can Tobacco, Continental Can, Genera
| Electric, Pressed Steel Car and Wool
worth. the losses ranging from two to
three points. -, ,+
cased off TO AZ during the noon hour
ana thence to where cd it f1oned' to RE be
! done on a per cent basis for all ma
turtles and commercial paper rate was
! unchanged at Al per cent. 1or the pest
! names. . oe
Toreign exchange b boids fol1o wad
~. n noriod Of weakness Demand
stfcrling again touched $50 but later
reacted to s4.49s, while francs got doMn
| ia ia. Canadian exchange continued
| at a slight discount.