Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-11-09

NEW YORK MARKET
Features Of the Days Dealings in All
the Leading 9toeks

the Leading Stocks
New York. Nov S.--Excent in 4. v.r,,
few special issues which had q direct
interest at stake. prices in todav's
stock market continued to move I'd
f ihs rasa gfeu nf IN yi,tual disregard Of
rermcntal short selling impaired a
reactionary tone to opening prices. h Il
spectators for the advance soon on.
tanned control Of the market and rallied
ihs d I,st ar.a r. staging series Of bul
shares.
Chief interest in the financial com.
munity conferred today. on a sharp 100.
Their depreciation Of French, Belgian
and German exchanges to new low lev.
els for the year. The jump in cotton.
which was equivalent to IS a bale. fol-
ginning report showing S,l3y.SSy ..c.
ginncd to November l.
The sharp break In the Allied CONT
mental exchanges was attributed to the
nonlical outlook of those countries as d
result of the failure Of the Berlin rep
arations conference to effect a satisf.c-
tory method of payment and to evolve
rehabilitation of Germany. French
francs dropped nearly half a cent to
t.lo cents each as compared with 7.O3
week ago. and Belgian francs dropped
So last. week. German marks con-
tinucd their course toward the van
lshinS point. being quoted at 3-16
cents hundred Sterling. however,
lis cents over Monday night
The elections greatest surprise to
Wall street was the extent of the
Democratic victory. While this was
isfaction with the Fordney -McCumber
tariff. stocks of companies mostly BEN
Gifted by this legislation failed to be
arprGeiabl IA Influenced h! by the election
months must elapse before any wide
spread change in tariff rates could be
effected and that it was too early to an
ticipate them at this time.
than usual. Public utility issues were
among the most active, buying being
based on the theory that. with the cleo
ton out of the way, several companies
talization plans. Consolidated Gas
and Columbia Gas. each of which has
been -purposely withholding plans un.
i'll after election. advanced q and II
respectively. the Columbia Gas plan
is said to involve the declaration OF
a 50 per cent. stock dividend in per
cent. preferred stock and the Consnl-
idated plan is reported to include tne
Edison holdings Market Street Rail-
way shares were strong on the strength
Of carly returns from California indl-
eating adoption of an amendment 70
the state constitution permitting the
acquisition of the lines by the city OF
San Francisco
Copper shares continued to give q
good account of themselves, holding up
we'll in the face OF early selling pres
sure. Gains Of one to three points
were reported by Chile. Chino and
Arizona and Anaconda. Utah and
Bate & Superior improved fractonai-
Steel shares became quiet and active
towards the close in response to Disk
rally in u. $. Steel common, when car
ed it , three pSI isht,S a's Smaller gains
were recorded by Crucible. Bethleheml
j, Republic and Midvale. while Gun
States climbed sc. Baldwin and Stude-
baker. in which a large short interest
is supposed to exist. also made gocd
gains in the final hour.
some of the spccialties which got
into new high ground were Woolworth,
May Department stores and Flsher
BODY. Rairo2d shares showed mixed
changes. mainly unimportant. but Jero
sey Central closed at net gain or
12A points. There were few weak weak
was offered freely because of it's re-
ported unsatisfactory earnings out
look. dropping more than four points
Total sales were S60.2Oo shares.
Cali money opened at per cent
but advanced to So and then to 8, where
it closed. Stitching of the rate was
attributed to Withdrawals by interior
banks. who are finding a profitable use
for their funds by financing ouera-
tions in connection with the holding
back of crops by wheat and cotton
growers for higher prices: Plenty OF
time funds were available az . per Per
cent. for the shorter maturities. me
bulk of commercial paper was disposed
Of IT the AZ pc recent. rate.
Highly irregular price movements
tool, place in todays hond lnais ~,
forcisn. local traction and most OF the
railroad issues losing ground Whlle
liens of industrial and public utility
companies generally moved to hleher
y. s. government bonds were reac-
tionary. the now 4ls breaking belJW
par for a net loss of 10 cents on s1oo
and the Liberty 3As dropping "A cents;
Losses in the other issues fane geo
case Of the first As. which advanced 10
cents. and the fourth AIS. when were
unchanged.
der the depressing. influence OF tur-
Their weakening of exchange rates.
seine Is proved the most vulnerable to
selling pressure. dropping " points
tered tered by Belgian Is and SIS, city of san
laulo $50 Danish municipal ss: series
A and e. Paris-Lyons- Mediterranean
Is and Bordeaux SIS. There were rev
PScCntlO0S ~
Swiss IS, each Of which climbed q
point and Argentine SIS. which moved
up Il.
In the railroad list some OF the ERE
issues recovered ground lost n the
recent reaction. The convertible IS,
series B, advanced II points ana .nS
series D /. while the. general IS moved
up IL The prior lien AZ continued
under pressure, dropping two points:
Other weak spots in this division were
the Scaboard Air Line refunding os.
Baltimore & Ohio gold As. st. PAU con-
vertible AIS, Erie consolidatSd rs.
Minneapolis, St Louis 4, and Baltlmore
AZ Ohio. Southwestern division 3As. the
losses ranging from one to ~ pointas;
The outstanding gain IN the indus-
trial list was the appoint jump IN
chile Copper Is. General Electric %
and Liggett & Myers S.. each movea
r r. IS ii. while Cerro DC Pasco S. S.
Bennington Arms S. Cuba Cane IS ana
Rethlchem steel SIS of 1895 were II 20
u points higher at the close OF inc
day.
Public utility issues which stood out
included Market Street Railway os;
Brookiyn City Railroad firsts ana
Brooklyn Edison 5s. Local fractions
apparently found something dlsnp-
pointing about the election OF smith,,