Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-12-02
FINANCIAL NEWS
N8
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Dec. 1.-The brisk rise in
prices in today'S stock market provided
further confirmation Of the belief that
the recent reaction had been overdono,
as had the rally which preceded it.
Bear operations made a few attempts
ito uncover weak spots, concentrating on
|, the Gil shares. and a few of the leaders.
hut the strong resistance shown by
these stocks induced them to relax
their selling pressure and extend their
covering operations.
While some new buying power was
in evidence during the day, the buying
generally was of cautious and orderly
character. Gains in standard shares
ranged iron; large fractions to slightly
more than two points, while some of
the high priced specialties advanced
three to eight points.
Copper rail and rubber stocks We're
the most prominent Revival of re-
port; that negotiations were nearly
completed for the absorption of the
Chile Company by Anaconda resulted
in IL heavy buying of copper shares.
the speculative community being Of
the opinion that the sharp competition
nov afforded by South American COM
panies because of their low productions
costs would be lessened by Anaconda S
Anaconda improved two points and
Chile fractionally. while gains of one
to nearly % points were scored by Ken
neco:t. Inspiration, Butte & Superior.
Announcement of 10 per cent. in
crease in tire prices by the. Kelly
Springfield Company also was inter-
pretcd as a bull card. but was not I'M
in cttton and crude rubber prices. Kelly
Springfield moved up IL. Z. S. Rubber
IL. Goodrich IL and Fisk I.
Publication of more favorable Octo-
Der earnings statements combined with
reports of increased dividends on some
shares was held responsible for the
better prices of rails. Union Pacific
made up all but so cents of the $3.50
dividend which came off the stock to-
day. and New York Central was pushed
strong spots in this group were Cana
diar Pacific Chicago & Eastern Illinois.
st. Paul. Rock Island preferred, Della
ware & Hudson. Lehigh Valley. $500"
gains ranging from II to three points.
Among the more active shares Bald
wiz. American Can. Bethlehem Steel B.,
Brooklyn Rapid Transit, Crucible. Elec-
and PIGGY. Wiggly advanced one to two
points, and Studebaker and U. S. Steel
common large fractions. Fisher Body,
Burns Brothers A and Continental Can
all established new peak prices. the adj
vances running from two to eight
points. Mexican Petroleum. Lorillard
Tobacco and kresge also We're conspic-
uouSly strong.
International Harvester. after an
early gain Of "a points, dropped back
for a net loss Of two points on an
notncement that. for the time being, no
further stock dividends of 2 per cent.
would be paid.
Gail money opened at per cent. and
then advanced to 81. where it closed.
The time money market was quiet, 30
day loans being arranged at Al per
cent. and the longer maturities at 5
per cent. The commercial paper rate
continued al AZ per cent. for the prime
HameS.
Foreign exchanges were stronger,
deinand sterling getting up to S4523.
and French francs to 1903. Most of
thu other European rates also showed
substantial improvement. South Amer
lean exchanges were easier.
The bond market moved up
through practically the entire list to-
day with marked strength exhibited
by South American issues and the do
mestic speculative bonds: The specu-
lative railroad issues which have been
under pressure for several weeks made
the best Improvement. rejecting the
strength os railroad stocks. The gen.
eral upward movement today apparent
~ marked the end of the heavy liqui.
dation Of large holdings that has been
going on for some time. Other factors
IN the upward turn of the market were
the covering by short interests that
have been pressing the speculative is
sues and the appearance of new buy
ers attracted by the low prices of a
wide list OF bonds.
Pho Grande do Sui SIS with q points
and Sac Paulo SIS with II point adj
vances were the outstanding features
N the foreign list. Framerican 7as
and Bordeaux and Marseilles IS ad-