Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-28

NEW YORK, Dec. 27.---SpcculatorS
Tor the advance cndcavored TO con
tinuc marking up stocks In today'x
market, but they ran into heavy
pro't-taking aud short selling with
the result that the list presented a
decidedly irregular appearance at the
close
Baldwin was taken In hand early
inahe session and pushed up SIS
points 10 1879 IL. the highest price
OF the year. and American Locomo-
tive advanced in sympathy, but
rev OF the other standard industrinls
were able TO make much Roadway.
strength OF Baldwin. resulted in /,
4. revival OF rumors regarding tho pos
rsibility OF an extra, stock dividend
disbursement, but In view OF the Of
Ncia! denial OF similar rumors n few
weeks ago. these were not taken &C.
r!ously.
Further Rise In Cotton.
While stock sales crossed the mil
Hon-sharc mark, chief interest in the
financial markets was ccntered on the
iurther rise IN cotton prices, new high
records FOR the year being established
ny all months, bringing the price OF
mo raw product To approSimaiely
sl2.50 a bale above the quotation pre-
Ha!l!ng few weeks ago Prices re-
"'NSu idlcT On pIOllt-takinE.
Ihere was continued lack OF
speculative interest in railroad shares
with decided reactions in the stocks
OF roads showing poor November
earnings statements. Lackawanna
dropped To l25 today. but rallied later
10 !27. where IL WAS off is on tho
day; Norfolk and Western, which ha.
reported "a deficit OF sl7l.0O0 in net
income III november as against an in
crease OF Sl.I5.0O0 in the same month
last year. dropped TO ITO l-2 for a
net loss Of IL points. Losses of a
point or more also took place In
Great Northern preferred. Canadian
! Pacific and Northern Pacific.
Gross of n. Y. Central Inrren.e..
Tho New York Central system
showed an increase OF s7.36s.0U0 in
gross last month over November. 1921
but decrease OF 132S.000 in net. The
southern Pacific system showed an
Increase OF s2.l6o.000 In gross and an
increase OF S2.275.o00 in net. and
the Union Pacific system an increase
OF }l.373.oo0 in gross and an Increase
OF 3l.s79.ooo in net. Generally, the
November showing is considered sat-
isfactory.
Fisher Body. in which there wa.
some speculative selling Yesterday
or tho outstanding strong spots were
[, American Bosch Magnetic. American
sugar. Eastman Kodak. International
Nickel preferred. Producers ana RE-
liners. Rresge. Pierce Oil preferred
and Piggy Wiggly. tho last named
Mt new top. tho gains ranging from
to as points. and Du Pont Pow
der up SIS.
stromberg carbure,or established a
yNrIo
Do BIS on proft-taking and short
selling and rallied TO 81 SIS. where IL
was on Ia on the day.
speedometer Stock Rises.
Stewart Warner Speedometer also
touched a new top at IL. but was
on fractionally on the day at it's flanl
price OF Is SIS. Marked heaviness
also was noted In General Electric,
General Asphalt preferred, Iorilu-
lard Tobacco and Chicago Pneumatic
Tool off 4 points. md American Pc
troleumn on o. Marine preferred
dropped below 43 for another new
low record. but rallied to 43 IA at
the close.
Call money was nrm. opening at
per cent and advancing TO l-2 be-
fore tho close. The time money and
commercial paper markets were dun
with no change in rates
Foreign exchanges reacted slight
~ on large volume OF business Late
business In demand sterling was due
AT Si6i 3-S or Is below last night.
while French francs dropped 10 l-2
points TO S7.l9 German marks
slumped from 1.47 TO l25 cents a
hundred In reflection OF the repara-
tons commission declaring Germany
In default In her wood deliveries To
france. The Canadian dollar was at
a discount OF cent.