Albuquerque morning journal., 1922-12-08
The Markets
BY the Associated Press.
FINANCIAL
Wall Street

w htl 5thNNA
+ New York Dec. stock prices
enioved another vigorous advance
! in the early part Of today's session,
! hut the rapidity of the rise induced
! ieonsiderablc profit taking and
lshort selling in later dealings, with
line result that closing prices were
| irregular, but mainly higher.
While dealings were on a more
! extensive basis than earlier IN the
week, trading was almost entirely
in the hands of professionals. out
| side news developments had httle
effect on the course of prices nut
| sentiment no doubt was faNordbly
influenced by the report CT Secre-
| itarv Mellon, which was generally
regarded as a bullish factor; she
further strength Of sterling eN-
change. increased pig iron produc-
| ton, higher car 1oadines, and the
better tone of the latest earrings
statements of industrial companies.
! High priced dividend paying
shares provided the most speotacl-
| lar gains. May Department stores
being pushed up more than ten
points to 17i&, new nigh "ccord
| for the year, and Mackay Company
establishing a new peak price at
I113T then falling back at the
close to 1t2 X. where it represent
ed a. net gain of * on the day.
Gains of ; y to 6 points also were
made by Kresgc, WoolWorth, Tide
water Oil and Piggy Wigsly.
Railroad shares again Jagged be-
! hind the rest Of the list. Great
| Northern preferred having another
sinking spell, dropping to rs, but
Irallying at the close to 79I for a
net loss of 1 IS on the day, Other
changes In the rail group were un-
|
Oils were conspicuously strong
| in the early part of the session
Standard Oil of New Jersey cross
ling 202, Pap-American a touching
i1G07s, the "B" 95% and Mexican
Petroleum 24f. nut these gains
were either materially reduced or
wiped out by the closing realizing
sales. Mexican Petroleum closed
at 235 "a. up Y.
Tobacco Products Az improved
}11s on reports of higher earnings,
other tobaccos rising in sympathy.
United States Industrial Alcohol
reached 651s on reports OF di-
minished floating supply of the
product but fell back later to 63 q 1.
or up A on the day. Announce
ment OF higher tube prices by the
| p, +. Goodrich company gave re-
Election in "a point gain in the
common and Az in the preferred.
! Studebaker was again active.
touching 1929, or is points above
| its recent low. but dropping to
1909, off " on the day at the
close. Hudson Motors reached a
new peak price at 247s and Hupp
duplicated its previous high of 25.
Baldwin, U. s. Steel and Corn Prod
ucts were quite active, but only
Ifractionaliy higher on the day.
Call money held at per cent
throughout the time. The time
money and commercial paper mar
kets were quiet with no change in
rate. Day total sales, 95S,000
More new high records for the
day we're made in the foreign ex-
lchange market by sterling at
l$4.57ts: Dutch guilders at
39.97 cents. and Indian rupees at
30.35 cents. but all reacted slightly
at the close. French checks got
above z cents again and the Cana
dian dollar, after holding around
par for a week, went TO q discount
| of 1-64 of cent.
Closing prices:
American Can .......,,,... n
American Smelling & Refg.. SO