Albuquerque morning journal., 1922-12-14
The Markets
BY the Associated Press.
FINANCIAL.
Wall Street


New York Dec. 13.-StocK prices
continued their rise to higher
ground in todays market, stimulus
for the expanded buying being
given by a continuance Of low
money rates, additional stock and
extra dividends and another sharp
rise in sterling exchange, most Of
which, however. was cancelled
later. Shares subject to pool oper-
Iations and possessing extra divi-
dend possibilities again received
the most attention.
One of the surprises Of the ses-
sion was the decision of the direc-
tors of the New York Central rail-
road not to increase the regular S.
dividend rate Speculative inter
ests had anticipated an increase to
la Sc or 81 basis and their disap-
pointment was reflected in a sharp
drop in that stock which touched
'93 "a as against Tuesdays high of
% Is, today's closing quotation Of
935s representing a net loss of a
Other rails declined in SYM
pathy but recovered in response to
the fresh buying during the after
noon.
Closing prices were generally
higher, with most of the gains lin
tied to fractions. However, Jersey
Central advanced seven points on
Ia small turnover and Northern
Pacific rose 2ih.
Some excellent gains were made
by number Of the speculative
favorites. notably by Baldwin.
which touched 12S la and closed at
12724, a net gain Of three points.
Fisher Body. which has estab-
lished new high records almost
daily for the last week. crossed the
zoo mark but fell later to 1876 4
up 5 u points on the day. General
Baking company rose seven points
on declaration of a 200 per cent
stock dividend. Additional short
covering in Piggly Wiggly sent
that stock up to new years high
at 55as.
Some of the other strong spots
We're American Car. Cluett Pea
body, Cuban, American Sugar pre-
ferred, Elkhorn, Mexican Petro-
leum, American A and B,
Pressed Steel Car. United Retail
Stores and WHY'S Overland preA
ferred, the gains ranging from two
to seven points.
General Asphalt broke nearly
four points on the announcement
by President Sewell that a new
agreement nad been made with the
Royal Dutch Shell group whereby,
instead of a one-fourth interest in
future surplus profits of the Ven
ezuelan oil enterprise. the COM
panY will realize at once through
receipt OF royalty of one-eighth
or the crude oil production there
from commencing January ], 1928.
Royal Dutch suffered a net loss OF
nearly two points on duplication
of cable dispatches stating that
interim dividend had been reduced
from Is to 10 per cent on shares
traded in abroad. Woolworth
broke more than five points in re-
sponse to the directors action in
approving the appropriation OF
$20,000,000 from the rofit and
loss account to be applied to the
reduction OF good will' which Is
carried at $50, 600 600. Days total
sales were $4,000 shares.
Call money opened at 4 per
cent. eased OFF to 3A and then
advanced to 4 again before the
close. Time money continued firm
at per cent for the longer ma
turtles and Ak per cent for the
30-day period. Little new COM
mercial paper is coming into tho
market although there Is a fairly
good demand with prime names
still commanding ~ per cent.
Operations In sterling again
dominated the foreign exchange