Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-12-13
FINANCIAL NEWS
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

the Leading Stocks
! New York, Dec. 12.-Chief interest
! in today's financial markets centered
| sterling exchange. demand bills touch
i'm, S463. an overnight rise of four
| G. its and a new high price since 1919
| The extreme low was SAILS in Febru-
| probation from par. which is s4.S6s, to
| less than per cent. Under the pro-
| visions of the new tariff act when the
| depreciation is per cent. or more. the
toms purposes shall be the buying
| rate in New York at noon on the day
| Of expectation" which is certified by
| the Federal Reserve Bank. When the
| the customs rates are based on the par
value of exchange. Thus, if the pres
ent sterling rate is maintained. it will
| automatically serve to increase the i'm
| port duties on British goods. Special
operations, the. nature IF which was
not divulged. were held responsible
! for the heavy selling of dollars in the
London market, which precipitated the
| rise in sterling here.
| Stock prices showed a much better
| tone, but trading was again almost
| entirely professional affair. Special
| stocks in which there are possibilities
| To- extra. increased or stock dividends
| continued to receive the most attention.
| Publication of reports that the 81 per
cent. scmi-annual dividend on Great
Northern preferred was likely to be
maintained brought about some good
buying in the railroad group. but early
gains were materially re luced or wiped
out in the later trading.
Speculative belief that Cerro de Pas
co soon would be placed on a dividend
basis was reflected in e4-point gain
in that stock. Chile, another South
| American copper. advanced ! and Ken
necott improved fractionally. Some
ii Nj, = fA1t Nv no
lativc community over the failure of
the directors of the Texas Company
to take action today on n distribution
OF part of the company's sS$: 100000
surplus as a stock dividend. This dis
appointment was reflected in a 1!-point
drop in the stock.
Great Northern preferred led the adj
vance in rails. touching 81 and then
scented a net gain of q points. st,
PAU issues improved fractionally on
announcement that the Interstate Com
mcrce Commission had approved gov
OBLIGATIONS maturing January /. Among
the few issues which closed at net
gains of a point or more were Cana
dian Pacific, Chicago e Northwestern
and Pere Marquette.
Fisher Body was pushed UP eight
points to n new high record for the
YEAR and May Department stores ea-
tablished new peak price at 10. up
six points. Heavy buying of Baldwin
up to, 125, up two points.
United Fruit declared an extra divi-
dend of 81, but the traditional Selling
on the good news" forced a recession
of II points in that stock. U. S. In
dustrial Alcohol was strong on reports
that Standard Oil interests had con-
tracted for large part of the out
put. other conspicuous strong spots
TANK National oil
I'm more than two points on the day.
Allied rcmittances other than stcrl-
ing: showed slight rccessions. Dutch
guilders established a now high for tho
year at 40.03 cents, and Norwegian
kroner>showed good recovery from yes
ter'tayS weakness.
Gail money opened at per cent,
e ga ed off IF before noon and dropped to
that figure until the close. Time
money and commercial paper rates
We're unchanged.
Trading in bonds on the New York
Stock Exchange today was compare
lively dull. but some gains were made
in all sections of the list.
United Kingdom SIS OF 1929 We're
pushed up 4 points to new high rec
marked strength Of sterling exchange.
Anton Jurgen 6s improved two points
and gains Of one to i were registered
Seine rs, Mexican IS and 5s and Ser
plan IS were heavy. dropping one to
Sharp recovery Of st. Paul issues
on the announcement that the govern
mcnt had decided to refund the $10,-
GOO, 600 in notes falling cue January 1
featured the railroad list. The Puget
Sound division As advanced two points
and gains of one to j we're scored by
the general As dobenture as. convert
ible AS. As of 1925 refunding as and
convertible IS. Atlanta q Charleston
Air Line AS. ordinarily inactive.
jumped 81 points; Texas &: Pacific
firs,s. %; Norfolk &. Western convert
IDLE 6s. >: and West Shore As. u. Some
weakness was noted in Minneapolis
St Louis refunding. SIS. Chicago &
Northwestern is. Western Pacific SIS
! Seaboard Air Line consolidated 6s and
Wabash seconds.
Cerro de Pasco SIS again provided the
feature of the industrial group. jump
ing seven points to a new high record.
! Cerro de Pasco stock has been active
recently on speculative reports of an
carly resumption of dividends. Chile
SHpper s as rose tb two POINTS o5her
tillers Securities IS certificates up 8,
| and Francisco Sugar rs. Bethlehem
Steel refunding 5s. Cuba Cane SIS and
| Fisk Rubber Is, all UP one to two
points.
United States government bonds
| were mixed, the sharpest f1uctuation
taking place in the. first AIS. which
dropped "A cents on 500 to $3.50. 9th
G. changes ranged from losses of six
GEMS to gains of IL cents.
Total sales, par value, We're S12,-
=, New bonds Offering today exceeded
$4,000, 600. the largest Icing the S10.-
600 600 issue of first mortgage sinking
fund per cent. bonds of the Vertien-
ties Sugar Co. which were offered at 97s
| to yield about 7.25 per cent. lowest
| mont bankers report that tEera has
been good absorption of recent issues