Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-12-29
NEW YORK MARKET
Features Of the Days Dealings in All
the leading Stocks

/ New York. Dec. 2s.-Heavy selling
| by large investors to establish tax
| losses combined with tree offerings of
professional short interests who acted
| on the theory that the market was due
Tor reaction, impaired reactionary
| tone to most prices IN today's active
| stock market.
Regardless of complications of the
! 30-day rule as TO repurchaSe this was
| the last cay on which securities could
| be sold on the stock exchange for tax
purposes except for cash. Regular
way" sales made today will be cleared
| tomorrow, but as there are no clear
ances on Saturday, regular way" sales
| made tomorrow will not be cleared I'M
| til next Tuesday, throwing realization
| of profit or loss on those transactions
! still be made tomorrow. but the volume
| OF these is usually small.
Dividend paying railroad shares
were under marked pressure. Iacka-
wanna dropping three points on the an
| nouncement that the directors had
omitted the extra dividend ordinarily
| declared at this time. Speculative dis
appointment over the Reading segrega-
fccted in a drop OF IL in that stock
with Lehigh Valley dropping IL in
sympathy. Losses of n point or, more
also were recorded by Southern Pa
| Chicago K Northwestern. Atlantic
Coast Line advanced IL apl the st.
Paul issues improved aboN a point
each oh publication Of d fine Novem-
Der earnings report.
Baldwin fiuctuated within a range
of nearly five points. closing at 137. a
| net logs. of % points. Other equip
| ments also were weak, American Lo-
American Car and New York Airbrake
dropping } to three points. Oils also
yielded TO selling, pressure. Pan-Amer-
lean Il. Standard Oil of California, Pa
eitic OF. General Asphalt and Houston
dropping one to two points. with frac-
| tiOnal losses in COSden, California Pc
| tro1eum and standard Oil Of New Jer-
sey.
A break of approximately point in
Anaconda and weakness OF other cop
| pers was accompanied by reports that
| the AnaconGa-C Chile Copper merger wa
likely to fail of accomplishment be-
| cause of inability to agree upon terms
of payment. Strength of North Amer
lean, which closed two points higher,
was attributed to the possibility of an
| carly increase in the dividend. Tobacco
J Products stocks aisa improved in spec
ulative expectation of Favorable divi-
! dcnd developments.
Studebakcr. which established new
high record for the year earlier in the
week, got down below 1879. but rallied
later to 1899. where it was off IL on
the day. Chandler Motor improved
| nearly a point on a heavy turnover.
| Other automobile shares were weak.
Stromberg Carnuretor dropping to G5
for net losslof 2e. u. S. Steel closed
! at 1864 for net loss of Il.
Shifting of funds in preparation for
the withdrawal of 10000 by the
government this week and heavy with
drawals by institutions to meet year.
end dividend and interest payments re-
suited in continued lirmness of call
money. which opened at per cent. and
advanced to % before the close.
The time money and commercial pa
per markets continued quiet with no
/ change in rates
DiSpatChing of the British fleet from
| Ma lt@ to ConstantinOpie had tempo
1fi I depressing effect On the foreign
I, exc, ages. the volume Of business in
/ which was light Demand sterling got
| down to SAGA for a loss of more than
| half a cent. end slight ressions took
| place in the other Europcan rates with
/ the exception of French francs, which
| held steady at 1.23 cents