Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-09-14
The Markets
. IBy The Associated Press. }
FINANCIAL



New York. Sept. 13.-Active
short selling of professional origin
combined with extensive profit
taking, halted the upward move
mont Of prices in today's stock
market, closing prices of a number
of the recently active issues de-
clining one to three points below
yesterdays final figures. The SELL
ing was orderly, however and there
was good absorption of most Of
! ferings.
There We're a few outstanding
exceptions to the reactionary ten
dency of most issues, Atchison
gaining nearly a point on reports
of possible increase in the divi-
dend from to per cent or extra
dividend distribution. Cosden, the
latest oil stock TO be associated
with merger rumors, climbed u
points. Shares of the Hendee Man
ufacturing company. which manu-
features motorcycles. enjoyed an
advance of nearly three points in
response to reports of increased
earnings.
Bear raiders, who attacked the
Chicago & Great Western issues
Yesterday, transferred their activi-
ties to the Erie stocks today, the
common and second preferred
however, yielding only fractionally
on the. day, while the first pre-
ferred was forced down la points.
Other rails were weak in sympathy.
particularly the low priced issues
such as New Haven. New York,
Ontario & Western and st. Paul.
Investment issues like Union Pa
cific, Canadian Pacific. Norfolk &
Western and New York Central,
also shared in the recession, some
of the losses exceeding a point.
Mexican Petroleum was quite
active within a five-point radius.
registering a net decline Of 35s
after an early display of strength.
Standard Oils of California and
New Jersey, Houston, Producers
and Refiners. Pan-American and
General Asphalt all yielded sub
stantially Copper and sugar
shares also continued under pres
sure throughout most of the SEES
sion
Weekly iron and steel trade re
views indicating rapid recovery
from the recent depression IN the
industry because of the coal and
rail strikes induced active buying
of United States Steel common
which duplicated its high of the
year, but it slipped back in FINAL
dealings on realizing sales.
Independent steels were irregu-
lar.
American and Baldwin Locomo-
tives and Railway Steel Spring
each registered new highs for the
year in early dealings, but reacted
sharply Mt the close. Other eouip- !
ments also were weak. Some of |
the public utilities which moved
into new high ground. particularly
Columbia Gas and American Water |
works 8 per cent preferred, were
able to hold most of their gain,
Total sales We're 100000 shares
Call money opened and renewed |
1t 4 per cent but stiffoned TO Az |
1t the close. Further hardening Is |
expected tomorrow as the result OF |
.onights announcement that the
"Vcrnment would draw S46,50O.-
100 from member banks of the fed
'ral reserve "ystem In this district.
There was a fair demand for time
money, but offerings We're light. |
Commercial paper was quiet.
Weakness of foreign exchange
'atcs in the London market was
'ollowed by rather sharp decline
n the local center. demand sterling
bills falling nearly 21a cents with
reductions in the
continental rates, The market for
'terling was influenced by heavy
Offering OF cotton bills. Japanese
Exchange showed a firmer tone.
Closing prices
4 .,.. |