Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-12-30

NEW YORK MARKET
Features Of the Days Dealings in All
the LEADING Stocks

New York, Dec. 29.-The marked
strength OF today's stock market was
generally construed as an indication
Of the financial c9mm9n,tys d optimism bn'nsa
outlook for the next year. The bid
ding up Of stocks was accomplished In
the face of a heavy volume OF cash
sales resorted to in order 70 establish
the restriction Of out-of-lown business
by the crippled wire service resulting
from the storm.
Spectators for the advance paid lit
tie attention to outside news develop
ments although buying Of railroad
shares undoubtedly was influenced. in
part. by the better November earnings
statements and the record-breaking car
The apparent hitch in the Lausanne
peace negotiations because of the ina
bility Of the Turks and British to
agree on the disposition Of the Mosul
e ell eds se fa foees to
fluctuated frregularly within narrow
limits. or the wheat market. which was
inclined to ease.
the final dealings was due to a run-in
Of the. short interest, particularly in
the independent issues. and fresh buy
ing based on the steadily improving
Bethlehem B. Replogle. Midvale. Re:
States Steel and U. S. Steel common,
which closed IL to four POINTS.
Oh shares were in good demand. Ac-
tivity and strength of California Pc
troleum. which scored net gain of
two points, accompanied unconfirmed
reports Of it's possible absorption by
Pan-American or, Standard Oil of CAL
ifornia. General Asphalt gained 2;
Producers & Refiners. u: Pacific Oil,
H. end Standard Oil Of California. IL.
Sinclair moved up more than point
on rumors of higher dividends.
Lehigh Valley and Norfolk & West
vance in railroad shares other strong
spots in which were Atlantic Coast
Line. Atchison preferred. Erie first pre-
ferred and Chicago & Northwestern. all
up point or more. Considerable in
terest was aroused in railroad circles
ny the publication of statistics showing
that the average monthly, traffic on
S73 tone in 1921 to 1878 .09S in 1922.
The principal railroad systems affected
by this water competition are the Ca
madam Pacific. Great Northern. South
Pacific.
There We're number of strong spe-
cialties: Woolworth jumped four
points in response to reports of record
American advanced Al points in spccu-
lative expectation of an early increase
in dividends. Consolidated Gas stock
benefited by the expiration tomorrow
of rights to the new stock, many spec
ulative holders of the old stock selling
the same and buying the rights be-
cause the latter could be carried with
out interest. Endicott Johnson estab-
lished peak price on reports of a
stock dividend early next year. Stude-
baker, sailing. ex-dividend 25 per cent.
in stock. sold between l10i and 114S.
closing at the top figure for net gain
of more than three points.
Demand sterling got down below
S4.64 for a slight fractional loss. but
French. Italian. Belgian and German
rates showed slight Improvement, Hol-
land and Norway remittences dropped
10 points each.
Call money opened at per cent. adj
vanced to 81 and thence to 6. where it
closed. heavy Withdrawals by the gov
eminent and private institutions caus-
ing the firmer tone. Time money and
commercial paper rates were unchang-
ed with business quiet.