Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-11-29
FINANCIAL NEWS
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Nov 2s.-Stock prices
took a decided turn for the better in
today's dealings. gains in active shares
ranging from one to nearly seven
Much of the impetus for the rise was
furnished by bear operators who wish
"a 70 remain covered over the holiday,
ma by the renewed activity Of pools
the reaction which had spread over the
better part of five weeks The rapidity
or the advance indicated that the de-
cline IN some quarters had been over
| outside buying, but it has not yet
reached sufficient proportions to mate
rally influence prices.
Lower money rates. another new
Of dividend assumptions and increases
md the publication of more favorable
october railroad earnings reports all
helped to create a better atmosphere
upward course of prices was governed
by any or all of these. With profess
Slonal spectators in control, prices OF
late have moved in seeming disregard
Ct outside news developments. :
Standard Oil shares tool, promi
'ent par tin the advance, New Jersey
Gaining seven points and California 81.
The strength of California Petroleum,
founded on u.confirmed rumors Of its
being placed on a dividend basis next
month and reports of it's possible alb
sorption by Standard of California:
Mexican Petroleum. very little of
Joints on turnover Of 1900 shares.
ian-Amcrican issues were strong, us
ing over i've points each.
up as high as 1913 but reacted later to
1909; a net gain of IL; independent
rest of the list on the upturn, although
sAs l.l,. nd IL 10 81. nd ut
least point higher, Equipments made
GOOD recovery. Baldwin getting to 11SA
Int dropping back to 1l7e for net
~ain of q at the close. while American
eral Electric and New York Air Brake
were two to 81 points higher.
Pcrsistent but uncontirmcd reports
that New York Central will be placed
on a per cont. basis next month re-
suited in some good buying of that
stock, which closed at 91a. up %. Mod
crate strength also developed in q
number of other rail shares. gains of
in Baltimore & Ohio, Chicago & East
,rn Illinois, Chicago & Northwestern.
Lackawanna. LchiGh Valley. Katy"
common and preferred. Missouri Pac1hc
common and preferred and Pcre Mar
quettc.
Sugars were strong, being helped by
higher prices for the refined product.
Studcbakc". which got down to 1145
y
II not gain of three points. Other
individual strong spots were American
Brake shoe, American TOBACCO l., l.lS,
rctt & Myers. Manhattan Electrical
Supply and Pierce OH preferred. the
gains ranging from four to 10 points.
I'hc usual selling on the good news
caused a slight loss in American Can:
" hich announced an initial dividend OF
&l.2J on the common. while Adams EX-
press broke more than five points on
announcement of resumption Of dlNl-
d"ude. roilo citing speculative disappoint-
mcnt at tho 81 annual rate.
Money rates. were easier. Call money
opened at ~ and cascd off to 4. There
was n fairly active demand for time
money at 4'for all maturitics with
frw scattered loans being made on
I! per cent. basis. OrtCf-toWn institu-
TONS are the principal buyers OF COM
mcrcal paper. tho best names COM
manuirG 4 per cent.
Foreign exchanges were irregular.
Demand sterling got as high as $4.322
hut reacted just under Si.52 later
French francs sold IS low as Cos. Ca
dian exchange was again at par.