Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-12-15
The Markets
By the Associated Press.
FINANCIAL
Wall Street

I
New York, Dec. 14.-Profes-
sional operators for the decline,
acting on the belief that the recent
advance had been overdone, at
tempted to unsettle prices in to-
days stock market, but were only
partially successful. They sue
ceeded in depressing a few specu-
! lative favorites such as Baldwin
and Studebaker, but fresh buying
| power in other quarters made
closing prices highly irregular with
the gains outnumbering the losses.
Sterling exchange. which has
been one of the features of recent
markets because of its remarkable
rise, held steady today around
| $4.63as. Opinion of financial ex-
perts is divides as to whether
British government manipulation
was responsible for the recent
jump but there is general belief
that the rate is headed back to par
as q result of the constant i'm
Iprovement in the British trade bal
lance and the sterilization of Bril-
tain's domestic financial affairs.
Steel shares were bid up in rapid
fashion during the last hour, buy
ing being influenced by the en-
couraging prospects for business
during the first quarter of 1928
contained in the weekly trade re-
views. Cruclble was pushed up
four points to 70, but the rapid
rise of this ISSUE being accom-
panied by reports of renewed ac-
tivity of the old pool in that stock.
United States Steel common touch
ed 100 and then slipped back x
for a net gain of l x on the day.
Bethlehem b closed ~ higher.
Reports of increased production
by farm implement manufacturers
caused a furry of buying in Inter
national Harvester, which jumped
four points to 91B, but cancelled
half of this gain before the close.
Mixed changes took place in the
railroad group which was featured
by the broadening demand for
Reading and Chesapeake & Ohio,
Reading registered a net gain OF
1 "a, and JERSEY Central, which in
dulged in wide fluctuations. was
up three. New York Central got
down as low as 92A but rallied
to 90 at the close
A bear raid against Piggy Wig
gly caused a slump of ten points
half of which was recovered later.
National Lead, which had been bid
up in speculative anticipation of a
stock dividend, dropped as low as
1215s, or Sss below Yesterdays
high, when the directors adjourn
cd today without taking any stock
dividend action. It rallied to l24%
at the close, where it was off "a
on the day. Marine preferred reg
istered a net loss OF 2a points on
reports that the ship subsidy bill
would be sidetracked in congress
in favor of the farm credits meas
IRE. General Asphalt recovered
2M and the preferred 3% from
Yesterdays heaviness. Baldwin
closed " lower and Studebakcr y
Days total sales were $4,000
shares.
Call money held at Az per cent
through the session: time money
was slightly r. Ter, q few 50 and
90-day maturities being arranged
at Az per cent with 5 per cent the
ruling rate for the longer maturi-
ties and Az for the 3o-day periods.
Commercial paper trading was
quiet. with no change In rates.
French exchange was quite ac-
tive. with most of the BUSINESS oe.
points below yesterdays price.
other rates were irregular. Ger
man exchange improved slightly,
despite the unprecedented weekly
increase of 90 billion marks in note
circulation.
Closing prices: ~
| American Can .......-.'..'' 20 =
American Smelling & Refg.. 55&
American Sumatra Tobacco. 29%
American Tel. & Tel........125
American Zinc ......,..... 10
Anaconda Copper ......'... 4SB
Atchison ...........''.'' ~ "a
Baltimore 81 Ohio ......... Al q
Bethlehem Steel "B'...... SAY
| Butte & Superior .......... 81 "a