The Washington herald., 1922-12-14
STOCKS; EXCHANGE
AND WHEAT FACTORS
IN HIGHER PRICES
Twenty-seven New uistings
Figure In Record-smashlng
Day In Street.
BY BROADAN WALL.

NEW YORK, Dec 13.-Wan Street
experienced a record-smashing day
today-new high prices being made
in stocks. various foreign exchanges
and wheat. The Stock Exchange also
established q new high mark for the
number Of new listings when twenty
seven new and additional securities
were admitted to trading. Trans
portation shares rose from one to
two points Notwithstanding disap-
pointment over the failure Of the
New York Central directors to in
crease the dividend. Another favor
able development was reported i'm
provement in the domestic and for
eign demands for copper and predic-
one-quarter of a cent by Christmas.
High priced stocks which are gen
orally considered rich mems invest
ments were leaders Of the general
list. Many of these are advancing
In anticipation of stock dividends
and extra distributions. They also
move easily because they are closely
held and the floating supply is light.
STRONG AT CLOSE.
General strength prevailed at the
close of trading and a continuation
of the upward trend is expected al
though some important bankers per-
mitted it to become known that they
were bullish on the stock market.
Sterling's sharp advance Of about
five cents was interpreted two ways
one favorable and one unfavorable.
The unfavorable view was its rise
reflected depreciation of the Ameri-
can dollar as registered by sterling
and that a continuation Of the rise
might result in England drawing on
the United States for gold as soon as
parity for sterling was passed. The
favorable argument was that higher
prices for sterling would increase
American products.
The rise in wheat to new high
levels and the advance of cotton
prices of about 81 a bale was con-
strued as one of the most con-
happen to general business because
Of the many millions in increased
purchasing power that will accrue
to the farming community. Ad
vance of wheat IS expected to be
followed by higher prices for other
foodstuffs. Prices of cotton goods
are showing an upward trend and
are now from Is to 4 cent a yard
over the recent low levels.
As the general business Of the
country is dependent TO a large
extent upon the prosperity of the
farmers. the advancing tendency in
commodity prices is considered sig
nificant and presaging expansion
in general trade.
Substantial improvement Is re
ported in the investment market
for preferred stocks and bonds.
PREFERRED STOCKS.
Preferred stocks are beginning to
come back into fashion, one offer
ing of S12 900 OOO being rapidly
absorbed today. The last wave OF
new preferred stock offerings oc-
CURED in the spring of 1919. which
was at the peak of the stock mar
ket hoom.
Practically all departments of tn
bonds market showed strength. a
distinctly better inquiry has devel-
oped within the last two days for
securities which are legal invest.
ments for savings banks. United
Kingdom 5i2s. which are converti-
BILE into sterling, touched a new
high record.
Some tightening of call money
rates NAV occur tomorrow or Fri
dav as result Of proposed with
drawals of s67.0OO.000 by the gov
ernment from the banks Friday.