The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-12-13
STERLING RATES
FEATURE MARKET
Sensational Rise of Four
Cents Sets Highest
Mark Since 1919

NEW YORK Dec. t2.--Ch!of in
forest in today's financial markets
centered on the further spectacular
riso IN sterling exchange. demand
bills touching t455, an overnight
rise OF I cents. and new high price
since 1919. The extreme low was
ga.1S IN February, 1920. Todayt
rate brings tho depreciation from
par, which ia SIS6 BIS, 10 less thhn
per cent. Under tho provisions "t
the new tariff act when the deprc-
citation ia per cent or more, nc
valuation Of foreign currency ~
customs purposrs shall be the buy
INK rate IN New York at noon on
the dny Of eNportatlon.' which ia
certified 20 by tho Federal reserve
bank when the depreciation ls less
than per cent the customs rates
are based on the par value or eX
change. Thus II the present stcrl-
ing rate In maintained 1t Will auto
matically serve 20 Increase the I'M
port duties on British goods. Spe-
oial operations wero held responsi-
BILE for tho heavy Relllng OF dollars
In the London market. which precip-
itnted the rise In sterling here.
Stock prices showed much better
tone hut trading was again almost
entirely a professional affair, Spo-
cial stocks In which there are posi-
bllities for extra. increased or stock
dividends. continued 70 receive the
most attention. There was some
good buying IN the railroad group,
but early gains were materially re-
duced or wiped out In later tradlns.
Speculative belief that Cerro de
Pasco soon would be placed on
dividend basis was reflected IN
2 Ia point gain In that stock. Chile
advanced / IA and kennocott I'M
proved fractionally.
Failure of the directors Of Tho
Texas company to take action TO-DAY
on a distribution OF part of the com
pany's sS3.000,000 surplus as stock
dividend was reflected in l IL
point drop In the stock.
Great Northern preferred led the
advance in rails. touching 81 ana
then dropping back to so Ia, where
Il represented a net gain of 3 3-S
points 81. Paul issues improved
frsctionally.
Among tho few issues which,
closed at net gains of point or
more we're Canadian Pacific, Chicago
s. Northwestern and Pero Marquette.
Fisher Body was pushed up
points 10 a new high record for the
tablishcd a net peak price At 17s, up
6 points. Heavy buying of Baldwin
sent that stock up to 1876, up points
United Fruit receded IA points.
United States Industrial Alcohol was
strong on reports that Standard OIL
interests had contracted for large
part of the output. Other conspicu-
Gus strong spots were Columbus Gas
General American Tank, National
n
. points on the day.
Allied remlttances, other than
! sterling. showed slight recessiona
/ Dutch guilders established a new
, high for the year at 1908 cents and
, Norwegian kroner showed good re-
|, covery from yesterdays weakness.
| Cali money opened ct Az per cent
eased off to before noon and
dropped to 3% in the late afternoon,
holding at that figure until tho close.
Time money and commercial paper
rates were unchanged.
Trading In bonds on the New
York stock exchange today was
comparatively dun. but some good
gains we're made in all sections OF
the list.
United Kingdom & ns. OF 1929 were
pushed up IA points to a new high
record for the year in sympathy with
, the marked strength of sterling OK
change. Mexican Is and 6s, and
Serbian SIS were heavy, dropping /
to II points.
sharp recovery of st. Paul issues
featured the railroad list. The Puget
! Sound division As advanced points
and gains OF 10 II we're scored by
tho general Is, debenture As. con-
vsrtible AVS, AZ OF 1875, refunding
! 4s and convertible 6s. Atlanta and
Charleston Air line 4bs, ordinarily
inactive, jumped 6& points, Texas
a Pacific firsts 2S, Norfolk Il
Western convertible 6s, and West
, Shoro Is, u. Soma weakness was
f, noted In Minneapolis, st. Louis ro-
, FUNDING SIS, Chicago a Northwestern
/, rs, Western Pacific IS. Seaboard Air
!, line consolidated 6s. and wabash
seconds.
Cerro de Pasco ss again provided
{ the feature OF the industrial group
!, jumping Z points TO a new high
; record. Chile Copper 6s rose
: points. other strong spots In that
! group were Distillers Securities
certificates up and Francisco Sugar
7hs, Bethlehem Steel refunding 5s
Cuba Cane SIS. and Fisk Rubber 1s
/, all up TO points.
s United states government bonds
( were mixed tho sharpest fluctuatior
Z taking place in the first AIS which
b, dropped ~ cents on 500 to $3.50
Other changes ranged from losses ol
cents to gains OF 12 cents
7 Total sales. par value, were S12,'
$4,000.
I standard OH.