Evening star., 1922-12-09
HARDING MESSAGE
PLEASES TRADERS
Week in Stock Market Shows
Very Irregular Trend
in Prices.
BY the Associated Press,

BY the Associated Press.
NEW YORK, December 3.-The
struggle for control between opposing
speculative forces impaired a decided
ly irregular trend to prices in this
weeks stock market. Gains of the
first few days were substantially re-
duced or wiped out In the midweek
reaction, but further recovery set
In Friday afternoon. Industrials con-
tinued to offer much better resist
ance than rails
Intermittent weakness OF railroad
shares was caused by several factors,
not the least important OF which was
the unloading by pools which had be-
come discouraged by the lack of pub
lie interest in those issues. Selling for
taxation purposes; unconflrmed ru-
mors regarding possible reduction of
present dividends. which were used
effectively against Great Northern
preferred. and higher fuel prices also
were factors.
Message Big Factor.
President Harding's message to
Congress, approving railroad mergers
and the pooling oi equipment. was
favorably received in the financial
community. Carloadings for the week
cars. which was described as an un-
precedented number for that season
Of the year. The final summary of rail-
road earnings for 1872 class l roads
showed net operating income Of
$s5.234 900. which represents re-
turn on an annual basis of 4.05 per
cent on tentative property valuation.
The industrial outlook continues to
be encouraging. Pig iron production.
which is regarded in some quarters
as barometric of industrial conditions.
totaled 2.S49.1O3 tons in November,
November. 1920. Resumption of divt-
dends by the kennecott Copper Com
pany testified to the Improvement in
that Industry, present copper prices
being around II cents pound. with
steady appreciation in the European
demand.
Sugar Stocks Improve.
The Improvement in the sugar in
dustry was reflected by the report of
the Cuba Cane Company for the year
ended September 80. which showed a
profit of nearly $4,000. as against a
loss of s9,7l6,O00 last year.
Declaration of d 25 per cent stock
dividend by the directors Of the
Studebaker Corporation, with the ad-
ditional comment that present earn
ings and future prospects indicated
a continuance of the $40 dividend rate
on both the old and new stock. mir
rored the splendid condition of the
automobile industry, which has just
had the best year in its history. Hud-
son and Hupp motor stocks each es-
tablished new high records for the
year during the week.
New Exchange Records.
New high records for the year we're
made in the foreign exchange mark ct
by demand sterling, which touched
S4571s, or within so cents of parity:
Dutch guilders at 3a97 cents and In
dian rupees at 30.S5 cents. The Ital-
ian lira was quoted above cents for
the first time since June l5. Canadian
exchange went To a slight discount
after holding around par for week.
The gigantic weekly increase of
1885. .00o. 900 marks in German note
circulation had no effect on marks.
which were still quoted around Il
cent hundred. French francs got
above cents again despite another
increase of 269.911 900 in note circu-
lation and 30O.0O0,000 in government
borrowings.
Business in the time money and
commercial paper markets was quick
with no change in rates.