The Birmingham age-herald., 1922-12-27
STOCK TRADING ISI FIRM; OUTLOOK IN
 BUSINESS BRIGHT
By Associated Press

NEW YORK, Dec. 2s.-Stock prices generally exhibited a firm tone at the beginning of the closing week of the year. Except for an advance in crude oil prices in wyoming there were no particular news develop ments to account for the rise, the buying reflectlng speculative confi- dence in business conditions during the first part of next year and az gressive pool operations in special shares.
 Studebaker established $ new peak price for the year at 140 5s, but react ing half point on profit taking, the net gain being 8 Is points. Buying of Studebaker and other motor shares apparently was in anticipation of -in- creased sales following the winter shows which begin in this city next month. Studebaker sells ex-dividend 25 per cent stock on next Friday. New High records for the year were es- tablished by Pond Creek Coal, which is negotiating with Henry Ford for the sale of it's Kentucky coal prop erty; Stewart Warner, Stromberg Carburetor and Endicott-J ohnson, Buying of the last named was attrib- uted to expectations of a stock divi- dend early next month. On the other hand Marine preferred, which recent ly cut its dividend in half established new low record al 43A as compared with the years high of 87%, and closed at fl for net loss of 2% points.
 Baldwin in Demand
 Baldwin was bought heavily on speculative expectation that the yearly report will show the common dividend fully earned and sizeable sum carried to surplus. The stock touched 136a4, a new high on the movement but reacted to 134B on profit taking. Stromberg closed near ly 5 points higher. announcement of proposed 100 per cent increase In capital and declaration of stock dividend being made after the mar ket closed. Otis Elevator dropped 2 points on official denials that the company proposed to split up it's common shares on a four to one basis.
 American Sugar stocks were strong despite announcements of a cut In the refined product by some of the larger companies, gains of 21s points each being recorded by American Sugar and American Beet Sugar. Higher prices for Wyoming crude oil reflected in gains of to nearly , points in Pacific oil, Phillips Pe- troleum, Standard oil of California, Cosden and Producers and Refiners. California Petroleum dropped nearly 3 points.
 Some of the other individual strong spots were Bruns Bros. A, General Electric, Piggly Wiggly and Wells Fargo. the gains ranging from to points. Allied Chemical yielded F points in response to speculative disappointment over the failure of the directors to increase the regular $4 annual dividend rate.
 Rail Shares Irregular
 Rail shares moved in conflicting manner: Reading, New York central and Louisville and Nashville record ed moderate improvement. While St. Paul common and preferred ana Lackawanna were reactionary, the last named dropping nearly points November earnings statements pub lished thus far, with the exception Of Lackawanna, compared fayorably with those of November of last year.
 Call money opened at Az per cent but advanced to during the noon hour and thence to 5ia. There were no changes in the money and com mercial paper rates, business in each being dull With the London markets closed because of the holiday, busi- ness in foreign exchanges was quiet, with no important changes in rates.
 Days total sales, 99s,o00 shares.
 Twenty industrials averaged 90 .o4; net gain, .42. High 1922. 1o3.4s; low, 1859.
 Twenty railroads averaged S5.9s; net gain, .12. High 1922. 93.ss; low, 7S.43.
 LIVE STOCK
 CHICAGO, Dec. 26-Cattle: Receipts. 10 25c off: tops more on medium grades Top matured steers .S1l.so Bulk beef steers ...;....,... o.eV~ '''' Bcst vealers to packers up
 ward to ....-........'.--. iv.vo Light veaiers .............. 800
 Hogs: Receipts. 4soOo: steady s to 9 wssls ssls Bulk 16o to 260-lb. averages. .ss.b0 w S.6oh Few loads 160 to 17o-Sb. aver
 ages e.eo Odd sales butchers on closing s.45 Bulk packing sows ..'.'--... 1.so~ s.oo Sheep: Receipts. 14.ooo; fat lambs were strong to e5c higher.
 Top to city butchers. sl5.eo Dvls desirable fat wooded
 lambs ................,.'' 1s.oo iS.eo Desirable % clipped fed lambs. 1900 Summer shorn kind up to.... 14.00 One load 1o4-lb. yearlings.... 12.5o Fat o9-ib. ewes up to..-...,. 500 Heavy fat kind .~....s......- b.261 e2S EAST ST. LOUIS. Dec. ss.--sheep: Re ceipts 1.5oV; lambs strong to 25e higher. Two decks natives. .s1b.oo Handy weight natives. 65o Heavies ....-........ 4.b0 Cattle: Receipts. 6.ooo steady Bulk steer sales ............S 1000 SSS [. Bulk beef cows ..........- 4oo@ b.2o Gamers .................... 2.40@ 260 Bulk bologna bulls .........4 4.00@ 46o Light vealers ............... 1000 Q 1925 Hogs Receipts. 17,ooo 10 to 15c higher.
 Top b.bo Bulk 1so to 22o-lb. averages. s.so 1so to 1so-lb averages. ..... $500 ss5 Bulk no to 13o-lb. hogs, s.2s@ s.95 Under 11o lbs. ..............3 5000 s.15
 CHICAGO STOCKS
 1oots Armour Leather. 9%: Common wealth Edison, 1s2. Diamond Match. 11S: Libby McNeiil. 6is Middlewest Utilities. 4sA; National Leather ' Swift & Co, hide, 62is; United Light and Railway. 7o&; United Iron Works. sh: wahl. 5GA Westsrn Knitting. s; Yellow Manufacture ing B. 22o; Yellow Taxi, .aH.
 METALS
 NEW YORK, Dec. e6.--Copper firm :; electroytic. spot and nearby, ti4s cD1tNc; futures. 14%c. Tin firm; ,pot and futures, asc. Iron steady No. i norftoern s27@ 29xs No. 2 northern, $26@2s; No south ern, $24@26. Lead steady; spot, 72s0 T. SBc. Zinc quiet: East St. Louis spot and hearby delivery. 7G71oc. Antimony, spot.