Evening star., 1922-12-12
PRICES ARE STRONG
IN NTODAY'S MARKET.
IndustriaIs Still Favorites,
But Railway Shares Also
Score Good Gains.
ny STUART r. WEST.

ep~rlal Dispatch TO The Star.
NEW YORK, December L. \ FUR
ther quiet spectacular rise in ster-
ling exchange was the principal tnci-
dtnt in today's financial markets..
, Practically all the advance was ar-
complished before the beginning OF
business in New York. which meant
that the buying originated almost
wholly on the other side of the "s-
ter
The real explanation for in. Jump
In SterlinE-whicn at one l'hl'
amounted to : cents in the ro"nd
from the Monday close ana h""u IN :
The rate UP nearly 10 cents within IN.
last weekday quite outside ci IN"
political situation. II was 'ntrtt!
working out the causes which were
recognized two and three months ago.
and which at the time were pro-
nounced sufficient to restore S'"rIinG
TO it's ld-time parity within rca-
Sonable period. These forces ri re-
covery have been greatly accentrated
since the close of the active foreign
season in grain and cotton and the
consequent removal of ;ht. supply of
commercial bills presSin" uI'ou lht
sterling market.
Stock Market strong.
As rule stocks were strong. The
main charges of the day We're nearly
all on the side of higher prices. Again
these advances veT. ude I" Sp-'ia |
rather than general conditions - to
1hc evident disposition on the part
of corporation mandgeHfentS to ne
more liberal in their dividend policy.
or else 10 the knowledge of condi
tions more profitable than the aver
age within articular industries. Eut
ihe individual upward movements
n
IndustriaIs were still favoriteS. but
the railway shares We're taken up for
time. encouraged by reports that
after all the Great Northern prefer
red dividend would not be reduced.
Announcement that the government
had renewed its war time loan to the
81. Paul had some effect upon the
bonds and stocks OF t.Ie company.
which had been sinking steadily for
the past week or so. Pere Marquette
rails quit. possibly looking forward
To the beginning of dividends some
lime next year.
Northwestern Rails Gain.
For the last day or Two Wall Street
had been getting vague intimations
that a the preliminary meeting in
chicago last week Great Northern
directors had decided To maintain for
me prrsen, AT least the full per
cent dividend. Those int!rations
grew more definite and positive to-
day and the stock responded with Il
sharp run up above 50. At the same
lime il was announced that renewal
of the government loan to the st.
Faul had been authorized.
The declaration iodaE of II per cers
dividends on the first preferred stock
of Lcgd & Taylor. over 10000 shares
of which are owned by Associated
Dry Goods. wiped ou; the accruals on
The stock and completed payments of
back dividends aggrega ting 33 per
cent for the year. The 81 per cent on
lord & Taylor first preferred is the
equivalent OF s3 share on ASSo-
Grated Dry Goods common stock, and
3S per cent amounts to S4.I5 on Dry
Goods common.
Cerro De Pasc0 Active.
The strength in Cerro de Pasco was
particularly noticeable today on
further assurances that the stock
would soon be placed on the dividend
list again. Cerro de Pasco. operating
IN South America. is known to have
earned a substantial amount on it's
stock. due to Its comparatively low
cost of production and heavy sales of
the copper metal. Recently predic-
lions have been made that by Febru-
ary. 1923, a quarterly distribution of
81 would establish Cerro de Pasco as
a 81 dividend payer. as against the
last quarterly dividend Of so cents, paid
in March 1927