Evening star., 1922-12-01
SHARP UPSW|NG
|NLATE TRADING
Extensive Bidding in Whole
List Keeps Prices Ad-
vancing Steadily.
ny STEUART p. WEST.

special Dispatch to The Star.
NEW YORK December 1.-The
stock market was definitely strong
again today. but still without any
development in the outside situation.
To what extent the advance repre-
scuted the covering in of short con-
tracts put out a week ago, ana to
what extent = was the result OF ne"
buying. was hard to say. but, at least
il was quite apparent that the re-
,-overy of the last few days has been
something more substantial than
merely a retreat of an overcrowded
short interest. The market standing
on solid ground again. operations TOT
me rise were resumed in numerous
directions There was no attempt 10
hid up prices after the eXtravagant
fashion of three months ago. The
buyjnr was conducted cautiously and
without any marked display OIL
activity.
Tire Prices Increased.
Kelly Springfields announcement
today Of d 10 per cent increase IN
tire prices brought a good deal OF
new buying into this group OF stocks.
along with much short covering. II
was assumed that the other COM
pauies would follow suit. as. indeed.
they would seem bound to do go. TO
..rsct the advance in crude rubber
from around Il cents a pound 10
Is cents, and the equally extensive
rise in cotton. United States Rub
her made the best response. because
the short interest in it was par
ticularly heavy, but Kelly Spring.
field itself was not far behind.
Copper shares strong.
copper shares were among the
market leaders today. but without
any actual news. The strongest MEM
hers of the group. as usual. were the
shares of the companies located In
south America or having an interest
in South American propertles-ChlIe.
zorro de Pasco and kennecott. The
hest information is that the deal be-
tween Chile and Anaconda is surely
going through.
The purpose Of such a deal is to
take the edge off South American COM
petition. which can only be done through
restricting the output of Chile as the
largest producer. The question is
whether the final result will not be to
reduce earnings on Chile and increase
The earnings of the higher-cost Ameri-
can properties like the Anaconda.
Continental Can Scars.
Continental Can common stock rose
today to its highest since 1917 on re-
ports that the company would declare
both a stock and a cash dividend on
the shares within a week. A stock
dividend of from 33 Ia to so per cent
is expected. and distribution in cash at
the rate of Sc probably will be made on
the outstanding stock.
The foreign exchanges were another
quarter in which speculators for the
decline were willing to admit a check.
Sterling drew close to it's high. and
SO did Italian lire. the latter up fully
4 cent from the extreme low Of Oc-
roher, just before the political over
turn. French francs crossed the 1-cent
level again, but what was Of more
Importance was the disclosure in the
weekly statement of the Bank of
France that the circulation item had
commenced to expand again.
The increase of 325.000.OO0 francs is
small in comparison with the decrea Sc
of 1.700o00.On0 in the seven weeks
preceding. Still it bears out the judg-
iuent that while France is operating
at a deficit, requiring constant ad-
vances from the bank to the treasury.
rot much can be hoped for in the
way of sustained def1ation In the
paper currency.