Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-22
[Ry Associa,nh rrnss-l

NEW YORK. Dee. 2i-Buying op-
, orations OF professional interests.
particularly in the oil group. and Il
broader Investment demand for some
nj the high grade railroad shares
impaired strong tone to prices in
today's stock market.
BY far the most interesting fca-
ture was tho sensational risc In
, Mexican Petroleum. which opened at
25c. up points aud Il new high rec
crd for the year, and then SCARED 10
az. often jumping 5 and 10 points
hetween sRles. all ~ 100 share lots
1T dropped back To 600 Mt the close
where II represented a net gain of
AZ points on the day. buying OF the
stock was generally believed TO have
resulted from the b"latcd covering
operations OF vcnturesumo short in
tcrcsts although speculative autici-
patton OF more favorable dividend
action and rumOrs that the company
was contemplating the acquisition OF
{ property In tho now Smackover
Field may have been contributing
factors. The days sales to,allcd
only about 1000 shares.
Railroad shares siu2Eiah.
Railroad shares were inclined TO
DO sluggish In the early part OF tho
session, but they became quite active
later In response to some heavy buy
Ing OF Reading. I.chich VALLEY. New
York Central ANA Union Pacific, all
o! which moved up 10 points.
There were indications that the So
called January reinvcstment demand
was factor In the late buying.
Pan-American Issues were heavily
traded in following the remarkable
spur, in Mexican Petroleum. APP
:, proHimatcly % per cent of tho stock
OF which Is owned by the pan-Ameri-
can Company. Tho a. stock gained
"a and r. a. other strong
spots in tho oil group were Royal
Dutch. General Asphalt, Standard
OILS OF New Jersey and California.
Cosden. Houston. California pe,ro-
lcum. Philips Petroleum. T.d"watcr.
Associated and Pacific Oiis. the gains
ranging from 10 - points.
baldwin Leads Indurt rinI..
baldwin again led III. advance or
standard Industrial issues. closing AT
lal rs, net gain OF 3-s. Pond
Greek Coal touched 81 rs, the high
es, price In ten years. on reports %.
i;s PURCHASE by Henry Ford. Elk
horn 1nah ON whose properties Mr..
Ford has an option expiring at mid
night. got a. high MS 90 as but re-
acted later 10 - "a for net loss
Of IL poin,s on announcement that
, the option was not likely TO be e1-
crcistd ~ this time.
Announcement that the seaponai
shut downs in. the motor industry
would he shorter than usual this year
b.chns nf the unprecedented year
J. end activity resulted IN II brisk buy
ing az StudcOakcr. which got as high
rs l3j Is. but reacted To 1874 IL
later, where IL WAS up 7-s OF the
day Motor accersori"s also were
selling. Fisher Body rising IL
points and Stewart Warner . 81
Pacific Gas moved up ia on an
ircr"ase Of 70 per cent in the an
rual dividend rate Declaration OF
srmi-anuual dividend OF l-2 per
cent an Marine preferred which was
announced after the market closed
came ny a surprise 10 Wall Street
which had expected that the dividee,I
would lie omitted altogether. The
i, stock closed frac,ioually higher
Gail None! Advances 10 Five.
call money opened at l-2 per cent
and held nj that rate until just be-
fore the close when !, advanced 10
., The time money busiucs. con-
tinucd quiet win / 3-i per cent bid
and offered for the longer ,na,,lrl-
ties. some sixty and rlncty-day loan.
being arranged Mt rs Little new
commercial paper is coming Into the
market. the rate holding at 81 per
cent.
Foreign exchanges were steady
Demand sterling was weak at the
opening. selling AT 4.6l IS. hut II re-
covered to 46b Ia before the dav
Slight Improvement took place In all
the other important European re-
mittances