The New York herald., 1922-12-30
FINANCIALNEVS
AND COMMENT
Stocks Rally at Close Of Last
Full Session Of Market
This Year.


That Wall Street feels no trepidation
regarding the outlook for general busi-
ness In 1873 was shown by the action
OF the markets yesterday. The last full
business day of 1922 was triumph for
the trading element completed to the
constructive side Of the stock market
which rallied sharply in the last. few
hours. The possibility Of warlike de-
veiopments IN Turkey due to the break
at Lausanne, which gave the bears
short lived hopes on Thursday. was ap-
parently forgotten. Even tbs grain
market and tho foreign exchange mar
ket refused TO pay attention TO Euro
peau politics.
There was n noticeable undsrcurrent
I of optimism in the Street with the ap-
proach~ Of the new year. II was gem
orally held that this year has seen the
ironing out of many difficulties and
I that the economic structure of the coun-
( try is as sound as 1t ever has been. A
revival of foreign trade is expected IN
the coming year.
Trading in stocks was slightly over
! million shares and was almost NJ
broad as It was on Thursday. In this
respect the market differed from the
usual year end affair. Usually there
Is a reluctance to entep into new COM
mitments until after the turn OF the
year Much trading yesterday repre-
sented the evening up Of accounts. but
| it was apparent that the decline in
prices on Thursday had brought in con-
odd lots Transactions for cash were
fairly large. representing for the most
part sales by those who did not want
their stock cleared through the Clearing
House on Tuesday and a.sprinkling Of
belated tax selling.
The effects Of year end financial opera
tions were seen in-lthe local money mar
ket and the call rate was marked up
to per cent, duplicating tho previous
high record of the year. AS yesterday
was actually the last day Of the year
in the money market the call rate closed
at the top. The lowest rate for call
money in 1922 was ga per cent. estab-
ished in June.
There were only few incidents or
declines in stocks, the most important
being loss of nearly points by Tide
water Oil. One or two OF the small rail-
issues were weak. including Peoria and
Eastern and Missouri Pacific preferred.
The other rails gave very good ac-
count of themselves. United States
Steel common yesterday recovered all
Thursdays loss and advanced frac-
tion, closing the day Is points higher
at 1O7k. The Independent steels were
also strong, Crucible Steel advancing
| ~ points, Bethlehem Steel "A points
/ Gulf States Steel points. Republic Iron
and Steel points. Vanadium Steel
point and Replogle Steel 1H points.
Short covering in the steel stocks was
active on the advance.
Studebaker was the most active stock
on the list, more than 5000 shares
changing hands at prices ranging from
110% to 114k. at which price 1t closed
34s points net higher. Public utility
stocks were in great demand. North
American gained " points and Consol-
idated Gas 2h points. California Petro-
leum attracted the most attention In the
oil group and. was heavily traded in at
| 2 point advance.
| The chief incident in the bond market
was the strength in Liberty 3hs which
touched 101 for the first time In many
weeks. This was thought to be the re-
suit of the reinvestment OF year end
money by wealthy investors. The rest
OF the bond market maintained firm
tone.
The wheat market continued de-
pressed, receipts of grain being heavier
than generally anticipated The cotton
! market was quiet. with prices fiuctuat-
ing in narrow range. The foreign
exchange market showed little change.
with increasing firmness In francs ana
a slight reaction in sterling.