The Birmingham age-herald., 1922-12-22
HIGH GRADE RAILS IMPART A STRONG TONE TO MARKET
By Associated Press


 NEW YORK, Dec. 21-Buying opera uons of professional interests, particu- larly in the oil group, and broader Investment demand for high-grade rail road shares imparted a strong tone to prices in today's stock market l.... By far the most Interesting feature was the sensational riso ill Mexican fe- troleum, which opened at 262, up points. and a new high record for the year, ana then scared to 322 often jumping and 10 points between sales. all of l0V-share iots sented a net gain of 42 points on the day. Buying was generally believed to have re- suited from the belated covering opera tons of Nenturesome short interests, al though speculative anticipation of more favorable dividend action and rumors that the company was contemplating the ac- ouisitton of property in the New smack over field may have been contributing factors. The days sales totalled only
 Rail Shares
 Railroad shares were inclined to be sluggish early in the session, but they be- came quite active later in response to some heavy buying of Reading, Lehigh Valley, New York Central and Union Pacific. all of which moved up to 2 points There were indications that the January re investment demand was Il factor.
 Pan American issues were heavily trad ed in following the remarkable spprt III Mexican Petroleum, approximately 70 per cent of the stock of which is owned by the Pau-American company. The A stock gained 1s4 and the B s. Other strong Siis were ,fs aeyai PNeSh ew Jersey and Cat forniaa cosden, Houston California Pe- troleum. Phillips Petroleum. Tidewster Associated and Pacific oils. the gains ranging from to points
 Baldwin again led the advance or standard industrial issues. closing at lSl s . net gain of a. Pond Creek Goa! touched SIS. the highest price in 10 years on reports of its purchase by Henry t9rd ti Elkhorn Coal on whose properties MI Ford has an option expiring at midnight, got as high as 22ts, but reacted to l9S Tor net loss of E points on announcemeht that the option was not likely to be ex- erclsed.
 Announcement that the seasonal shut downs In the motor industry would be shorter than usual this year because of suited in . brisk buying of studebaker, which got IS nigh as 135}s but reacted to sls4h later where it wns up ss on the day. Motor accessories also were strong Fisher Body rose 4 ia points and stewart Warner 2@. Pacific Gas moved up Y on .nual dividend rate. Declaration of n semi-annuul dividend of l14 per cent on after the market closed. came as a sur prise to Wall street. which had expected fhe dividend would be omitted altogetheI rho stock closed fractionally higher Call money opened at 4 per cent and heid al that rate until just before the close when 1t advanced to 5. Time money continued quiet with 4& per cent bid and offered for the longer maturities, some GO and gu day loans being arranged at 4s. Littl tie new commercial paper is coming into the market. the rate holding at a9s per cent Foreign exchanges were steady, Slight improvement took place In all the nhpor- tant European remittanceA
 Days tptal sales 9osU0o shares xaIn TIwen5sy iPfsI' Mieh iSa2. iesaa: low, 7s5s. gain, .S2. High 1922. ss.9o; low. 7S,is.
 CHICAGO VEGETABLES
 CHICAGO, Dec. 2l.--SMeet po.atoes steady; Tennessee Nancy Halls ,5 sl,i9@ lt5 Lettuce slightly stronger; Florida 1slg Boston mostly S2.25. Spinach was weaker; Texas. bushels, S1,e5@2; Louisi- nna barrels. SCOT.
 Brights, large, $2.2O@s.20; medium, sS.15 d4.05; small $S.20 4ob. Goidens large. s2.25@s.25; medium, s2.9eG4.2o; snizAll, ss 614.35. Russets large and medium, S2.la W2.60; small. $a.20.
 Florida oranges: Brights, large, s2.254 5: medium s265 5.So; small, s2ea % S.l D. 4'sc; .Soas'ssi small, s2.4o@44c Russets, large s2@2.s7; medium, s2.l5Q2.9o; small, S2.l5 Florida tangerines; Brights medium, se90; small s2,30@2.9o. Godens, large, s34O; medium, s2.ao@3.4o; small, s233 g B. Alabama satsuma; Large. SLID A3 3-5O; medium. s2.20Q3.5O; small, @5'Sp.
 NEW YORK MONEY
 NEW YORK, Dec. 2l.--Call money firm er;l high 5 DOT cent; low, 1T per cent; per cent: offered at 5ia per cent; last loan per cent call loans against ac. ceptances, per cent; ttne loans, steaoy :, cent; four-six months. 4& 45 per cent; prime commercial paper, 4st per cent.
 LONDON MONEY
 LONDON. Dec. 2i.-I}ar silver. a0& per ounce. Money. A per cent. Discount rates Short and three months bills, 2h @2ts per cent.
 ~s FOREIGN BAR SILVER
 NEW YORK, Dec. 21.--Foreign bar sill ydr.s Csc; Mexican dollars. 4sc.
 r WEEKLY LIVERPOOL
 TtvERPOOL, Dee. 2f.-WeelSly cotton statistics: Total forwarded to mills, A7,ooo