The Birmingham age-herald., 1922-10-15
Developments Came
 Fast m Stock Market
 With Some Diuidends
By Associated Press

New 1ofk, OCteber l4.---Etln1lndifOn of the Turkish crisis, announcement of the governments A per ceDt loan. decline ot tho German mark to new low record and declaration of stock dividends by three impor- tant industrial companies were de- velopments of the week in the finan- cal markets.
 Declaration of stock dividends re- suited in heavy speculation in stocks, particularly in shares of com panies holding large surpluses avail able for distribution. In each of the three distributions, however, best prices for the shares were registered just before the announcement was made. Publication of the news in- variably resulted in a sharp decline in the stock. In the case of Standard Oil of New Jersey. which declared a 400 per cent stock dividend, this
 effected speculative disappointment on the directors announcement that no immediate increase was contem4 plated in the aggregate dividend.
 Bond prices lost ground as re- suit of the selling of high grade rail- road and industrial mortgages, as well as the old Liberties. to provide funds, for the purchase of the more attractive long term tax exempt is- sues Active resumption of foreign financing was feature of the weeks bond market.
 Commodity Prices
 Commodity prices, as rule, are still tending upward, cotton being in- fluenced by the resumption of buy ing, suspended by the Near East crisis. Copper prices are softening slightly, and the usual seasonal rez auctions are now being made in the price of gasoline.
 Interest in the foreign situation was centered on three important events, signing of s>the armistice in the Near Ea st. beginning of service of the British war debt to this country, and the further, collapse in the German exchange rate, Great Bri- tain's first payment on the debt will he made Monday when its fiscal agents, ]. P Morgan & Co. will turn over s5o,0o0 900 to the federal gov ernment.
 Despite the German presidential decree forbidding Speculation In ex- change and the tremendous weekly increase of more than 27000, ,0eo, 900 marks in note circulation, the mark continues to fall and the currency shortage in Germany persists. Local exchange dealers are of tho opinion that settlement of the reparations question and balancing of Germary's internal budget must be effected to insure stabilization of the mark. An pouncement of the sale of an s1s.o00, 900 bond issue by the Norwegian gov erntnent to- the National City com pany and an award of The Hague Tribunal of sl2.o00, 900 against the United States on claims arising out of the seizure of Norwegian ships during the war. were followed by a sharp advance of A points in the Norwegian exchange rate, nearly half of which was cancelled today
 Money Demands
 Seasonal demands for money re- suited In hardening of the rates. A furry in call money, which sent the rate up 10 6 per cent, was; due 10 the calling of loans by local in- stitutions and the withdrawal of 2unds by out -of-town banks and the xovernment. The closing rate for the week was Az per cent. 7 Redisceunts' with the federal reserve banks. and both the note circulation and deposit liabilities with these institutions, are increasing but it is generally believed that sufficient resources remain to make a further sharp rise in rates improbabls during the next few months.