The Birmingham age-herald., 1922-12-14
LOW MONEY RATE
 STIMULATES THE BUYING OF STOCKS
M AsseclsaeIi Press

NEW YORK, Dec. 13.--Stock prices con einued their rise in todays market, stlm- ulus for the expanded buying being given by a continuance of low money rates. ad- dstional stock and extra dividends and an other sharp rise in sterling exchange most of which. however was cancelled later. Shares subject to pool operations and pos aessng extra dividend possibilities again received the most attention.
 One of the surprises of the session was the decision of the directors of the New York Central railroad not to increase the regular S5 dividend rate. Speculative in terests had anticipated an increase to a S6 or S7 basis and their disappointment was reflected in sharp drop in that stock which touched sSh as against Tuesdays high of 96ss today's closing quotation of sSSs, representing a net loss of 1A,
 Other rails declined in sympathy, but recovered in response to the fresh buy ing in that group during the afternoon. Closing prices were generally higher with most of the gains limited to fractions. However. Jersey Central advanced points on a small turnover. and Northern Pa
 Some excellent gains were made by speculative favorites. notably by Baldwin, net gain of three points. A squeezing of the short interest in Continental Can also resulted in a three point gain In that stock.
 Fisher body which has established new high records almost daily for the last week. crossed the 200 mark, but fell later to 1961s up 5l5 points on tho day. Gen eraf Baking company points on declaration of 200 per cent stock dividend. Additional short coverings in Piggly Wig gly also sent that stock up to a new years
 Some of the other strong Can. Cluett- Peabody, Cuban American Sugar preferred American A and B. Pressed Steel Car, United Retail Stores and Willys- Overland preferred, the gains ranging from two to
 General Asphalt broke nearly four points on the announcement by President sewail that new agreement had been made With the Royal Dutch Shelf group whereby in- stead of a one-fourth interest in future surplus profit of the Venezuelan oil enter prise the company will realize at once through receipt of royalty Of 3s cent from January 10 1923 Royal Dutch sui fered a net loss nearly two points on pub llcation of cable dispatches stating that the interim dividend had been reduced from IS to 10 per cent on shares traded in abroad. Woolworth broke more than five points in response to the directors s30ooo,oOo from the profit and loss ae count to be applied to the reduedloho dnn ooo 9i good wll which aa, is s,anas garnisd at 'SO'oUOOVO
 Call money opened at per cent. eased off to S% and then advanced to ieuF per cent for the longer maturities and "A per cent for the 30-day period. Little new commercial paper Is coming into the mar xet although there is a fairly good de- mand with prime names still commanding "A per cent. t.
 
 the foreign exchange market. Demand bills rose to $4.6s& during the morning but fell back to $4.633s. Latest unofficial reports aseribed recent buying as being for the account of the British government. Dutch guiiders touched parity. 40. zoe each for the first time since May. 1919, and the Yokohama rate established new high for the year at 49.Q5c.
 French and Belgian and Italian e1- changes improved slightly.
 Days total sales. s56,000 shares
 Twenty industriais averaged 9S,2lt net gain .5l. High. 1929. 10S.4S; low, 7S.bs
 Twenty railroads averaged S4.ss, net gain s2. High, 1922. 93.99; low, 73.ts.
 SUGAR
 NEW YORK Dec. 13.--Raw sugar con. finued quiet and as no sales were reported prices were unchanged with spot Guoas ouoted at cent cost and freight, equal to D. 7sc for centrifugal New crop sugars were easier and offered more freely.
 Raw sugar futures were easier owing 10 inc Increased new crop offerings which led to rather general selling with final prices nt the lowest of the day and from rive to IS points below the previous night De cember s.96c; March, S.s6c; May, s4Se' July 3.60c.