Evening star., 1922-12-07
WALL STREET LIST
CONTINUES UPTURN
Studebaker Up 18 Points.
Other Stocks Score
Further Advances.
BY STUART p. WEST.


Special Dispatch to The Star.
NEW YORK, December THE
stock exchange movement provided
more matters of interest today than
did any of the other markets.
United States government bonds
went higher again for the third sue
cessive day, still rejecting satisfac-
ton at the outlook for a small gov
ernment surplus this year and larger
one next. Sterling exchange crossed
the S4.57 mark, where it was less than
80 cents away from the old-time par.
These were the two most interesting
occurrences outside of the stock
market.
Inside the market the sudden reversal
which had swept professional Wall
street off it's feet Wednesday after
noon was maintained.
shorts Rush to Cover.
There was another rush of short
coverings mingled with a lot of fresh
buying by people who had missed the
low prices of a week ago and who saw
their opportunity rapidly slipping
away.
The competition from these two
lively, as it was bound to be. i'll
stocks which had been driven down
most severely in the market of a
week ago-the equipment. the motors
the steels. the oils and the shipping
stocks. The point most strongly em-
phasized was the unofficial character
of much of the recent pressure on
the selling side. 1t had represented
no important selling. very little real
liquidation in fact, but it mainly de-
pended upon operations for the de-
cline These short sellers finally
reached the end of their rope when
they found that after persistently
offering down prices day after day,
they were unable to bring out stocks,
from the hands of actual holders. The
sequel. as it always is in such cases,
was a scramble to cover in over
extended short contracts.
Studebaker Up IS Points.
At todays' high Studebaker was
selling Is points above where it stood
only a little more than a week ago.
The fact that nearly half this rise
occurred after the announcement OF
the 25 per cent stock dividend
showed how much a matter Of sur
prise this was. not only to the street
i'll general, but to many supposedly
on the inside.
Chandler Motors has not followed
Studebaker to anything like the eX-
II
emily because interests connected
with the company have not felt the
time was ripe for any big move.
Wednesday, and again today. stock
was put on the market above 62.
which was taken on supporting or
ders a week ago. The Chandler div
idend meeting is scheduled for to-
morrow. when the regular distribu-
ton at the rate of Sc a share Will be
declared.
Hudson and Hup Gain.
Hudson Motors got up close TO 20.
although in this instance there IS no
pool at work. The market in the
stock is a natural market based upon
the knowledge that the company IS
earning S6 a share and only paying
out 81. Hupp Motors continued TO re-
spond to estimates that its earnings
are running at the rate of $6 snare
and that for the first eleven months
of 1922 over 100 per cent more cars
were delivered than for the entire
twelve months of 1921.
The Continental Can melon cutting
turned out substantially as expected
The capital is increased so that the
present shareholders will receive %
shares of no par value stock Tor each
share of the present 500 par On tne
total old and new a dividend of 10
cents in cash was declared. This
works out about per cent on the
present issue The market had evil
IDENTIFY discounted the news.
German Paper Currency.
When the Austrian paper currency
a year ago passed the one tr1llion
mark, the Austrian crown was far
more deprecated than the German
mark is now, or seems likely to be
when mark circulation goes into the
IrillionS, as, at the present rate OF IN
crease. it will do very soon. me
steadiness of the mark around the
of hun
only be explained on the ground
either that the German public is su.
premely confident in the remedlai
measures proposed by the Cuno MIN
istry and has ceased exchanging lts
paper currency for securities and for
eign moneys, or else that steps have
already been taken looking toward
the stabilization of the mark around
The current level
U. S. Treasury Financing.
Announcement of the plan of the
new Treasury financing had no effect
upon the markets, nor was it likely
TO. The whole policy is to string
along maturing obligations until they
can be finally taken care OF con-
veniently with long-term bonds.
Hence the provision for issuing three
different series of Treasury certifi-
Gates and notes. one running three
months, the second for a year. and
the third for two and half years.
The idea is that this will give the
investment market the needed breath
ing space between offerings of the
new twenty-fve-thirtyy bonds.
the first of which were put out last
October.
The high prices on the stock ex-
change were reached in the early
afternoon. By that time the first
urgent demand from the short in
terest had been satisfied. and there
was nothing immediate to carry the
upward movement further. The last
hour and a half saw fairly general
settling back of prices, in the course
of which the favorites of the forenoon
came down a point to two points