The Washington herald., 1922-12-23
SPECIALTlES PROVE
DOMINANT FEATURE
s;; IN ADVANCING MART
TnM TRANSACTIONS LISTED STOCKS BONDS
Gains Ranging From One To
= Two Points Recorded In
HoIiday-Eike Trading.
By BROADAN WALL.

- NEW YORK. Dec. 22.-The Christ
mas spirit prevailed In the security
markets today, gains ranging from
: one to two points being presented
to those who have professed faith
In the bull market. Bulls in cotton
were also rewarded for their con-
fidence in future prices for COM
modities. Presents in the special.
ties were impressive, quite num-
Der of issues touching new high
records for the year. Business was
not as heavily associated as the
previous session, due to the alb
sence of many spectators. and the
brokers favOring industrials dis
played the most optimism, but
steady absorption of the good-sea.
sOned dividend-paying railroads
shares was again reported. Equip
ment shares moved forward under
p leadership of Baldwin Locomotive.
Secretary Melons statement that
the transportation systems OF the
nation would have to purchase a
substantial amount Of new rolling
stock continued to stimulate the
equipments. A substantial part of
the buying was for the account OF
professional shorts who are begin
ming to show signs of worry. Prof
it-taking appeared in the late after
noon. shading the best quotations.
but the close was strong, with most
issues showing fair net advances.
Quiet prevailed in the foreign eN-
change market. sterling and French
francs being slightly lower.
Call money continued firm at D
per cent. Withdrawals fro mbanks
in this district by the Government
Tuesday will be $3O.000,000.
COPPERS STEADY.
Steadiness was shown by The
coppers and the belief is growing
that the gradual improvement in
the copper industry and the up
ward trend in prices insures a
good market for that group well
into the next year. Underlying
strength is shown by the zinc
stocks. The price of zinc was
again advanced today.
TRANSPORTATION SHARES.
The best kind of buying ap-
pears in those transportation
shares having long dividend rec
ords. People with surplus Of
funds are investing them in the
rails owing TO general belief
that they are selling too low COM
pared with their dividends and
money rates. The price of twenty
average railroad shares is only
about 3ia points over the low
figures registered for this year on
November % last. 1t is also about
81 points under the high for this
year. The buoyanCy in the rails
was somewhat marred by the con-
tinued heaviness of Delaware and
Hudson which broke three points.
- improvements in the common
carriers is directing attention to
-.convertible railroad bonds. These
sRt present prices yield good re-
turn on the investment and at the
same time possess possibility of
enhancement in quoted value.
= Good buying is being witnessed
I'm the motor shares led by Stude-
<baker which attracted much at
tention with an advance of more
ethan two points. Bankers closely
: tor companies believe the next year
will be a banner one for the motor
: Industry.
= Declaration of an extra dividend
by Corn Products furnished another
ILLUSTRATION of the increased profits
ito accrue to shareholders of COM
-panies who have been plowing earn
-tngs back into property for many
years and have accumulated large
-surpluses.
Dealings in the bond market were
of a pre-holiday character. Except
for strength in French Government
IT'S the foreign department showed
little life. High grade rails and in
-dustrials were firm with the price
tendency upward. Municipals were
-again higher. due to institutional
buying.
Realizing sales accounted for a de-
cline of about a cent in wheat. Cot
ton advanced from 81 to S1.5O and
-sOld close to the recent high record
nricpS for the aaa son