Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-13
tBy Associated Press. ]

NEW YORK. Dec. l2.--Chlef in
rest in today's financial markets
ntered on tho further spectacular
so In sterling exchange. demand
lis touching 1853. an overnight rise
gents. and II new high price
nee 1919. Tho extreme low was
ls In February. 1920. Today's rate
ihgs tho depreciation from par.
1ich is 1855 SIS. TO less than per
Under tho provisions 81 the new
rim net, when the depreciation IL
per cent or more. the valuation
foreign currency for customs pur-
II ses shall hc the buying rate in
w York a; noon on the dag OF
portation." which is certified To by
Q Federal rcscrv. bank. When the
probation is less than per cent
cstons rates are based on the
vaiu" Of exchange. Thus II the
essen, sterling ratc Is maintained
VIII automatically serve 10 in.
ease the import duties on BrItish
odH Special operations. the
tur" OF which was not divu!gcd.
'rc held responsible for the heavy
ling OF dollars in The London mar
t. which preclpi,ated the rise in
Ring here
stock Prices Advance.
stock prices showed much bccS
tone. but trading was again
most entirely ~ q professional af-
Sp"c!nl stocks in which there
q possibilities Tor extra. Increased
stock dividends. continued to re-
IS" tn" UVst attention pubiica-
N 81 reports that IN. , IL per cent
m.annuai dividend on Great North
preferred Was likely to be main-
lncd brought about some good buy
: g In the railroad group. but early
ms we're materially reduced or
ped out In later trading
. Speculative hci!,f that Cerro dc
geo soon would hc placed on "A dIyl-
nj basis was reflected in a 2!-a
mt gain In that stock chile. an.
hcf south American copper. adj
need aud Is t-.nccutt irnprpv.,!
r "a" failure al the directors o.
Texas tompary 10 take action
Sday on distribution OF rart al
T" com 9Iuys isa,00C1OO surplus a..
stoc@ dividend THIS d,sap.,,tnt-
Z was Reflected IN IL. uoin,
- In tic stock
'.rcmt Northern Lends.
! treat Norih.rn preferred led the
'ance IN rails. touching 81. and
; fnr d'oprirE haeh.in. SO. LIZ. where
re?reS"n'ed not gain OF :3-s
, nts
J. Paul issues Improved fraction
: y on announcement that tn. In
- stht" Commerce Commits. on had
proved u government loan OF sIO.-
poo9 80 meet obligations matur-
T. :: January ! Among the few Is.
es which closed at ne, gains Of
point or more were Canadian Paci.
INChicaEo and North Western and
y re Marquette
| FISHER BODY was pushed up 8
uts 20 new high record for the
j ar and May Department Stores c.-
oiish"d new peak price "a, l7s.
s points. Heavy buying of Bald
just before the close sent thot
! Jck up to 1875, up. points. United
ut declared an extra dividend OF
bn' The traditional selling on
good news forced a recession
4 III noin;s in that stock.
Industrial Alcohol stronx.
1 nit,d states Industrial Alcohol
Us strong on reports that Standard
n interests had contracted for "A
9tsr part OF the output. other con
icuous strong spots were Columbia
is. General American Tank. Ma
|)ual Lead and Pullman. all up
3ore than points on the day. Call
apncy opened at 4l-i per cent.
scd off TO before noon and drop,
TO 33-t in the late afternoon.
1ihing At that figure until the close.
me money and commercial paper
ties unchanged