Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-17

I"' 10, low, az. %
Twenty railroads averaged
H4:I7: net gain 20 High 1922
?3.s9: low. 73i3
--~---- tBy Associatr1 Pressl
NEW YORK. Dec IA scnsa-
tonal risc I'm sterling exchange. ir-
regularly higher stock prices. heavy
selling Of 4. s. government bonds
now high records In whcnt and corn
prices and another food of stock
dividend announcements were the
outstanding Developments In this
weeks financial markets
Early strength of sterling. which
touched '4.Goi-t the highest price
sn,cH 1919. was followed later In the
week by brisk rally In German
marks. which scared from !. 20 cents
hundred TO l.37 cents. Activity i'm
the Berlin currency was based ON
rumots that large German gold
lo"n "ns impending. involving a sta
bil!zatIon or the mark
me business outlook continues en-
couraging.
Cotton Prices Recover
IN" cotton consumption report for
November exceeded that OF every
month but ono In tn" las, tve years
and,brouEht about sharp recovery
from tho recent slump In prices
chrrr-priccs arc approximately thirty
cents n bushcl over thos. OF n yea.
ago
stock dividend distributions to
dat" already have exceeded $1,000
oeh"oo, mos, Of which has boon pro
vid"d out OF surplus. The Pan-AmcrI
can Petroleum and Transport Com
pany. which announced a IS per cen,
stock dividend few weeks ago.
added another one OF 20 per cent on
Friday
Announcement ot additional stock
and extra dividends provided the i'm
petus for "a brisk advance in the In
dustriaI group ia today'a relatively
active half holiday session Of tho
s,nrb market Railroal shares. with
few exceptions. were sluggish
frnusnany heavy trading in PAN
American stocks featured tho days
dealings overnight announcement
81 stock dividend OF 20 per cent
In. addition to the one Of 81 per
cent. declared "A ."w weeks ago
drought Hood Of buying orders into
ING Blhrkct At the op'ninE, Including
lrr" volume az covering sales nv
short interests Opening transactions
~ Il" - STOCK were Jumped on the
ticker as 10000 shares at 50 to So
2. as compared with last nights
clos" ~ - is Later the u stock
prt up 10 - i-2 hu; fell back 2
points. 'pr not gain of rs Tn.
y stock Registered = not gain OF 3
points Mexican Petroleum. nearly
all tn" stock II which rs owned by
Pan american was inactive, despite
aH in.rcaHc In the regular dividend
;hei" h.Ing only three sales with the
closing price . - points above yes
tcrGdy'E Gloss"
Westinghouse Air Brake advanced
"a points 10 new high record In
reflection OF an incrcase Of from
Il 10 1i.75 In the quarterly dividend
rate "a nd the proposed 30 per cent
stock dividend Fisher BODY. which
has -hcen making new high records
daily for the last fortnight. crossed
.ll today for not gain OF more
lhan points. Kelsey Wheel closed
~ a net gain OF points.
Dividend Talk Aids steel.
Iuconarmcd runiors OF cNtra-diy vi
dend disbursements by United states
stool during the early part OF next
year continued TO stimulate buying
In that group. United States Steel
common touching los and then
yielding slightly for a net gain OF
IS on tho day. Gulf states wa.
pushed up %-s and Bethlehem and
Cruciblc improved fractlonally.
Speculative expectations that the
proposed German loan would sub
stant+ally incrcas" copper exports TO
that country com b!ned with 4 higher
price for tho red metal brought tir-
Their activity at rising prices in that
group while motor stocks were push
Cd up In anticipation OF heavily In
creased sales next year.
Chesapeake and Ohio continued TO
move 10 higher ground in reflection
of It's proposed purchase by the Van
SwerinGen interests. hut most OF the
other standard rails were reaction
airy Losses. however, were largely
confined 10 fractions. Announcement,
@! cut OF TWO cents gallon In the
prices OF gasoline and naptha in
New England by the Standard on
Company. Of New York. had de-
pressing effect on the Standard on
California dropping Ia. and New
Jersey old stock. . IA. New Jersey
new stock closed unchanged n,
3ol-2.
Interest Ccntcrs in Marks.
Chief interest in the foreign ex-
changes conferred n German marks
which were quoted at LII cents a
hundred ms compared with 1.46 yes
terday. other European rates being
strong. Demand sterling again
touched si.65. and French francs
49, N'.''S' W. N"tH'S-stNth points.
The Belgian rate also got above
cents.
The clearing house statement
showed an increase of s9s.425. 900 In
loans, discounts AMI Investments, and
increases of S26. 900 In reserve of
member banks In the Federal re-
serve. and s74,504.000 in net demand
deposits. Excess reserve totaled
S4o,32O.030. an increase of sl7.l7s.-
GO, bringing the aggregate reserve