Evening star., 1922-12-22
STOCK
ADVANCE. IS LIVELY
General Market Displays Bet
ter Confidence as HoIi.
day Nears.
BY STUART r. WEST.

opeCf8l D.bputCu " 1uc ctuI
NEW YORK. December 2e.-Today's
stock market bore out the best tradi-
tions of Christmas eve with an ad-
vance which, although by no means
general, was very lively in the
shares selected for leadership.
For the most part the day was made
up of series OF special upward move
ments for special reasons. But un-
derlying the general market was the
same feeling Of confidence which has
been constantly in evidence since the
start of the month.
There has been all along a con-
siderable body Of Wall street opinion
that has been out OF sympathy with
temporary recovery likely to be fol-
lowed by another downward turn
to that OF November. Traders
who have held this view have been
contesting the advance. and what evil
IDENTIFY happened today was that some
of the more stubborn Of the short
sellers finally decided to run.
stocks Advance Easily.
Short covering. however. was only al
incident contributing to the sharp up
bidding of the speculative leaders. The
main explanation for the markets
strength was simply that real holders
Of stocks were not anxious to sell. and
that consequently operations for the
rise were ercountering no serious re-
sistance. There was little to be said.
that has not already been said. con-
cerning the individual; moves. Tobacco
stocks we're showing a better apprecia-
tion of the fact that this has been very
prosperous year and that during the
last few months especially the earnings
~ tncy r. hNng 1T
all records. In connection with the up
turn In the equipment shares the talk
of extra dividends persisted.
Motor shares were bought again
because the season is approa ching
when new business comes in rapidly.
not as prominent as other groups.
but they were for the most part
fairly strong.
Burns Brokers Active.
Various details remain to be com-
pleted before the recapitalizatlon
plan of the Burns Brothers Company
Is ready to be acted upon. This has
been the reason for the two adjust
ments of the cOmmitte which has
the plan in charge. The next meeting
is scheduled for Tuesday.
There has been considerable odd
lot investment buying going on in
Burns Brothers A. the orders COM
ing from people who are attracted
by the relatively high yield. by the
prospect Of still larger returns when
the new capital project goes through
and by the wide margin Of safety
back of the present dividends
The strength today in the public
utility shares was general, evidently
anticipating the favorable results for
1922 which these companies will
show. North American common
hnl f,f 1n~ 81
ton of an increased dividend The
directors very likely will raise the
rate from 10 to IL per cent on the
common stock of $50 par value at
their next meeting. Earnings on the
common will exceed s1l a share after
all charges and depreciation.
United stntes Steel Rumors.
Now that the stories of an extra
dividend on United States Steel com
mon have been spiked by an official
denial. another rumor has cropped out
regarding possible developments. This
is that the Steel Corporation Is likely
to retire its bonds through the use
of its United States bonds now held
in the Treasury. The position of the
company is said to be much like that
the Texas Company confronted when
1t employed $4,000. 600 in cash in the
calling in of all bonds. This also is
said to be plain case of non taxable
utilization Of surplus II United States
Steel should desire to do it.
Predictions that German note circu-
Ia ton would reach the trillion mark
by the first of the year are going to
be more than realized With another
jump of 124.o0O.00o.o00 during the
week ending December Is. the total
OF Reichshank notes outstanding was
raised to $4,000. 100000 marks. This
means that thea paper currency has
more than doubled within the last six
weeks.
The surprising part about this Ger
man financial situation is that the
mark should be selling actually
higher than 1t was when the out
standing paper notes were less than
half their present volune.
Cotton at Higher Level.
Cotton got well up to its high of the
season directly as a result Of favor
able advices from the goods trade.
The vital thing in the cotton situa.
tion continues to be that the fears
entertained four months ago of the
rise in the raw staple checking the
demand for finished products. are seen
to have been unwarranted. On the
contrary the manufacturers OF cotton
goods are experiencing difficulties in
keeping pace with their orders.
The last hour or SO on the stock ex-
change was given up to the customary
Christmas festivities to such an ex-
tent as to greatly curtail the volume
of business. At the same time there
was more or less scattered realizing,
which had Its effect upon prices. But
the greater part of the early gains
were maintained.
TREASURY CERTIFICATES.