Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-22
CONDITION OF MARKET
SHOWS IMPROVEMENT
Demand for Bonds and Pre-
fcrrcd Shares Is Salient
Feature.
Foreign Exchange Also Bcttcr-Cnn
Money Riscs From Four To Five.
Ter Ccni-Cotton is Very Irrcgu-
lar.
Dy Ifrontjnu \\nlI


NEW YORK. Dec "l-DCvclop-
mcnts in today's markets were mark
al by substantial Improvement in
stocks. an Impressive demand for
bonds and preferred shares. further
advances I'm the price or wheat and
hettcrmcut In foreign exchange. Tn.
ouly urtaVorahlc piece uC news was
a reduction IN the preferred dividend
Of the International Mercantile Ma
rinc Company. announced after tn.
close OF business. This. however
had been anticipated ana discounted
cY recent depreciation in the shares.
The cotton market was irregular.
. The call money :ate rose from to
: Der cent. where i, closed There
VIII not be any Withdrawals in the
district ~ the government tomorrow.
Accor -anccs by the Turks Of the al
He'd hlau for tn" freedom of the
straits and the probability that the
United states will I've asked to fx
the rcparation payments accounted
Tor tie b.ttermcnt TN the foreign
exchange market
Ic most Important influence on
tn" tecurIty markets was the state
mont by Secretary Mellon that pros
'peritc would continue next wear. Ills
declaration that rehabilitation of tho
noriatior companies would ne
ccssi>at, the inv"Stmcn, Of huge
sum ~ money i'm additional rolling
S'"cE stimulated tho shares OF tho
"Cu'amcnt companies. which Were.
led by Baldwin Locomotive. spou.
s"rtd by some Of tho biggest opera
= tor: in the street. Advances in TIN.
Ie"dins shares ran from /" points
Closing prices were slightly una, r
m" hest due 10 protit-taking. hut tho
und"rtOno was strong
els
ed ono Of the brightest spots in the
STOCK market. Demand. while not
heavy, WAS stated to 81. mainly for
IN" ac"oun: OF genuine investors who
ar" r'irNcs;inC proceeds from divf-
dcnd and interest checks to hc re-
c"!N"d the first Of TIA" wear. Hig in
N'stors always do their r-invrsfir,E
before the actual receipt OF january
checks som" of tho non divid.nL-
p raEin" rails were higher in sympa-
Thy with tho high grade seasoned
dividend payers. bur most OF tho for
mer tailed 10 show any Improvement
prices were unusually responsive 10
u. INC Investment inquiry Another
. reason Tor the creator demand is
tnat some of ;nc hiErcS, wire houses
Which have telegraph lines stretch
ing ia all parts ~ the country arc
nov advising the picking up Of nigh
E'h"" rails on til" theory that with
IL" lower money rates expected next
Year the dividends being paid by tho
strongest roads should look attrac-
. i've from the income Viewpoint In
creased car loadinCs for the ,ycal,
ended December 2 also helped
y Nar"-up of sINty-four points I'm
MoAican Petroleum. carrying IL to
the nov high record Of 322, furnished
ono OF the sidciirhts to the DAVIS
DEVELOPMENTS. Insiders Of tho com
n"hE denied that the rise resulted
from purchases by them. BEFORE
ine close the price dropped to 300
"hen some stock appeared for sale
cotton was irregular. due TO 4 gen.
era! disposition 10 await dcvcloD.
inrnis tomorrow. which is first notice
"aN Tor the January option Few
notices Of intention u deliver IN.
hiapl" ar" expected to appear. This
would Indicate Il disposition ~ tho
owners 10 keep The cotton for hirH-
or prices Some az tho biercs, hojd.
rrS "f cotton contracts arc PREDICTING
much higher prices.
strength tn mun!cipais stands on,
most rromiucrtiy In the bond -rav.
kft Suhstant!a! advances I'm pr.c.s
occurred today
Investment houses are prsr.icst,,
oaTs OF supplies and are connecting
I" ~ each "ihar - satisf: customers.
l"t'.aa-s Savings tz.:s are r-c,rl.
7''; % me buying lido I~Gle.t,r--
'-tH' 20 higher quotations.