The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1922-12-30
CASH SALES COULD
NOT HOLD DOWN
RISE IN STOCK LIST
BY Associated Press

NE w 1OININt PSGs 90 nc loA hSh
strength of today's stock market
was construed as an indication of OPP
timism concerning the industrial and
business outlook for next year. Bid
ding up of stocks was accomplished
in the face of a heavy volume Of
cash sales to establish tax losses,
higher call money rates and the re-
striction of out -of-town business by
crippled wire service.
Spectators for the advance paid
little attention to news developments,
although buying of railroad shares
undoubtedly was influenced, in part,
by the better November earnings
statements and the record breaking
car loadings for this season of the
year.
The apparent hitch In the Laus-
anne peace negotiations because of
the inability of the Turks and British
to agree on disposition of the Mosul
oil fields, failed to materially affect
either the foreign exchanges, which
fluctuated irregularly within narrow
limits, or the wheat market, which
was inclined to ease.
Rise In Steel Shares
A brisk rise in steel shares in the
final dealings was due to run-in
of short interests. particularly in the
Independent issues, and fresh buying
based on steadily improving condi-
lions in the industry. Crucible, Beth
lehem B, Replog1e, Midvale, Republic
common and preferred. Gulf States
and United States Steel common all
closed "a to points higher.
Equipments were less active and
moved within a narrow range, Bald
win, American Locomotive and Amer
lean Car improving fractionally and
General Electric closing l Is higher
Oil shares were In good demand.
Strength of California Petroleum.
which scored a net gain of points,
accompanied by unconfirmed reports
of its possible absorption by Pam
American or Standard Oil of Cali
fornia. General Asphalt gained 29s
Producers and Refiners L "a; Pacific
Oil, IL, and Standard Oil of Cali
fornia, is. Sinclair moved up more
than a point on rumors of higher
dividends.
Lehigh Valley and Norfolk and
Western, each up 2 points, led the
advance in railroad shares. other
strong spots in which were Atlantic
Coast Line. Atchison preferred. ERIE
first preferred. ST. Paul common and
preferred and Chicago and North
western. all up point or more. CON
siderable interest was aroused In rail-
statistics showing that the average
monthly traffic on the Panama canal
increased from S2S,S73 tone in 1921. to
27sO96 in 1922 The principal rail-
road systems affected by this water
competition are the Canadian Pacific,
Great Northern, Southern Pacific
Union Pacific and Northern Pacific
Some Specialties
There were a number OF strong
ItYf11
noints in response to reports of
record breaking Christmas sales.
North American advanced 4A points
In speculative expectation of an early
increase in dividends. Endicott-
johnson established new peak price
or reports of a stock dividend early
next year. Studebaker, selling ex-
dividend 25 per cent in stock. SOLO
between 110h and 114H. closing at
the top figure for net gain OF more
than points.
Demand sterling got down below
s4.s4 for a slight fractional loss. but
French. Italian, Belgian and German
rates showed slight Improvement.
Holland and Norway remitances
dropped 10 points each.
Call money opened at 5 per cent.
advanced to 5M and thence to q.
Heavy Withdrawals by the govern
ment and private institutions causing
the firmer tone. Time money and
commercial paper rates were IN
changed. with business quiet.
Days total sales, 1.042,0o0 shares.
twenty industriafs averaged 99.S4.
net gain Lit. High. 1922. lo3.43'
low. 1859.
Twenty railroads average S5.7h.
ret gain. 1.o1. High, 1922, $685. low.
73.43.
Eek dividend, 10.