Norwich bulletin., 1922-12-13
FINANCIAL AND COMMERCAI
srERLrNG EXCHANGE STRONG.

New York, Dec 12-Chief interest in todays financial markets centered on the further spectacular rise in sterling exchange, demand bills touching $4.6S, an overnight rise of cents, and a new high price since 1919. The extreme low was S31S in February, 1920. Today's rate brings the depreciation from par, which is S4,S6 5-S. to les than per cent. Under the provisions of the new tariff act when the depreciation is per cent or more, the valuation of for eign currency for customs purposes shall be "the buying rate in New York at noon on the day of exportation." which is certified to by the federal reserve bank. When the depreciation is les than per cent. the customs rates are based on the par value of exchange. Thus if the present sterling rate is maintained 1t will automatically serve to increase the Import duties on British goods. Spe- cial operations, the nature of which was not divulged, were held responsible for the heavy selling of dollars in the Lon don market, which precipitated the rise In sterling here.
 Stock prices showed a much better tone buttrading was again almost en- tirely a professional affair
 Special stocks in which there are pos- abilities for extra, increased or stock 0lVlQenQS, IeCeIVe Ino most attention. Publication of reports that the 3 1-2 per cent semi-annual dividend on Great Northern preferred was like ly to be maintained brought about some good buying in the railroad group but early gains were materially reduced or wiped out in later trading.
 Speculative belief that Cerro De PaSco soon would be placed on dividend bas- is was reflected in a 2 IA point gain in that stock. Chile, another South Amer ican copper advanced 1 1-4 and Kenne- colt improved fractionally. Some disap- pointment was felt by the speculative community over the failure of the di- rectors of the Texas Company to take action today on a distribution of part of the company's $8S.0o0,000 surplus as a stock dividend This disappointment was reflected in 1 1-2 point drop in the stock.
 Great Northern preferred led the ad. vance in rails, touching 80 1-2, where it represented net gam of S-8 poins St. Paul issues improved fractionally or announcement that the interstate com merce commission had approved q gov ernment loan of $10,0o0,0Oo to mee ob legations maturing January 1. Amonf the few issues which closed at net gain: of a point or more were Canadian Pa cific, Chicago and Northwestern ant Pere Marquette.
 Fisher Body was pushed up eigh points to a new high record for the yea and May Department Stores established a new peak price at ITO, up six points Heavy buying of Baldwin just befor the close sent that stock up to 125 up 3 points. United Fruit declared al extra dividend of s2 but the traditiona ''seuing on the good news' forced re cession of 1 3-4 points in that stock United States Industrial Alcohol was strong on reports that Standard Oil in !terests had contracted for a large par of the output Other conspicuous stron spots were Columbia Gas, General Amer ican Tank, National Lead and Pullman all up more than points on the day.
 Allied remfttances, other than sterling showed slight recesions. Dutch guild CTS established new high for the yea at 4O.03 cents and Norwegian krone showed good recovery from yesterday weakness.
 Call money opened at IA per cent eased of to 4 before noon and droppe to S-4 in the late afternoon, holding a that figure until the close. Time none and commercial paper rates were un changed.