Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-12-17
WEEKLY FINANCIAL nEXIEu

HI v w
New York, Dec. 16.-Chief interest III
the markets this week center
ed on the sensational rise Id sterltnf
exchange demand bills touching 81 6SK
the highest price reported since Marcel
1918, n nearly Is cents above Lac
Saturdays closing quotation. 4 sI1h.
a.s4. ''A' the price PACK t'
While most financial experts agree
La. me balancing OF Great Britain't
puoget and the steady improvement In
her Foreign trade balance make a com
paraIiVeiy early return to the par rate
inevitable. the rapidly Of the recent
rise created a great deal of mystery az
. now snould be brought about
News dispatches from abroad limited al
.speclai operations" and rumors were
current that the upward movement was
the result Of British government mani
puIation IN order to facilitate the fund
Ing, n payment <of interest on
Brltain's debt to this country, but no
ofllciai explanation was forthcoming.
The rise In sterling, which made It's
o~spfec,aaion from par less than five per
norters naYins resulted in inn
~chandise than for other goods. Under
the new tariff law, when the depreci-
atom Is more than five per cent, the
valuation OF foreign currency for Gus
rate in New York at noon on the dan
OF expectation which is determined by
the federal reserve bank. When the
oepreciatipn Is legs than five per cent
ths ~paiuailon Is figured on a par basis.
stock and bond prices moved to
sIlshtiy higher ground In the weeks ir-
regular dealings. SDecialties in which
there are extra or stock dividend pos
sloiities received a great deal of at
tention with standard shares generally
showing fewer material changes.
Steel shares were active and strong
IN fellection OF the optimistic prospects
Tor the first quarter OF next year.
United States Steel common touched
ios1a, the highest price in more than
a month. Establishment of g new high
price for opp at lax cents a pound.
combined with speculative belief that
the proposed Anaconda-Chile merger
would reduce the competition now af-
forded by South American coppers,
stimulated activity with rising prices in
the Upper groups.
Definite progress toward two railway
mergers was made during the week.
Directors of the ST. Louis and San
Francisco railroad announced their in
tention Of acquiring the international
and Great Northern and Van Sweringen
an option on the majority holdings In
the Chesapeake and Ohio. C~arloadings
for the week ending December . show
ed a decrease of 10 600 cars below the
week bfo-e which is attributed in part
to the Thanksgiving holiday.
Most of the European exchanges
moved to higher ground during the
week in sympathy with the rise in
sterling. Dutch guiiders touched par
for the first time In two years and
Swedish kronen duplicated their previ-
Gus high. japanese yen also established
a new top price.
Call money was plentiful most of the
week with four per cent the ruling
rate. Time money rates continued on a
Az per cent basis for the 80 day ma
TURTLES and five per cent for the longer
periods although a few GO and 80 day
loans are reported to have been negoti-
ated at AS per cent.
Little new commercial paper came
into the market although there was a
slight increase In the demand. the rate
holding at AZ per cent for the prime
names.