Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-15
icy Associated Pre.p.l

10y ASSOCIATED PresB
NEW YORK. Dec. l4.--Professional
operators for the decline. acting on
tho belief that the recent advance
had been overdonc. attempted TO un-
settle prices In today's stock market.
but were only partially successful.
speculative favorites. such az Bald
Win and Studebaker. but fresh buy
ing power IN other quarters made
closing prices highly Irregular with
the gains outnumbering the losses.
sterling exchange. which has been
one OF the features of recent mar
kots because OF Its remarkable rise.
held steady today around s&.s3 5-s.
Opinion OF financial experts is d.
v!ded az 10 whether British govern
ment maaipulations was responsible
for the recent Jump. but there Is a
general belief that the rate is headed
hack TO par as result OF tho con-
slant Improvement in tho British
trade balance and the sterilization of
Bfitaln's domestic financial affairs.
Trndc Hepnrts Are Encouraging.
fashion during tho last hour. buying
being Influenced by tho encouraging
prospects FOR business during tho
nrst quarter OF 1929. contained In tho
weekly trade reviews. Crucihle was
pushed M four points TO ~, the rapid
ilse OF this Issue being accompanied
by reports ~ renewed activity OF
tho old pool in tina, stock United
states steel common touched lOC and
then slipped back is FOR Il net gain
OF IL on Ia" day. Bethlehem -
closed as higher. Reports ot In
creased production BY farm !mplc-
meHt manufacturers caused furry
OF huying in International Harvester.
which jumped four points TO 81 i-2
hut cancelled half OF this gain before
tho close
Mixed changes took place in the
railroad group. which was featured
by the broadening demand for Read
!nE aud Chcsi.-ak. and Ohio. Pub
LEGATION OF tho eight months Income
statement OF the latter. which showed
net proh, after payment OF the
dividend on the new preferred stock.
equal 20 ESQ per cent on the common.
or az tho rate Of - per cent annually.
stimulated luying OF that stock.
which closed at "a net gain OF 3-s
points. Reading rcgistrred net gain
~ IS and Jersey Central. which in
Sew YORK Central got down az
low as az a. but rallied 10 ~ at
tho close. recent selling being based
on the failure OF the directors TO in
crease IN" regular dividend rate.
Northern Pacific dropped ! as.
Hears Attnrk PiGHiy-WIHrIy.
Eehr raid against Piggy W!ggly
caused slump OF 10 points. hal. OF
which waA recovered later. National
Lead. which had been bid up in spec.
ulhiiNc anticipation OF a stock diy!-
dcnd. dropped a. low az l2l 5-S. or
3-s below yesterdays higk. when
the directors adjourned todaI with
out taking any stock dividend action
II rallied 10 l2i "a Mt tn. close.
where IL was OF rs on the day
Marine preferred registered a net loss
OF l-2 points on reports that the
snip subsidy bin would lie side
tracked In Congress in favor OF the
farm credits measure. General AS
phRlt recovered SIS and the pre-
icrrcd 81 from yesterdays hcavi-
u"sa. Baldwin closed rs lower aud
Studcbakcr half.
cali money held at per cent
throughout the session. Time money
was slightly easier. a few sixty ana
i!ncty- day matur.ti.s being arranged
at is per cent with = per cent the
ruling rate for tho longer maturltics
aud 81 FOR the thIrty-day period
Commercial paper trading Was uu!c,
with 40 change in rates.
French exchange was quite active
with most OF tho business being done
around us or eight points above yes
'crdaES price. Other rates were !r-
regular. German exchange improved
slightly despite the unprecedented
weekly Increase OF 92.OO0, 100000
MARKS In note circulation.