The Washington herald., 1922-12-28
EAVORITES FEATURE
STOCK MARKET WITH
new HIGH AVERAGES
Wall Street Continues to Dis.
count Prosperity As Specu-
lative Demand Broadens.
By BROADAN WALL.

NEW YORK, Dec. 27.-wan
Street continued today to discount
the prosperity promised for many
lines Of industry the first half Of
next year. While trading contin-
ued heaviest in those stocks that
are known to be the favorites Of
big spectators, a broadening Of
speculation was noticeable in other
directions. Specialties again at
tracted attention with some new
Wiggly and Fisher Body. The
professional character of trading
may be CLEANED from the fact that
most active issues today aggre-
gated about 20 per cent of the
days business. A glance at the
general list shows that only those
stocks which are favorites of the
professional groups are making
much headway, TINS indicating
that the purchasing power on the
part of the public has not yet
started to make its appearance.
Until the general public becomes
interested a broad stock market
can not be expected
COTTON TRADE.
In addition to speculation by
professionals, interest in the cot
ton market is widespread. The
ease with which cotton goods are
moving and the upward tendency
has excited many merchants into
taking a speculative position in
the cotton market.
IL view of the almost unanimous
view of men in the cotton indus
try from the planter to the re-
taller of cotton goods. that prices
of raw cotton should advance, 1t Ii
no wonder the primary market keeps
making new high records daily.
Today the 27-cent level was reached.
Profit taking developed in the
late afternoon. resulting in an ir-
regular closing for cotton prices.
Compared with a year ago cotton
prices today showed an advance of
approximately $40 a bale. Exports
of the staple for the first eleven
months of the current calendar year
were about S120.O00 900 in excess of
the corresponding period last year.
This furnishes an idea of the in
creased prosperity being shared by
the south. Since the new crop be-
gan to come to market August l cot
ton prices have advanced about s35
a bale.
OILS.
Producers and Refiners led the oil
group. Speculation in those shares
for the rise was stimulated by the
advance in Wyoming crude and a be-
lief that mid-continent prices for
crude will soon be marked up. Cali
60
ite which is advancing coincident
with special developments This
company has comprehensive plans
for expansion. Production has shown
a big increase in recent weeks. The
stock is under stood to be going into
the boxes Of persons close to the
Union Oil of California.
Transportation shares moved with
In a narrow range. The investment
demand so prominent last week has
for the most part disappeared. not
withstanding that November state
ments of earnings published today
showed up favorably. Declaration
OF an extra dividend Of 90 per cent
by the Pennsylvania Company. oper-
eting western lines of the Pennsyl-
vania system. is simply step in the
liquidation of that companys sur
plus coinCident with absorption of
the physical property by the Penn
sylvania railroad company
General Motors shared with Stude-
baker the activity and strength of
the motor group. Motor shares usu-
ally become buoyant with the ap-
proach of the annual motor show.
These stocks discount in advance the
placing of large orders
Brokers loans are declared to have
reached approximately s2.25O 900. 900
compared with about 81 800. 900 900
about two months ago.