Evening star., 1922-12-14
LATESTOCK RALLY
HA[TS RECESSION
Many Advances Recorded
After Sharp Reaction
Earlier in Session.
By STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, December 14.-Today's
stock market, during the greater part
of the time, pursued rather aimless
course.
The fact that prices have been go
ing up almost uninterruptedly for
more than a week led the specula-
tive element to feel that some re-
action was due.
This sentiment showed in somewhat
heavy profit taking. following an ear
ly advance. But where stocks slipped
back in some directions fresh buying
appeared In others. 1t was market
which, although very much mixed. did
not betcken any essential chanee
from the quiet tone of confidence
maintained through the operations OF
the previous day.
Sterling still Going Up.
Sterling exchange, after its abrupt
six-cent recoil from the high or
Wednesday morning. resumed the up
ward movement. but in a much more
moderate way. That the rise In ster :,
ling to within less than 20 cents OF
gold parity Is the result of Great
Britain's constantly improving posi-
tion in the international money mar
l.ets. and that everything else Is OF
subordinate Importance. is not open
to question.
The heavy buying of the last week
undoubtedly represents operations OF
considerable magnitude. but the mo-
rive back of these operations is the
conviction that all obstacles had been
removed in the way of Sterling's re-
turn to normal. and that II is entitled
10 go back there in the near future.
National Lead Breaks.
Ill
Wednesday when the Woolworth direc-
tors. instead of the expected melon
cutting, announced that the accumu-
lated surplus would be devoted to writ
ing down the good will item. 1t got
another shock today when the National
dividend, about which so much has
been said. and which furnished the
basis for the recent 15-point rise. would
not be considered at the present meet
ing: In consequence. the stock broke
violently. 1t is understood that Ma
tional Lead directors are divided on
the stock dividend question.
New Stock on Big Board.
The new common stock Of May De
partment Stores was dealt in on the
New York Stock Exchange for the
flrst time today and the financial
statement of the company for the
first nine months of 1922 was pun
lished. May Department common Is
having So annually in dividends. and
earnings are running at the rate OF
approximately $40 year. The STOCK
dividend recently declared took about
which still amounts to at least Sll,-
600 900.
Cluett-Peabody Reports.
Quite definite assurances have been
unofficially given that Cluett-Pea-
body will pay dividends on its conf
mon stock next March. probably at
the rate of per cent. The last quar-
terly dividend of li2 per cent was
paid early in 1921. Earnings are said
70 be exceeding :; rate of S1l annual
ly, which bears out further the tav-
"rable reports which have been heard
regarding the prosperity Of the pusi-
ness OF which CluettPeabody Is
successful member.
For the first time in month Ger
man marks moved away from the fig
ure OF one and oEe-quarter one hum
dredths of a cent. and the change
was not downward. but upward. 1t
was significant that the advance. al
though slight, should have come with
note circulation rapidly approaching
the trillion mark and simultaneously
with the British premfer's declara-
ton to the house of commons that
Germany was near collapse.
Many Gains at Close.
The movement on the stock ex-
change became increasingly confused
toward the end of the day. Generally
the recent speculative leaders went
lower. and United States Steel COM
rnon which at one time had been sell
Ing a point higher. came down again.
Isut there were numerous special
moves on the other side. Reading
and Chesapeake and Ohio were ex-
ceptionally strong, among the rail-
road stocks, the latter in recognition
of its highly favorable earnings posi-.
ton. The tobacco shares were bid up
IN the last hour, and the smelling
stocks and coppers held up well on
the signs of hardening in copper met
al prices. The copper market Is now
we'll established above the 14-cent
level and seems pointed higher.