The Birmingham age-herald., 1922-12-13
OVERNIGHT RISE IN
 STERLING HOLDS. CENTER OF STAGE.
Rr hssncIntad preus

NEW YORK. Dec. 12.-chief interest in today's financial market centered the further spectacular rise in sterling ex- change. demand bills touching s4ss. an overnight rise of cents and new high price since 1919. The extreme low was Ss.ls, in February. 1920. Today's, rate brings the depreciation from par. which is S4.s6ss, to less than per cent Under the provisions of the new tariff act. whsn the depreciation is per cent or more, the value of foreign currency for customs purposes shall he the buying rate in New York at noon the day of the exporta- tion," which is certified to by the fed eral reserve bank. When the depreciation is less than per cent the customs rates are based on the par value of exchange. Thus If the present sterling rate Is main tained 1t will automatically serve to in crease the Import duties British goods. Special operations, the nature of which was not divulged. were held responsible for the heavy selling of dollars in the London market. which precipitated the rise in sterling here.
 Better Tone to Stocks
 Stock prices showed much better tone, but trading again was professional. Spe- eial stocks. in which there are possibtlt- ties for extra increased or stock divl- dends, continued to receive the most at tentton.
 Publication of reports that the aA per eent seIni- annual dividend on Great Northern preferred was likely to be main tained brought about some good buying in the railroad group. but early gains later were materially reduced or wiped out.
 Speculative belief that cerro de Paseo was reflected in a 2A point gain in that stock. Chile, another South American cop ps6vs pe saa and @ was felt by the speculative community over the failure of the directors or the Texas company-to take action today on 2 distribution of part of the company,s SS5,000, GOO surplus as stock dividena- This disappointment was reflected in al h point drop in the stock.
 Great Northern preferred led the ad- vance in rails. touching si, and then sues. Improved fracAonally on announce mission had approved government loan of S10,000.o00 to meet obligations matur-
 Fisher Body Up
 Fisher Body was pushed up points to a high record for the year, and May Department stores established a new peak price at 179. up points. Heavy buy Ing of Baldwin just before the close sent' that stock up to l25. up ? points. o9ite9 sS but the traditional selling on the good news forced a recession of fl points in that stock. United States Industrial Alec hol war strong on reports that Standard Oil interests had contracted for large part of the output Other conspicuous strong spots were Columbus Gas. Genersl American Tank National Lead and Pull man. all up more than points on the day.
 Allied remittances other than sterling, showed slight recessions. Dutch guilders established a new high for the year at 40.03c and Norwegian groner showed good recovery from yesterdays weakness.
 Call money opened at x per cent, eased off to before noon and dropped to s% in the late afternoon. Time money and commercial paper rates were un-
 Days total sales. 74so0o shares.
 Twenty industrials averaged 97.7o, net loss .15: high, 1922. 1034S; low, 7s.5s.
 Twenty railroads averaged s4.51i net gain .16 high, 1922 93.99; low, 7S.As.
 CHICAGO VEGETABLES
 steady. Virginia yellows, unbranded. si.75@2: branded, $225; Tennessee Nan cy Halls S1m1.t0. Lettuce steady; Big Boston Florida. crates, s2.75@3. cu- cumbers, demand light; Florida, crates. fancy $5Q57. Auction Monday-F lorlda grapefruit Brights large, si.50 e 4.lo medium. s250Q4 4.2o; small, S225 o 1; 25: Goldens large. s1.80@ 3.f5i medium, S2.lo 04.65; small, s21SQ 4,s0. Russets large, Sl.e5 Qs; medium. si.5o 4.l6 small. Sl:lS @:4l5. Florida orauges: Brights large. S3@5: medium, s4.25@ 50; small, s3.So co 4.15. Goldens, large. sS@4.4o; mealum' sSso@5.2e: small Ss.70@4.75. Russets large S2 S2s6mr3.60: medium SS.bo large S2S0@3.60. medium, Ss.b0 S;So small, $s.S0. Florida tangarines: Bright; large, $2.30@275; medium. S2:t5; small $2.S0. Godens, large. s22S @ 2.3Vi Tneoluin' s2.22@2.40 small, S2.2o 2,25. Russets 5, large, 2; medium, s2 small, s2. AiaosI1a "a os c1 ff