The Birmingham age-herald., 1922-12-15
GAINS OUTNUMBER. LOSSES INV STOCK TRADING SESSION.
By Associated Press

NEW YORK, Dec. 14-Professionnl operators for the decline. acting the belief that the recent advance had been overdene attempted to unaettle prices in todays stock market but were only par tially successful. They succeeded in de- pressing a few speculative tavorites such Baldwin and Studehaker. but fresh buying power in other quarters made clos ing prices highly irregular, with the gains outnumbering the losses.
 Sterling exchange which has been one of the features of recent markets because of it's remarkable rise, held steady today around SA635s. Opinion of financial ex- perts is divided as 10 whether British gov ernment manipulation was responsible for the recent jump but there is a gen eral belief that the rate is headed back to par as a result of the constant improve ment in the British trade balance and the stabilization of Britain's domestic financial
 Steel shares Up
 Steel shares were bid up in rapid fash ion during the last hour buying being in- fluenced by the encouraging prospects for business during the first quarter of 1923, contained in the weekly trade reviews. Crueible was pushed up four points to 72, the rapid rise of this issue being accom- panied by reports of renewed activity in the old pool in that stock. United States ped back K for a net gain of 1s on the day. Bethlehem B closed & higher, Reports of increase production by farm
 
 of buying in International Harvester which jumped four points to 9lh, but cancelled half of this gain.
 road group which was featured by the broadening demand for reading and Chesa- peake and Ohio. Publication of the eighth month income statement of the latter which showed a net profit after payment of the dividend on the new preferred stock to sS0 per cent on the common. or at the rate of l3 per cent annually, simulated buying of that stock which closed at q NH Af n Re tered net gain of X and New Jersey Central was up three. New York Central selling being based on the failure of the directors to increase the regular dividend rate.
 bear raid against Piggiy .wiggly caused slump of 10 pointSS t,an haIf pf Tnieh sd which had been bid up in speculative an, tieipation of stock dividend dropped when the directors adjourned without talk ing any stock dividend action. It rallled to 12f%. at the close, where It was orr 2T on the day Marine preferred registered net loss of Slh points on reports that the ship subsidy bin would be sidetraeked in Congress in eral Asphalt recovered 2Es and the pre- ferred SA from. yesterdays hesyiness. ln. Call money held at per cent. Time money was slightly easier few eV ana nl 90 day maturities being arranged at 4h per cent with per cent the ruling rate for the longer maturities and A per cent for the 30-day period. Commerciai paper trading was quiet and unchanged.
 Exchange Active
 French exchange was quite actiVe with most of the business being done around 7lse or s points above yesterdays price. change improved slightly despite the un- precedented weekly increase of 92 0oO,OOo'- GOO marks in note circulation.
 Days total sales sS1000 shares.
 Twenty industrials averaged 9S.lB, net loss .os. High. 1929. 10S.4S: low. 7S.bs.
 Twentv railroads averaged S4.SSi net gain .05. High, 1922 103.99; low. T3.43.