The Washington herald., 1922-12-08
STOCKS AGAIN MOVE
UPWARD AS MARKET
| ENTHUSIASM REIGNS
Gains of One to Two Points
Shown as Secretary Melons
Statement Governs Street.
By BR0ADAN WALL.

NEW YORK, Dec. I.-Wan Street
continued to show enthusiasm today
over Secretary Melons statement
relative to taxation. Prices OF
stocks rose from 1 to Q points and
total business swelled to the mil.
hon-share mark. Some specialties
became 50 excited that they jumped
to new high figures Large wire
houses received favorable comments
from all parts of the country rela.
tive to Secretary Melons views on
taxation. These opinions were
usually accompanied by purchasing
orders Prospective buyers Of
shares who had missed their mar
kets began to show interest. 1t
was their competitive bidding with
the shorts which served the foun-
dation for the improvement. Trans
portation shares seem indisposed to
the excitement and showed losses
for the most part.
Sterling touched another new
high Wheat was a shade higher
and cotton slightly lower. Call
money eased off somewhat.
PIGGLY WIGGLY.
President Saunders, Of the Pig
gly Wiggly. who went to Tennessee
and obtained 81 .o00. 900 with which
10 fight those Wall Street people
who have been kicking his stock
around. delivered the first blow In
the battle by advancing his stock
more than 4 points Accompanying
appeared before the Stock Exchange
authorities They were found to
Be untrue.
81 hof rtaro
was a corner" in the shares.
These stories also received prac-
1cally no credence. Corners are
Astasteful to the Stock Exchange.
They are a thing Of the past so far
as that institution is concerned.
More attention to the grocery busi-
ness and less to the stock market
would do wonders for Piggly Wig
giy stock, according to some bank
ers-
Middle States Oil tomorrow sells
e1-dividend the cash payment and
the Oil Lease Development stock
dividend. Statisticians were busy
late today trying to figure how
much will be shaved from the mar
ket price tomorrow. The dividend
10 always deducted on the exchange
on Friday when the books close
on Saturday.
OILS.
Oils showed up well on the knowl-
edge of the many amalgamations
under consideration. One big bank
ing house In storing of shares
while the companies are putting
the oil in storage. The accumula-
ton which took place in Producers
and Refipers on the recent decline
resulted in a sharp rise today.
Texas and Pacific Coal Oil. said to
be destined for the Producers and
Refiners also did better.
Continental Cans dividend and
stock readjustment plan appeared
as predicted in this column. Other
important developments, however.
are under consideration.
October earnings for National
Enameling and Stamping were the
best for any month during the year.
November figures will probably sur
pass the preceding month. Reve-
nues are running at the rate Of
more than S12 a share on the COM
mon. The new steel plate plant
will begin operations in February
and should expand earnings.
Burns Brothers directors are
scheduled to meet next Tus sday. II
the report of the committee on capi-
tai readJustment is ready it will be
received and discussed bur nothing
10 promised. II Is planned to wipe
out TWO of the four stocks.
Looks like a tea party for Wall
Street, Jewel Tea and Jones Tea
being the subjects Of much favor
able gossips. Jewel Tea preferred
shareholders are expected TO re-
eeive their back dividends soon.