Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-14
RECORDS ARE SMASHED
IN NEW YORK MARKET
New High Figures Made in
Stocks, Exchanges and
Wheat.
RAIL SHARES moLp VERY WELL
Rise From One tn Two Points be-
spite Failure OF y. y. Central III
rcctors fo Increase Divide n,i-Mnn.
New I.tsttngs.
ny Br0ntlnu Wnll,

NEW YORK, Dec. l2.-Wall Street
experienced record smashing day
today-ncw high prices being made
in stocks. various foreign exchanges
and wheat The stock exchange also
established new high mark for the
number Of new listinEs when twenty
seven now and additional securities
wern admitted to trading Trans
portatior shares rose from to
points Notwithstanding disappoint-
mcnt over the failure OF the New
York Central directors to increase
tho dividend. Another favorable de-
Nelopment was reported improve
nent In the domestic and foreign
demands for copper and predictions
that the price would advance one
quarter OF n cent by Christmas
High priced stocks which are gen
orally considered rich mems invest
monts We're leaders of the general
list Many OF these are advancing in
anticipation OF s,ocls dividends and
extra distributions. They also move
easily because they are closely held
and tho floating supply is light.
Strong Mt Closing.
General strength prevailed at the
close Of trading and a continuation
. ~ the upward trend is expected al
though some Improvement bankers
permitted il to b.comc known that
they were hullish on the stock mar
kot
Stcriins's sharp advance OF about
cents was Interpreted two ways
one favora bic and one uufavorable.
the uufavorable view was it's rise
effected Depreciation of the Amer
lean dollar as registered by sterling
Il Co.,
might result in England drawing on
tho United slteS for gold as soon
as parity for sterling was passed.
Tho favorahl" argument was that
higher prices for sterling would in
crease Great Britain's power to pur-
cnas" American products
The rise in wheat To new levels
and the advance Of cotton prices
"f about 50 a bale was construed
as ono 90 the most constructive de-
vcl"pnIcnts that could happen to gen
oral business because of the many
millions in increased purchasing
power that Will accrue TO the farm
ing community, Advance q; wheat
IS expected to hc followed by higher
prices for other foodstuMs rriccs
~ cotton goods are showing AN up-
ward trend and are now from one
'lSHNh |n oNc-lNartcr OF 4 cent a
Nard over tho recent low levels.
Investment Market improves
rs The general business OF the
country is dependent TO n large "x-
tent upon the prosperity OF tho
farmers the advancing tendency in
commodity prices is considered sig
ntcant and ptcsariug expansion in
general trade.
substantial Improvement Is re-
ported in the Investment market FOR
preferred stocks and bonds.
Preferred stocks are beginning to
com" back into fashion. one offer
ing Of *l2.o0o,O0O being rapidly abb
S"rhcd today. Tn" last wave OF new
preferred stock offering occurred i'm
he spring OF 1919. which was AT
VA" peak or the stuck market boom
Practically all departments OF the
bond market showed strength. \
distinct better inquiry has developed
within tho last two DAYS for Sc.
curitics, which are legal Investments
'or savings banks United King
dom 5l2s, which are conycrtihIe
into sterling touched "a new high
record.
some tightening OF cali money
rates may occur tomorrow or Fri
day as q result OF proposed with
dr"wals Of $4,000 OOc by the gov
eminent from The banks Friday.