Norwich bulletin., 1922-12-22
FINANCIAL AND. COMMERClAI@
MAEU was STRONG


 Nov York, Dec. S1-Buymg operations of professional interests, particularly in the oil group, and a broader investment demand for some of the high grade rail- road shares imparted a strong tone to prices in today's stock market.
 By far the most interesting feature was the scnational rise in Mexican Petroleum which opened at 262, up four points and a new high record for the year, and then scared to S22, often jumping and 10 points between sales, all of 100 share lots. It dropped back to 300 at the close, where 1t represented a net gain of A points on the day. Buying of the stock was generally believed to have resulted from the belatSd covering operations of venturesome short interests although speculative anticipation of more favorable dividend action and rumors that the company was contemplating the acquisi- ton of property in the new Smackover field may have been contributing factors. The days sales totalled only about 2,00O shares.
 Railroad shares were inclined to be sluggish in the early part of the session but they become quite active later in re- sponse to some heavy buying of Reading. Lehigh Valley, New York Central, Union Pacific, all of which moved up l to points. There were indications that the Eo-called January reinvestment demand was factor in the late buying.
 Pan-American issues were heavily traded in following the remarkable spurt In Mexican Petroleum, approximately 95 per cent. of the stock of which is owned by the Pan-American company. The A stock gained 3-4 and the B, 3-4. Other ;1 kha oil Dutch, General Asphalt. Standard Oils of New Jersey, and California, Cosden, Houston, California Petroleum, Phillips Petroleum, Tidewater, Associated and Pa rifc Oils, the gains ranging from l to points.
 Baldwin again led the advance of standard industrial issues, closing at 131 T-S, a net gain of S-S. Pond Creek Coal touched s1 7-s, the highest price in 10 years, on reports of It's purchase by Hen ry Ford. Elkhorn Coal, on whose proper ties Mir. Ec=3 ASs an option expiring 2. midnight, got as night as 22 5-S but re- acted later to 19 S-4 for net loss of 1 Ia on announcement that the op- tion was not likely to be exercised at this time.
 Announcement that the seasonal shut downs in the motor industry wouE be shorter than usual this year becaN5e of the unprecedented year-end activity re- Euited in a brisk buying of Studebaker, which got as high as 1855 Is but reacted to 134 1-2 later where it was up 7-S on the day. Motor accessories also were strong, Fisher Body rising 1-2 points and Stewart-Warner, 2 S-4. Pacific Gas moved up IA on an increase of 5 to per cent. ;n the annual dividend rate. Declaration of semi-annual dividend of 1-2 per cent. on Marine preferred, which was announced after the market closed. came as a surprise to Wall street which had expected that the dividend would be omitted altogether. The stock closed Eractionally higher.
 Call money opened at 4 1-2 per cent. and held at that rate until just before the close when it advanced to 5. The time money business continued quiet with 3-4 per cent bi dand offered for the longer maturitAs, some 6s0 and 90 day soans being arranged at 7-S. Little new commercial paper is coming into the mar ket, the rate holding at 4 3-4 per cent.
 Foreign exchanges were steady. De- rnand sterling was weak at the opening, selling at $4.61 S-S, but it recovered to ASA 1-4 before the end of the day. Slight improvement took place in all the other important European remittancer.