Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-30
IRy Associnted press.l

W." 1Ofk. Dec. 23.-Thc marked
strength OF tOduy's stock market was
generally construed as an Indication
"a; The financial cOnmuuity's optimism
concerning the industrial and bust
ness outlook for the next year The
bidding up Of stocks was accom-
, pIlslcd In the face OF "a heavy
volume Of cash sales resortcd to In
order 10 establish tax losses, higher
call money rates and the rcstrlc-
ton OF out-of-town business by the
crippled wire service resulting from
tho storm.
Spectators for the advance paid
little attention to outsId. news de-
Y"IorHcnts. although buying OF
railroad shares undoubtedly was In
u cnceh In part by the better No.
Ee!Hbcr earnings statements ard the
record breaking car lDaGingh for
TINS season OF the wear. The APP
parent hitch in tho lausanne peace
NEGOTIATIONS because Of tho inability
OF the Turks and British TO agree
on tho disposition OF the MOsul OF!
ii.ids failed ~ materially AFFECT
either the foreign exchanges. which
huctuatcd !rrcgulnrly within mar.
row limits, 81 the wheat market.
which was inclined 10 case.
strcI niscr mt Close.
a brisk rise In the steel shares Ia
the hnaI dealings Wa. duo to "A run
IN OF the Interest. particularly in the
independent issues. aud fresh buy.
Ing based on the steadily Improving
conditions in the industry CrucibIe
bethlehem h. Kcplogle. AIlGvaIc, Ko-
public common ana preferred. Gulf
states and United states Steel com
mon. all closed 3.s to poiuts
higher. Equipments wore less &C
ty. and moved within :, narrower
range than yesterday Baldwin Loo
comotivc and American Ca, improv-
ing fractionally and General Flee
uic closing IFS hlghcr
on sha.rs wee - soui demand
\ Activity and strength OF California
Petroleum. which scored a net gain
OF Two poin: accompanied uncon-
iirmcd reports o, it, possible ABSORB.
ton by Pan.Ames!can or STANDARD
OH OF California. General Asphalt
gained 23-s; Producers and Re.
hn":s is Pacific OF! l-2. and
Standard on Of California 3-S:
Sinclair moved IN more than a point
on rumors Of higher dividends.
Rniirond shares Advance.
Leigh valley and Norfolk aud
Western. cach up two points, led the
advaue. IN RAILROAD shares. other
strong spots In which were Atlantic
coast Linc. A,ch!scn preferred. Erie
iTSt preferred. ST. Paul common and
\ preferred. and Chicago AMI North
western. all up point or more
Considerable interest was aroused in
I railroad circles by the publication
OF statistics showing that tho aver
age monthly traffic on tho Panama
Canal Increased from soss73 tons
in 1921 10 l,27s,03 in 1922. The
PRINCIPAL railroad systems affected
by this water competition are the
canadian Pacific. Great Northern
Southern Pacific. Union Pacific. and
Northern Pac::-c.
There were number OF strong
spccia!tics.
Woolwor,h jumped your points in
response TO reports OF record break
Ing Christmas sales. North Amcri-
" can advanced IL points in specula-
tive expectation OF an carly increase
In dividends. Consolidated Gas stock
benefited by the expiration tomor-
row OF rights TO the new stock
many speculative holder. OF the old
Stoci. selling the same and buying
tho rights because the latter could
be carried without interest. En-
dicott-Johns established peak
prices Oh report OF a dividend carly
in the year. Studobakcr selling cx-
dividend % per cent in stock, sold
between ll0l-2 and lliT-s. closing
at the top figure for "a net gain OF
more than three points.
Demand sterling Is Down.
Demand sterling got down below
si.6i for slight fractional loss. but
French. Italian, Belgian and German
rates showed slight Improvement
, Holland and Norway romittances
Y dropped ten points each.
Call money opened at ) per cent
advanced to SIZE. and thence to 6.
where II closed. Heavy Withdrawals
by the government and private in
s;itutions causing the hrmer tone.
Time money and commercial paper
rates were unchanged with business
quiet.