Evening star., 1922-12-04
CHANGES IN PRICES
MUCH CONFUSED
Many Stocks Forced Down in
Today's Trading-Good
Buying in Studebaker.
By STUART r. WEST.

NEW YORK. December 4.-fhere
were new influences at work in tho
financial market today. Possibly tho
most significant incident was d fur
ther recovery in the bond market
the most general and at the same
time most distinct advance that has
occurred during the last week.
Movements Of the sort occurring at
this season OF the year are ira
ditionally set down. to anticipating
OF the January reinvestment de-
mand." meaning by this. Of course.
the unemployment In investment Sc
curlties OF funds received in interest
and dividends at the new year.
Whether or not this was the true ex-
planation. today the action of the
bond list bore further witness to tho
recovery of sentiment in Wall street
circles since the liquidation of Oc-
tober and November was checked ten
days ago.
Stock Prices Confused.
Price changes in stocks were very
much confused. All these conflicting
movements indicated. however. was that
a certain portion OF the professional
offices were working for reaction after
last weeks advance. while another por-
ton were continuing their efforts to
bid up variety Of selected stocks.
At one time during the forenoon the
whole market slipped off a point or so.
selling. Rather, in the early afternoon
trading was inclined to quiet down. and
here and there new buying made its ap-
pearance.
MarIand OIL Weak.
The weakness in Marland Oil today
was attributed to uncertainty regarding
payment of the dividend for the fourth
quarter OF 1892. An initial quarterly
payment OF 81 was made in September.
The dividend meeting will be held De-
cember 8. There has been some doubt
as to whether Marland Oil has been
earning enough to continue distribution
on its stock. but it was learned from
semi.ofhcial sources today that up to
October earnings and current assets
warranted dividends
Reports of both Cuba Cane Sugar
ana Cuban-Ame erican Sugar COM
an!es for the fiscal year ended Sep-,
ttmber 30 will probably be published
the middle Of this week. AS esti-
mated previously. earnings for
Cuban American will show around 81
share on the common stock after
all charges Little has been said
about the showing Of the Cuba Cane
COMPANY. but it is thought likely
VIII be comparatively favorable.
Hup Motors i'm Fine shape.
Earnings for 1922 of tho Uupp
Motor Corporation will amout To-
$S. perhaps more after all charges.
This satisfactory condition of Hupp' s.
affairs is being reflected in the mar
Eet for the stock which sold around
c.n.non has $40 par value, and
the 6o per cent in earnings for 1922
will be the highest since the com
panSs organization in 1915. In 1920
- per cent in net was reported. For
inc hrst eleven months OF 1922 Hupp
cars than for all of 1921.
sterling Proves surprise.
For the first time since March. 1919
sterling exchange at one time cost
81 o3. At this figure 1t recovered four
nfths OF the entire depreciation OF the
war and postwar periods and only
35c away from the old-timc parity
win the dollar. In view of the fact
that the season of heavy commodity
exports is orer-thc season when the
supply Of grain and cotton bills press
ing on the market is largest there
VIII be less opposition to the progress
or sterling back TO par. Quite as
was the advance in Italian lire across
the DC level for the first time since
last spring.
The Ira is now down less than a
half cent from where il was selling
last April. when the French franc was
two and 4 half cents above its pres
ent level. This is an interesting
measure Of the rapid revival of con-
hdence in Italian finances since the
new government took hold less than
Il month and half ago.
Studebsker Buying Active.
On no day for long while past ha,
there been SO little worth noting in
the fluctuations of individual stocks.
The buying of Studebaker was the
most persistent of that in any of the
motors. rejecting the receipt of ad-
vance estimates which are very salts
factory regarding the earnings for
the last quarter and the forward
business for next year.