The Washington herald., 1922-12-22
STOCKS MATERIALLY
! IMPROVE POSITION
IN EXCHANGE TRADING
NIL YESTERDAYS TRANSACTIONS STOCKS AND
Bonds and Preferred Shares
lin Demand, While Wheat and
: Exchange Advances. :.
BY BROADAN WALL.

NEW YORK, Dec. zl.-DeVeiop-
nnents In today's markets were
marked by substantial Improvement
in stocks, an impressive demand
for bonds and preferred shares,
further advances in the price OF
. wheat and betterment in foreign
exchange. The only unfavorable
piece of news was a reduction In
preferred dividend of the Interna-
. tional Mercantile Marine Company.
; announced after the close Of bust.
ness. This. however. has been an
ticipated and discounted by recent
depreciation in the shares. The
cotton market was irregular. The
call money rate rose from to
s per cent. where it closed There
win not be any Withdrawals in the
district by the Government tomor-
row. Acceptances by the Turks OF
the allied plan for the freedom of
the Straits and the probability that
the United States will be asked to
fix the reparation payments ac-
counted for the betterment in the
foreign exchange market.
MELONS REMARKS HELP.
The most important influence on
the security markets was the state
ment by Secretary Mellon that
prosperity would continue next
year. His declaration that re-
habilitation of the transportation
companies would necessitate the in
vestment of a huge sum of money
In additional rolling stock stimulat-
Cd the shares of the equipment
companies which were led by Bald
win Locomotive, sponsored by some
of the biggest operators in the Street.
advancing leading shares from 10
to IL points.
Closing prices were slightly
under the best, due to profit-taking
but the undertone was strong.
The Transportation group fur
nished one of the brightest spots
In the market. Buying, while not
heavy. was stated to be mainly for
the account of genuine investors
who were reinvestinS dividend and
interest checks to he received the
first of the year. Big investors al
WAYS do their reinvesting before
the actual receipt of January checks.
Some of the Notwithstanding
rails were higher in sympathy with
the igh-grade seasoned dividend
paye-s, but most of the former failed
TO show any improvement. Prices
were unusually responsive to the
Investment inquiry. Another rea-
son for the greater demand is that
some OF the biggest wire houses
which have telegraph lines stretch
lug to all parts of the country are
now advising the picking up of
high grade rails on the theory that
with the lower money rates eX
pected next year the dividends he
ing paid by the strongest roads
should look attractive from the in
come viewpoint. Increased car
lloadings for the week ended De-
cember Q also helped.
MEN. PETE FLARES UP.
Flare-up of 81 points in Mexican
Petroleum. carrying it to the new
high record OF 1922. furnished one
of the side-lights to the days de-
velopments. Insiders of the COM
pany denied that the rise resulted
from purchases by them. Before
the close the price dropped to 300
when some stock appeared for sale.
: Cotton was irregular. due to a
general disposition to await devel-
Opments tomorrow. which is first
notice day for the January option.
Few notices of intention to deliver
the stapie are expected to appear
This would indicate a disposition
ny the owners TO keep the cotton
for higher prices. Some of the big
Eest holders of cotton contracts
are predicting much higher prices.
Strength in municipals stands out
most prominently in the bond mar
ket. Substantial advances in prices
occurred today.
Investment houses are practically
bare of supplies and are compet-
ing with each other to satisfy Gus
TONERS demands. Savings hanks
are prominent on the buyinC side.
Indications point to higher quota
fiOnS