The Washington herald., 1922-12-02
STOCK MARKET SHOWS
liEMPHATlc STRENGTH
AS DAYS TRADE ENDS
Heavy Buying in Late Trading
Z; Brings Firmness Pleasing
s to Conservative Bulls.
BY BROADAN WALL

= NEW YORK. Dec. THE market
closed with aggressive strength.
Heavy buying in the late dealings
appeared in New York Central and
carried the price from s5 to s7h in
q few minutes. Many Of the rails
.showed a burst Of activity and
strength. pleasing to the conserva-
tive bullish element.
Southern Pacific was In demand
on a report that the company would
win its case against the Union Pa
scific for the control Of Central Pa
-cific. This Is one Of the most i'm
portant questions now open in the
failroad world and an early solution
viii facilitate an early grouping Of
the other railroad systems.
CONTINENTAL CAN.
: One of the strong features of the
market was Continental Can: on
comparatively light transactions the
stock rose to 106. A stubborn short
interest Is reported in these shares
which apparently ignores the ex-
ceIlent report Of earnings and the
persistent rumors that q substantial
stock dividend of probably so per
cent may shortly be declared. In
terests familiar with the manage
ment OF the property have been
quietly accumulating stock for some
time
In the late dealings Cerro De
Pasco crossed AZ on active trading,
the buying continuing right to the
close. Many of the professionals
have picked this as a leader OF the
copper issues, largely because 1t
moves easier than such old-time IA
vorites as Anaconda
Business was resumed on the
stock exchange today, with a more
cheerful tone in the security mar
ket. It quickly became apparent
that there was no renewal OF the
recent selling pressure and buyers
bid up quotations on small trans
actions. Steel common developed
early strength. Many orders to pur-
chase the stock around par are
now in the hands Of the brokers.
Standard Oil issues were better
on another wave of extra dividends.
and Continental Can was conspicu-
Gus with a rise that carried the
quotations above 1O4.
Call money opened at 5 per cent
and while this figure may be a
little stiff the quotation was not
taken seriously, as stock exchange
loans carried over until Monday.
PIGGLY WIGGLY.
Piggly Wiggly rose smartly some
five points above the low Of We'd
nesday on a dispatch from Mem
phis that the stockholders would be
asked to postpone the proposed
issue of new stock until some fu-
ture date. The collapse Of the
81 he
h was remarked. was of benefit to
the Piggly Wiggly corporation.
Motor stocks were better on n
report that General Motors would
soon issue some favorable state
ment. and the rumor was again
current that the capital stock would
be reduced by the issue Of one
share of new stock for two shares
of the parent company.
Shorts in Studebaker found the
stock hard to buy and there was a
rumor that there would be another
advance in the price of one of the
favorite models.
An advance Of 10 per cent in
Kelly-Springfield tires added to the
general cheerfulness and helped the
price of the stock. Along the same
line crude rubber rose to 81 cents
bid per pound for smoked sheets.
with prospects of higher figures.
United States Rubber responded
quickly.
Around noon strength developed
in the copper stocks and there was
several smart advances, although
no important developments are ex-
pected regarding mergers until
after the turn of the year.
Electric Storage Battery was
strong on Philadelphia buying. Di-
rectors are expected to increase
the dividend rate next week.
Several of the low priced rails
broke away from the depressions
which surrounded the Erie issues
Good buying was noted In New
Haven.
Stocks in which the short in
terest has been conspicuous were
very active around the close. Bald
win selling ex-dividend gained near
" two points. American Car and
Foundry rose more than three. Sew
eral of the independent steels dis
closed the distress of the short in
terest when attempts were made to
cover Bethlehem Steel, Crucible
Steel and Replogle.
The market left off with a dis
tinct feeling of confidence that
probably the low prices of this re-
cent movement had been toucbsd in
November.