The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-12-26

| InC large NIHilHsNN .'d' 1dt'' "'''
more solid information shows that wh,ii
ever tho administration may hay" IN
prospect i, will aot reach The point ~
recommending Gc,iu!tr- ,rau proposals
for p good while ii 1t all. II nov ap-
pears that the situation outlined iiS'
summer has M: changed. and thus
means that the IH;tcd states VII! natur-
ally BE- inclined g await Ia" arrival III
much clearer situation IN Europe ne
| fore committing itself further. BONES
tic business - still the important e'"'
)rnent in the outiooE.
Demand Stiu Increasing.
NotwithStanGlr p"Ss!miS'!c Tor
casts in some .IuartrcS. and IN spite "E
indisposit!op on The part of >"n'" l."
PLACE orders "a" "a advance. the vosun"
OF domestic business; continues ~!
satisfactory. From the WcS;. I - re-
ported that holiday trad: is better thah
for several years past. ! fact WhicH u
suhStartiated hr the high levels ~, ~
tsil trade index RUNNERS. Higher prices
tor copper have carried ;hat meta wet
I'D toward l5c pound. with eNccile&'
demand. a fact which has been re'ieS
ed IN the copper shares. THESE ISSUES
have shown YER" decided ability I" hH.'
their own. Fairly good results Tor th'
wear as a whole are now predicted for
pendents have rot done rs we'll II Is
Thought that they will BE- able to re-
port an improved financial condition IN
most cases ThNrN Is 4 satisfactory ouI-
lock IN many Of the machinery and MA
chine tool lines AS for oil. increasing
demand has helped 10 keep The prices
OF shares up ard has advanced g""'
many of them. RumorS OF merger pans
have tended - keep the equipment
stocks up ~ higG levels. hut the Eon'i
condition Of their order hooks Wou'u
have a strong c"ntrihutory tntinen -
" orLinr to that end in any event. TaS
contamination os the arrangements Tor
en- important combination OF packing
plants. the financing To he placed prob
ably in this market. has tended 20
strengthen the situation in Middle IVES
tern business uu,te materially.
stock Dividend Movement 1nding.
4 smaller flow 81 stock dividends has
been characteristic during the paSt week
and the approach ot the end OF tae
year makes il probable that for N"
present further action III thtS dtreSu"i
will be less frequent. Congress has NOT
taken such action IA was anu'ipd'S"
by many. and ~ the present momea'
Goes not seem likely TO take il. Thu
oefers the prospect Of new taxation IN
III aro,her session. with doubt as I" IN"
probability of II even then. II - like'S
thst no immediate act!rn would ne ar
tempted even if 4 special session OF
congress should be summoned. next
sprinC. Meahtima. the effort TO Obtain
legislation designed to end the Issue
nj tax exempt bonds represents AT
ether way If approaching the sttua'i"''
which has been supposed To caii lor lns
IMPOSITION Of new taxes. Greater econ
nf =
ntiye policy regarding the offering OF
PRAY evening" bonds would do all that
Is really needed ~ federal FINANCE. W I'm
The stock dividends that nave aIfeadE
been issued and with thu other hnanc'l1
embellishments "r"o'rpaHr!n= the year
,nf-and including "Xtra dividends. aS
web a. other c&%nreS-cftori I" attarN
corporate SURPRISES vii? encounter aii-
6cultieS that pHrhapS had h"I Dee"
f,ras.en ~ ra1'r"' ,rC. ~iat"rS.
Railroad Conservatism.
rha exn.c,al action 80 Great Northern
in keer:rg its dividend down Ia = per
can, rat, represents the conServa ~"
tendencies THAI are Now prevalent ~
Tho tran .tnn world. Although
Grea, Northern directors issued an op-
,jn,;st,c statement relating to the pros
poets FOR i923, Il remains true tha'
these good prospects are still I" De re-
allied and tina; there = i disposition on
the mart 80 gooi n'~ay railroad imam
ciers - hold backt and conserve the:r
funds. pending further indication o. de-
yelopmeut As yet there - nothing 10
indicate whether congress Will q: VIII
no; act practically upon the freSs'eht ;
suggestions relative 10 change OF IN"
status o. the labor board and there -
some reason for thinking that TINS VIII
he deferred because az the opportunity
that would he offered ny such legislation
for the ofcriug of radical amendments
designed - change the desirable f"a-
lures Of The transportation a''
Autumn Money strain.
All Indications now point :" the ""'i-
mite ending nf n" aut7imn money strain
which this year. h"w"Ncr has been yer!
much less than usIai N intensity. Lat
est reports -: the Federal Reserve SNs-
tenn show >larkcuinE in commercial dc
maud and fresh accumulation "f gold.
The reserve strength 1T tho banking
organization is practically unlimited :"
far aS auv .,nmrliatc demands are r"N-
rrrnrL The question whether fncc!gn
financing IN this markc: IS likely |" ="
IN dcNrlup;ug - ."t course. dCpcn'cht
upon rspavalioms establishments, Inc
rcasscmhiing "t tho conference" "t pre-
mierS in l."uh"u after IN" holidays arc
over viii throw more light upon this
matter than * how @yaiiahlc. Forcing
secritieS. naturally await further deH"i-
npmemtS in regard to exchange and IN
terna,ionai politics before revealing any
definite trend II any direction.
Market Outlook.
Comparative quiet for some days past
has been a natural predecessor OF. the
shrer-day holiday which commenced on
Saturday. Trading has not been con-
centrated IN any special group W stocks,
but has been spread over n considerable
number. and evidently represents. in
part, sales for the purpose of recording
tax losses So far as the general mar
ket Is concerned. the movement IN prices
has been moderate. with no striking
features in any department. Nothing
noints TO further recession OF conse-
auence. az the boating supply Of stocks
Is not largo. and most shares are now
selling al figures which cannot he con-
sidered dear. About the only thing
tina, Is causin. any real un"as'nesS Is
ERE fear of hoSti,. legislation and Will"
m, chancc OF this Is growing more re-
mote ii nScrLh"irss has tendency to
restrict free rbUying. this being the
markets w,rAst feature at the present
writing.