The Washington herald., 1922-12-05
STOCK LEVEL DROPS
ITO LOWER AVERAGES
In SLUGGISH TRADING
unfavorabIe News from Near
East and Stock Dividend Tax
, alton Are Responsible.
BY BROADAN WALL.

! NEW YORK. Dec. 4.-Certain
prominent bankers believe that gen.
eral business has reached its peak
owing to the ability of a number Of
important industries to obtain addi-
: tional labor. That Is the reason
stocks showed heaviness today. Ex-
cuses given for the decline. however.
were unfavorabie developments rela-
tive to the Near East situation and
. revival Of the question as to
whether stock dividends will be tax
able. The latter was once settled
by the United States Supreme
Court.
Standard Oils, were naturally un-
> der pressure, Standard of New Jer-
sey once showing a drop of more
tharu 8 points. Early strength in
the ! neral list was followed by lib
sral offerings- With but few ex-
ceptions final prices were near the
lowest. Business was smaller than
for any full session in weeks.
BIG BUSINESS RESTRICTED.
Some captains Of industry say big
business Is being materially re-
stricted by the inability of the
transportation companies to get suf
ficient rolling stock. Lack of cars,
one big steel magnate says. Is re-
stricting coal shipments and retard-
ing movement of foodstuffs. This
order from 100000 to 800. 700 new
freight cars and rent them on a
Der diem basis to the railroads, sub
sequently giving them an option to
buy the equipment. He claims that
lack of sufficient cars Is tying UP
much labor whwichcouldbere
much labor which could be released
10 other industries
The highest price since 1919 when
The British government removed the
-peg' was made by sterling ex-
change today. French francs did
little. but Swiss exchange rose
sharply. Call money was firm at
Bh per cent.
Developments In the independent
steels are fast coming to the sur
face J. Leonard Replogle has pur-
chased a substantial interest in the
Wickwire Spencer Steel. Youngs-
town Sheet and Tube will probably
70 on the local Stock Exchange in
January. 1928. Vanadium Corpo-
ration Of America in November had
the best month In about a year and
q half. Replogle Steel is being
quietly picked up by insiders. The
company reports discovery of an
ore vein carrying so per cent natu.
ral iron. Replogle and Vanadium
are in good financial condition.
National Enameling and Stamping
a also doing very well. earnings
being at the rate of s12 a share
on the common which pays Sc a
share.
OILS.
Oils were under pressure. Mary
land Oil once showed a drop o.
about three points. being sold on
apprehension relative to the per-
maneucy of the dividend. Large
earnings for Mexican Petroleum in
November helped support Pan
American shares. Short covering
also helped. Producers and Re-
finers dropped a point although
Texas and Pacific Coal and Oil
which is expected to be absorbed
showed strength.
High-priced tobaccos are well
taken in anticipation of stock or
extra dividends. Orders in Ameri-
Cdn 1OUdCCO IOilOWSu issuance Oh
circular on the company by a stock
exchange house.
Improvement on the bond mar
ket has been sufficiently good the
last week to warrant predictions by
big investment houses of new issues
within the next week or ten days
Dealings in copper convertibles are
attracting much attention. Anacon-
da's Forthcoming bond issue NAV
carry a convertible privilege.