, 1922-12-19
STOCKS SURVIVE
BEAR ASSAULTS
Price Trend Upward at Close of
Trading With Ups and
Downs


NEW York. Dec. 1.-The stock
market presented a spotted appear
ance during n greater part q to
days session but n final price tend
ency was upward. Bear opera. ors had
placed extensive selling orders In
some OF the railroad and minor indus
trial shares. the resultant decline be-
ing accentuated by tho official deniais
OF rumored stock dividends. Buillsh
operations were continued. however.
in a number OF standard industrial
shares and high priced speciaities-
Sales Appropriated 72sooo shares
NEW YORK. Dec. 19.-specu,ators
for the decline continued their short
selling operations NJ the opening OF
today's stock market. Railroad. cl
and steel. shores were the first 70 vie 4
TO selling pressure but most o. the
early declines were limited TO frnN-
tons. This cut IN the Great Northern
preferred dividend continued to have
n depressing effect on western raii-
road shares, Union Pacific. Chicago
and North Western, St. Louis South
western and Great Northern preferred
all dropping to lower ground. Call
forn'a Petroleum. Standard on of
California and Pan American eaoh
suffered n large fractional loss.
American Smelling. Crucible and
Studebaker zach ioet a point. EAere
were n few strong spots. notably
Pond Creek Coal, Ec.sey wheel and
international Paper. the gains rang
ing 1 TO 3 points. Foreign exchanges
opened weak in resbanso to the over
night announcement OF J. P. Morgan
- 49, --a--N
loans 10 Germany would be consid
cred unless and until the r-eparations
question was settled.
Good absorption OF most offerings
etcadied tho list before the end Of the
first hour. ENCOURAGED by the resist
anco which tho mRrket had shown to
the forced l%iquidatios occasioned by
yesterdays stock exchange failure.
the cut in tho Great Northern divi-
dend. tho announcement or Chairman
Gary OF the United States Steel cor
poration that no stock or extra cash
dividend was contemplated and the
refusal of the Morgan firm TO discuss
or consider an international loan 10
Germany until the separations ques-
ton was settled. spectators for tho
advace again started bidding up vari-
GUS shares, oil, merchant sing. equip
mont and copper isPues responded
briskly TO the fresh buying power.
The market had another temporary
sinking spell later on the renewal OF
heavy selling pressure against Beth.
lehem, Crucible and Republic Steels
and sorie OF the highgrade rRilroad
public utility and tobacco issues. To-
ward m d-day~ heavy accumulation of
equipments. especially General Elec.
trio. which advanced 5S to a new
high record for the year. again turned
the course Of prices upward
Fisher Body. Pond Creek Coal. Kel
sey wheel and sterlisg products were
conspicuous spots. the gains ranging
; from 8 TO nearly 5 points. Call money
opened at 4& per cent,
Prices of stocks shifted about in a
b~ewildering fashion after midday,
buoyancy showing in some issue
while others were acutely weak. Ma
tional Lead Jumped six points. Cluett
Peabody three and American Car. st.
Louis Southwestern preferred West
inghouse Electric and Pierce Arrow
preferred III to 2. Meantime Della
ware and Hudson was dropping 9
points and Central Leather, American
6melting. international Harvester.
Sears Roebuck. Union Pacific and
Marine preferred l TO 2 points. An
official announcement that no stock
dividend was contemplated by the
General Electric company caused a
break in the shares from 100 to 1873
which turned the general trend down
ward in the later dealings.
The closing was steady. Late bid
ding up of Baldwin. Corn Products.
United States Alcohol and some OF the
higher priced specialties counteracted
the effects of special liquidation else
where and impaired a better tone TO
closing quotations. Baldwin, Wool
worth and Fisher Body wre pushed
up 4 to 5 points.