The Washington herald., 1922-12-21
IRREGULAR TREND IS
RULING FACTOR IN
PROFESSIONAL TRADE
Heavy Foreign Exchange and
New High Copper Metal
Level Prove Features.
BY BROADAN WALL.


NEW YORK, Dec. 20.-Most sig
nificant of the developments in to-
days markets were new high prices
for wheat and cotton, heaviness in
foreign exchange. strength in Lib
erty bonds. establishment Of a new
high level for copper metal and ir-
regularity in the stock market
Strength in railroad shares and
Steel common featured early deal
ings In stocks. Transactions were
again almost entirely professional.
The ease with which the large
blocks OF stocks were absorbed in
dicated that there is a good de-
mand for shares at concessions in
price. Irregularity characterized
speciality fluctuations, some shares
marked advances and others de-
clines. Heaviness again appeared in
the independent steels during the
afternoon, when the general list
eased off on realizing sales and pro-
fessional offerings. Final prices
were near the low.
EXCHANGE.
Remarks by Thomas w. Lamont
on additional reasons why a loan
would not be made to Germany at
this time and the probable condi-
tions under which such a transac-
iton should be considered found re-
Election in easier rates for foreign
exchange early in the day, sterling
at one time showing a drop of
slightly more than two cents from the
prerious close and more than nine
cents from the recent high. German
marks were a shade lower. In the
neutral exchanges Dutch guilders
again showed heaviness. reacting a
point to 81 points under the recent
high of parity. Scandinavian ex-
changes were also weak.
The relation of foreign exchange
to the markets for some products
may be cleaned by the fact that the
decline in sterling exchange from
the recent high is declared to have
been the reason for a decline in the
prices of tin.
STEEL PRODUCTS DEMAND.
Announcement nv the Iron Age
that the demand for steel products
IL better than had been expected
helped steel common early, the shares
at one time showing an advance of
about a point While the street
processes optimism with regard to
steel common for next year. senti-
ment is generally bearish concerning
the independents. the supposition he
ing that the corporation. by reason
of its lower production costs. will he
able TO obtain most of the new buSi-
ness At the expense Of the ind pend
@nts. Important developments are
looked for in tho steel industry carly
neNt year Republic Iron and Steel
financing was again in the wind.
Reactions in wheat and cotton
were declared 10 he hue to realizing
sales following the new high quota
tions made early. New tops IN Nav
and July cotton resulted from small
or einnings reported bv the Census
RureaI for the fortnight ended De
cenlber 13. Speculation continues
heavy in commodities and is forcing
some houses to increase their facili-
ties tn handle the business.
High lights in the specially Croup
wore furnished by International Mer-
camille Marin" which broke sharply
and California Petroleum which had
rise Of more than seven points
Marines weakness reflects the gen
"ral knowledge Of smaller earnings
from the shipping business. leading
% expectations that the company's
hoard viii reduce. II rot pass. the
preferred dividend at todav's meet
Ing
Official figures showing that the
tonnage handed by the common car
ricrS for the quarter ended Sapten-
ber 90 was SO per cent in excess of
the same period a year ago was ac-
cepted as d reason for the better
der0and for good dividend paving
rails, hut wealthy investors usually
reinvest their January l dividend
and interest checks before they are
received. so that this was probably
the actual underlying cause for the
hetterment. Southern Pacific is be-
ing accumulated on further rumors
that ii will be permitted to hold the
Central Pacific.