Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-05
TECHNICAL POSITION
OF MARKET IS WEAK
Professional Operators Start
Short Selling and Force
Moderate Recession.
FELINE SPREADS OVER LIST
udebaker md California Petroleum,
however. Are Hid Up for Special
individual RcRnons-Totai Sales for
Day In 75S,OOO shares.
Thy Associated Prcss.l


NEW YORK. Dec. 4.-Professional
Pcrators. finding the stock market in
weakened technical position. be-
use OF tho rapidity of tho recent
ivancc. started short selling today
ID forced moderate recession In
ices. being aided by some profit
king on tho part OF recent traders.
hile the decline spread over most
~-.ne list, a fcw issues. notably
udcbakcr and California Petroleum.
gro bid up for special individual
asons.
&The total sales for today was
1000.
&pne OF the significant developments
n tho day was tho further strength
4 demand HterIing. which touched
POS, the highest price since the early
PING of 1919. The rate represents
recovery Of approximately four
ths OF the depreciation from the
8tremc low OF 1919 registered on
fbruary 4. 1920. The low price this
ar was t.l7 on January 8. The
o.. twentypoint advance In
Mss francs. which were quoted at
as. WAS attributed to the over
Ahelming defeat of the Socialists
3oposal for a Swiss capital levy.
He Italian lire also was strong. be-
Is quoted at more than s cents for
= FIRST time since last spring. Other
changes were nrm.
California Petroleum Strong.
&Persistent strength of California
trolcum. which touched 63 and
&)scd at 60 for net gain OF more
four points. accompa MED un-
nhrmcd reports or it's possible abb.
= rption by either the Union oil
Y,mpany OF California or the Pan
Hnerican Petroleum Company. Stude-
ker was bought heavily on specu-
tive expectation OF maintenance
tho $40 dividend rate and pos
nd.
Hon shares generally proved vulner-
Vic TO selling pressure. General Az
- preferred closing three points
wcr and Standard oil OF Califor-
= a. two and one-half while losses
a point or more were recorded by
8'uston. MARYLAND. Producers and Re-
ers. and Standard oil OF New Jer-
Standard Industrial Issues also
Fro inclined 20 give ground. United
ates steel common dropping be-
Nv l02, net loss OF one and three
|shts points: Baldwin touching lls.
rallyinE TO ils "a. where II rep
Sented net loss OF three-fourths.
II losses Of one to three points
king place In American Locomo-
- American Ice, American Smoit-
z. American WOODEN. Bethlehem H.
rn Products Crucibic. GENERAL
ectric. Gulf Statca. Marine pre-
rrcd. Pullman. Pacific. Peoples Gas,
6ploElc steel, United Retail stores
al Sears Rocbuck. international
|tr%cster got down az low as Sc rs.
d compared with last weeks high
loi i-2. but rallied to 50 IL at
O clogc
II Ttnii Group Loses Ground.
Losses OF point or more also
Z re quite common In the rail group,
ME of the more prominent being
" York Central. Southern Pacitc.
Fl Paul common and preferred. CHI
&s and North Western. Chesapeake
q ohio. baltimore and Ohio, Read
I8<. Lackawanua. Missouri Pacific
Deferred. Northern Pacific and Nor
and Western.
u all money opened at 5 per cent
= n advanced in the last hour TO s Ia.
= zero I, closed The time money
frket continued quiet. thirty day
rs being arranged at "a per
BIT. and tho longer maturities at s.
t-ot-town banks still are the prln-
Hal takers OF commercial paper. the
linz rate for which remains at
HI per cent