Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-19
STOCK MARKET SHOWS
REACTI0NARY TENDENCY
Unfavorablc Influences and
Technical Conditions Are
Responsible for Losses.
CorrEnS SHOW Mucm STRENGTH
several Make New High Records
Less trtiNit. In Bond Market
Due 4" Recent Government Oncr-
inSS Taken by Compnuir>.

NEW YORK. Dec. l>.-Tht StoCi;
market developed a reactiouary ten
d"ncy today due to technical condi-
lions and two untavorahlc influences
growing out OF the failure OF one Of
ihc biggest brokerac. houses in the
country and reduction in the Great
Northern preferred dividend. Mos.
active issues closed with losses OF
rom ono to two points. Selling was
heaviest in the late afternoon. Less
was heard ahou; the possibility OF a
loan to Germany and this found re-
lection in crratic fluctuations in
foreign exchange. !. l.. Morgan's
statement. however. that a loan
would not hc considered seriously
until separations were roadiuSied
leads tho street TO believe that no ac-
'!on on lsndiu:; Germany money will
he taken q this time. Important in
v"StmcUt bankers state "mphatiCally
that a German loan could not he
sold Here unless the picture was
changed. meaning that repatriation
pa mcuis would have to be reduced
and foreign government debts to
each adjusted
Nm accumulation of huy!nl; orders
over sunday accounted for improve
mon; i'm tho stock marEot IN the first
hour some shares making new high
aeurcs Heavy selling then appear
'd in quite number Of low priced
announcement OF tho failure Of ono
20 the largest stoCk exchange hrok-
"raS" houses doing business at Kan
SaS city. Another unfaVorablc fac
tor was the announcement that tn"
Great Northern dividend had hoou
reduced 10 ar annual rate OF per
vent This induced offerings Of other
transportation shares. dcprcssin.
rric,s 10 around the lowest levels
reached this year Activity iucroas.
ed as prices declined, moro than 4
million shares changing hands.
Final quotations wcr" near the bot
tom with indications that tho re-
action would continue At least carly
tomorrow. commodity prices were
generally higher with new high roc
urdS in cotton. Call money hold
trim at > per cent.
spiL" Steel Dividend Report
EImors OF extra cash and stock
dividends to he declared by the steel
corporation were laid to rcSt when.
JHdgo Gary denied that any such
proposition was under consideration.
tn" street never really believed that
in" corporation would pay AN extra
cash or stock dividend. the wish be-
ING father TO tn" thought.
strength in the coppcrs was most
'mnr"ss ivc. New high records were
mad. hy KcuucCott, Mother ode and
Zorro do l'asco These shares arc
The favoritcs OF tho copper group. be-
cause they arc low-cosi producers
Thor" j. evidence that tn" Kcunc-
coii mHnagomcnt viii shortly make
'uoih'r offer Of its stock in "x-
change FOR Mother Lode The new
'itcr is expected to Nc ono share OF
k"Nn"cNt for each J.. shares OF
Mother LODI" Further Increase In
IN" demand for copper metal was re.
ported. ihc price responding with a
fractional advance. Tho supply Of
surplus copper is now declared to
b" below normal Predictions Of fur
ih'r advances in its price are being
rado ny authorities Absorption of
ih" Chilo Copper by the Anaconda
would have II favorable Influence on
the copper market i'm general as the
former has hccn a heavy seller OF the
metal at tho market" much 10 tho
ANNOYANCE az those companies whose
production costs arc much higher
Fisher Ii"dy Hrrnk>.
Fisher Body, after touching new
h.Eh record. broke more than s
points William g. Duraut. former
head OF Tho General Motors. Is credit
90 IVA Wall street with being re-
SponSihl" FOR tho activity In that
stock. Ills sales force is understood
'n ue selling certihcates Of .ntercs;
nH Fisher Body stock Ills activity
las Undoubtedly annoyed the Fisher
BODY Insiders
Hlmors mat ,h.re Is a danger o.
"ihrr ga FISHER Body are not
atcn ~eriour4 by .>toc& exchange
l,sss activity in tn" bon. mark,
due 700 ,ne l,rs" volume og IL
"ios. recent government offerings
'"''i had 60 hc taken 10y III. banks
a.i trust Companies
i-.h'r.F tands We're slightly high.