Evening star., 1922-12-11
individual STOCKS
ALONE ARE ACTIVE
Most Shares Settle Into Dull.
ness in Late Trading
Today.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK. December 1l.-Iodays
markets paid very little attention TO the
outside news. Possibly financial judg'
ment regarding the probable outcome
OF the conference Of premiers at London
was being suspended until more deh.
mite information came to hand. Stu
the apparent hitch developing over Sun
day, whereas on Saturday the prospect
Of an agreement on German reparations
and interallied debts seemed bright, was
distinctly disappointing. That 1t did
not show in the price movements OF the
day was rather surprising.
Sterling made a new high crossing
s4.5s, at which figure 1t was within 2S
cents a pound Of the pre.war parity.
French exchange went higher. and 80
did Italian lire, while German marks
maintained the same immobiltty that
had characterized them Tor tho last
Along with the strength in the ex.
changes, United Kingdom Of Great
Britain bonds reached their top places
OF the year and FRENCH and Belgium Belgium
SeFs va. ss despite en she
ton of Germany's latest reparations
offer and the reported disagreement
! between French and English repre-
sentatives. the market was stu hope.
| full that some good would come out OF
| the conference after all.
Quiet Day in stocka.
The day was not an important one
in the stock market. At times there
were signs OF prof: taking by the fol-
| lowers OF last weeks advance rms
brought about losses OF a point or 20
lr the leaders Of the oil. equipment
I
Railway shares-some Of them-were
inclined to be heavy. but there were
many points Of individual strength. and
these stood out more conspicuously than
did symptoms OF reaction.
The explanation commonly given TOT
the sudden taking up OF Dawson Chemi-
cal. the Virginia Carolinas and Amer.
/, can Agricultural Chemical was that It
was the rebound following the cessa-
ton Of prolonged selling for tax pur-
some b,ising back by persons who had
registered their tax losses long enough
ago to be within the new law IN repur-
chasing now.
General Asphalt Advances.
The advance went farther in General
Asphalt common stock on intimaions
that a favorable announcement would
outside the Royal Dutch interests.
Opinion was varied recently regarding
AsphaltS earnings and cash position.
some people maintaining that the COM
pany Is not showing net income suffi-
cient to cover the preferred dividend.
while others say that the dividend 10
being fully earned and that Asphalt has
a substantial cash balance.
The National Lead recapitalization
plan, which Wall street has been
discussing for some time and which
has been the basis of the sharp ad-
vance in the stock to around 12?. is
now said to call for the declaration
Of 100 per cent stock dividend. ana
the placing of the increased stock on
a IS basis The dividend payments are
earnings would permit the declara-
ton Of a s6 dividend rate because
earnings are running at the rate or
about SIS share.
More stock Dividend Hints.
The idea Of an extra dividend en-
tered into the upturn OF Corn Prod
| ucts. The strength OF the Can shares
what the market has known for some
time regarding conditions In these
two industries. Shares of companies
doing their main business with the
farmers. the chemical. the ferlllizer
and mail order companies. were In
Attention was once more directed
! 10 the prosperous situation in the au-
tomobile industry by the declaration
Of an extra dividend OF 2a cents
share on Hudson Motors. an ac,,on
evidently not fully anticipated. The
stock went higher on the announce
mont An increase in prices an
nounced by another OF the tire COM
panies. however. appeared to have
been discounted
Altogether the general list held up
! better than the professionals had en-
! pected The market was stronger in
the last hour than at any other stag"
of the day and was somewhs. more
active.