The Washington herald., 1922-12-12
ERRATIc TENDENCY
PROVES FEATURE Of
LIGHT STOCK TRADE
Prospective Dividend Payers,
Led by Allied Chemical, Show
Conspicuous Strength.
By BRoADAN WALL.

NEW YORK. Dec. i1.-Irregu-
larity featured the stock market
today In comparatively light trad
ING. Stocks influenced BY dtvi.
dend possibilities. such an Allied
Chemical and Hudson Motors.
showed conspicuous strength. ac-
companied by higher prices In those
shares which have been technically
strengthened by ovsrselling. The
majority Of the list sold lower.
liquidation being added to somewhat
dearly after noon by reason OF
private cable advices to the effect
that allied premiers would adjourn
until after the turn Of the year.
Despite increase in available funds,
call money was advanced to Al
Der cent after renewing At An. The
total turnover fell considerably
below the million-share level.
Cotton opened strong and after
xiving ground temporarily In the
morning under professional trading'
rallied and closed higher on favor-
able reports and optimistic expec.
tations In regard to the Govern
ment's report tomorrow afternoon:
A concShsus Of estimates made by
rnsmbers Of the Cotton Exchange
Indicates expectations of a Govern
rnsnt estimate OF slightly under
no 1oo 900 bales. Grain markets
were irregular, with wheat and corn
losing early gains in late huuida-
ton.
Sterling featured the foreign ex-
change market with an advance 10
I5s. the highest quotation since
earlv in 1918. Gable advices irdi-
Gated a duh and featursless market
in London.
ALLIED CHEMICAL.
Allied Chemical and Dye stood
out with conspicuous strength
throughout the session, registerins
A net gain Of ~. at closing quo
tation OF so. Renewed reports were
in circulation regarding favorable
dividend action expected from the
directors meeting December 20
Extra dividend Of 20 cents
share announced by Hudson Holors'
while small. accounted Tor an au
vance OF Ia. TO 26k Stud"nake'
lost IN under further profit taxing
Chandler held steady around osS'
Westinghouse advanced lrae'iol-
slly TO 1O4$ under reported ac-
cuy,ulatiun in anticipation Of the
comrany Joining the "melon cut
ting" group. a 25 per cent stock
dividend being generally talked OF.
National Lead was also favorably
Influenced by stock dividend talk
Directors are scheduled to meet
tomorrow and stock disbursement
of 100 per cent Is looked for.
CONTINENTAL CAN.
Those who sold Continental Can
short ION the good news when
stock dividend was announced re-
Gently find themselves in a rather
rueful predicament. Unlike most
stock dividend shares Continental
Can kept right on climbing after
announcement of the distribution.
adding ia to its climb to 1881.
Profit taking In preparation for
the Pan.American shares selling
sex" the 25 per cent stock divi-
dend caused over a point decline in
both the "A" and "B."
strength in zinc and lead prices
continues to favorably influence
shares Of companies producing
these metals. Butte copper and
zinc advanced fractionally to a new
high at ga. Butte and Superior
fun point, TO 31k. and st. Joseph
Lead held steady at 19A. Shatter-
ing OF hopes in early announce
ment Of the Ansconda-Chile merger
caused fractional losses in both the
ISSUES.
Renewed circula ton Of the report
that Corn Products will declare
stock dividend at the directors
meeting late this month caused re.
newed strength. which advanced
the stock is, to 1924.
Liberty issues featured the in
yestment market in rather con-
spicuous strength the first AIS
and the third as again selling
over 90. The Treasury 4h's also
sold close to par. Industrial issues
were generally reactionary with
strength in individual issues such
as Cuba Cane Sugar rs and SIS.
United Kingdom 5h's advanced In
sympathy with the strength in
sterling exchange but other for
eizn issues were quiet and uncer-
tain