Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-21
TBy Associated pr.s.1

NEW YORK. Dec. 2O.-Thc con-
fusinS movement Of prices In today's
stock market reflected the spccula-
tive uncertainty over the ultimate
trend. trading again being largely
professional affair. Spectators
FOR the advance took the railroad
shares in hand shortly after the
opening ana appeared "a be making
good progress when short pressure.
was directed against some og The
st"cls. equipments and other spccu-
lativr fhYprit"S. the market there
hft"r exhibiting marked irr"puiarity
Completeness strength was shown
during the session lay California Pc
irol"um. which mad. an extreme
rain az NOR" than eight points. on
publication y; November production
figures showing That California we'll.
turned out record output OF a.
u3J,53I barrels I'an-AucrE,an
and II showed ne, advances of IT'S
and rs. respectively, ANA STANDARD
on OF California gained two points
Mexican Petroleum climbed seven
points 20 25S, another new high rec
ord
steel Share. Fail to urspond.
Steel shares failed TO respond TO
the optimistic ton" o. the wechl,
trade reviews, which indicated UNI
usual yoar-cud activity with pros
poets FOR continuance OF high
production rate into the early months.
Of next year. United states steel
got down below loo for a net losg
"f 5-s. Midvale dropped rs. and Re-
public ono. Bethlehem g. yIcId!np
two points and came within nv.
points 81 the years low, selling o..
thus Issue being Influenced bv the
publication OF unofficial reports show
not cover any part OF the common
dividends. Cruclhlc dropped .ls
Baldwin. which led the advance
yesterday with a net gain Of more
than four points. forfeited .It
points today. Othcr equipments also
were under pressure. losses OF one
10 three points being recorded bv
huffman, American Locomotive and
General Electric.
HniI. Lose EnrIy Gn,n..
railroad stocks generally failed TO
mona ih"lr early gains. although I.e-
hiEh valley. Canadian Pacific I'LL
mons central and DelawaEe and lIud
son closed one 10 two points higher
Ton shares o, Michigan Central
changed hands a, 40, up forty from
'hc previous sale. Reading was up
over point At one time. but closed
Copper shares made no resnon.a
l" another increase in the price ~
tn" rcd metal. bringing II 10 1854
cents pound. the recent strength
~ ihcs. issues apparently having
discounted this action anacond,
Nchn"cott. Inspiration. Cerro de Pas
g." and chile. all showed small trac-
il"nal losses. directors OF tho las,
named meeting today. but taking no
dividend action.
Expect Marine TO Defer Action.
speculative belief that the direo
'"FS or IN" international Mercantile
Marin" company viii either omit or
DELAY action on the preferred divi-
dcnd at tomorrow's meeting was re-
H"ct"d in gig point drop IN ,ha,
STOCK some OF the other not!ccably
wax spots were Allied Chemical
,'""hi|h Edison. National Lead.
thfed Fruit and Standard OIL OF
Now Jersey. old stock of tb-oc ~
I"nr ana on"-Guartcr points, and Porto
hican Tobacco of seven.
an money opened at ga, easod
on 10 !-2. and thence to four. where
u closed. Tine money continued .,
ho quoted Mt 4 "a bid. and ; pcr cen,
"H"r"d, some sixty ana ninety DAYS
loans being made a, AIS per cen,
commercial paper trading continued
GHi"t with little new paper coming
into the market.
Foreign exchanges were weak n,
inc opening OF business, but rcrov-
'''u somewhat later. Demand sterl
,nS Vas quoted around 3i.62 SIS. and
French francs a; s7i2 HOLLAND .,,i
denmark rcmittanccs dropped about
Twenty-Five points each Suvcr ox
changes showed nrmer tone. Tn.
Canadian dollar was a, n djs.ou,,,
OF rs OF per cent