Evening star., 1922-12-05
STOCKS GO OL0WER
IN NT0DAY'S TRADING
Studebaker and Kennecott
Strong Spots on Voting
of Dividends.
IN STUART r. WEST.

spccia! Dispatch TO The Star.
NEW YORK. December 5.-For
such selling as came into the stock
market today there was no convinc-
ing explanation of a general nature.
Certain stocks were weak for reasons
peculiar to themselves; others In a
better position. either as regards
earnings or market support. held
fairly steady.
1t was the obvious thing to attempt
to find some connection between the
hcaviness Of the share list and the
latest news from the Lausanne con-
ference. But inasmuch as this news
had little or no effect upon the for
eign exchange, upon cotton or upon
foreign government bonds there was
no sense i'll saying that II was seri-
Gus influence in stocks.
The market was much less inter-
ested in the Russian attitude 1T Lau-
Same or any other matter affecting
the general financial outlook than 1t
Was in such local and individual In
cidentS as the declaration OF 25 per
cent stock dividend on Studebaker.
dividend basis. with a quarterly dis
tribu:ion of IS cents Il share. and
the probability that Great Northern
directors. at their meeting on We'd
ne day, will vote only enough to
make the stock per cent dividend
payer.
Great Northern Breaks.
A sharp break in Great Northern
had an unsettling effect upon the
rest Of the rails. especially upon the
shares OF the northwestern carriers.
like ST. Paul and Chicago and North
western. In the lively speculation Of
the summer Wall street had reckoned
too much upon the favorable pros
poets for tie spring wheat crop and
trade to swell the earnings of these
roads. 1t had not been able to fore
SEE the losses Of the coal and shop
mems strikes.
Th. decline in the railway shares
reached all the way from one to three
points. and this was enough to sc
count for the heaviness in the general
market. AS a rule. however. the in
dustrials held up reasonably we'll. a
few specialties broke sharply and the
average to speculative selling. On
the other hand the coppers were
steadicd by the kennecott ACTON.
which was visible proof of the I'M
provement during the last six months
in the copper trade. and tn. cal
Pittsburgh Coal. in which resumption
of dividends at the next meeting OF
directors was discussed as no: at all
improbable.
slump In Peoples Gas.
The principal explanation for the
abrupt break today in Peoples Gas
was a technical one. Stop orders in
quantity had accumulated around 80
and mass of this selling came into
market which for the time being
was without protection. AS always
happens under such circumstances.
these selling orders were punched to-
gether and set off at a single price
the wide-open break from ~ to 81.
Much of the recent buying above 90
has had in mind the possibility of an
increase in the dividend to I per cent.
While this matter is not yet settled.
and will not be until the full returns
garding any change in the rate is
less confident than 1t was.
Split-Up In Nash Motors.
A split-up in the common stock Of
Nash Motors-perhaps on the basis
of ten for one-is expected in the
street. Nash will show about S11G a
share on the present common stock.
the exception of 1920. The net profit
this year will amount close to &c.
500. 900. Nash has $15.0OO.OO0 cash.
the equivalent of 1900 share on the
common stock. All of the company's
preferred will be retired by next Feb
ruary. The current years production
will total 10000 to $4,000 cars.
Italian lire and French francs both
went lower. but the decline was too
slight to be regarded as anything more
than natural reaction. 1t could have
had no real connection with the political
news. Moreover. French government
bonds, usually most sensitive to under
currents Of political uneas.ness. were
practically unchanged on the day.
Sterling exchange reached the $4.55
mark toward the end of the day. 1t
was a comparatively dull afternoon
on the stock exchange. with a slight
recovery from the early declines in
the railway list and general steadi-
ness in the industrials.
The Studebaker declaration had
been fully expected at a later date.
but 1t seems to have caused surprise
among many people who are usually
apt to have correct information, COM
ing at this time. The stock was
strong both before and after the news
came out, although in the last hour
there was some natural realizing.