, 1922-12-05
STOCK TRADING
DULL At START
Hesitant Attitude on Part of
Traders Leads to Ir-
regularity

NEW DIRK Dec 5-frices see
sawed in t0day's relatively duh deal
ings on the stock exchange with the
al quotations showing few import
ant Ran shares were heavy
most Of the day IN unconhrmed rum
ors OF forthcoming cuts in dtvidendE-
sIndustnal shares strengthened on an
management OF favorable dividend &C
ion hy he directors Of the Kenneeott
Copper company and the ~studebaker
saies appropriated 100000 shares
NEW YORK. Dec 5.-oPenins
prices IN today's stock market were
d-il and irregular, most traders adopt
ing n hesitant attitude. Speculative
expectation that tho S~tudebaker
Of directors viii decide on the main
renance OF the 10 par cent dividend
rate and declare a IS per cent stock
dividend at today's meeting found re
Election in the strength OF that stock
the first sale totaling 1880 shares Mt
an extreme gain O. SO points. Ster-
ling products was pushed up "a to
a new high for tho year and CONT
mental Can equaled its former high
on n gain Of "a points. Cluett'Pea-
body climbed five points. weakness
developed IN some part OF the list.
however. on the selling OF the low
priced rails. Erie first and second pre-
-ferred dropping n point each Wool'
worth broke 4i5 and United States Al
rohol .. Oils also were Inclined to
.h~eaviness. Standard on OF New Jef-
sey falling back IL and California
Petroleum 1. Lorilard and Tobacco
"a a g. - HnaaH EaH=.
eiEn exchanges opened Irregular.
Persistent selling OF railroad shares.
both dividend and non-paying. which
fell ! to . points. had a depressing
effect on the whole market. Some of
the industrial leaders such as Bald
win, United States Steel common and
Pan.American offered good resistance
10 selling pressure but S~tudebaker
forfeited nearly all of its initial rise.
Having succeeded in checking the
rally which started last week, bear
operators were active in putting out
new short lines OF stock. Peoples Gas
was hammered down Az and Marland
oil az, while Tidewater Oil. Iorillard
Tobacco, American Hid and Leather
preferred. Great Northern preferred
st. Paul preferred, Louisville and
1ull NldNrN SAtfAs AApuhAOh
OH Asd Standard OIL of New Jersey
dropped ! to 2h.
4, Call money opened Mt 5 per cent.
: Extension OF the forenoon decline
svas quite general. American Hid and
Feather preferred losing AZ points.
Great Northern preferred S%, Chi
scago n North Western az and
Union Pacific . points. before the an
.nouncement of the declaration of n
% per cent stock dividend by stude-
baker. and the resumption OF divi,
dends on Kennecott Copper at the
annual rate of 3 per cent served TO
stem the tide OF selling orders for n
time. studebaker. which had been
quoted under yesterdays final figure.
Immediately mounted to 1863 ana
Kennecott also scored a rise of a
point. Rallies IN the balance OF the
list were not important apart from
Kelsey Wheel, which rose Az.
The closing was firm.
Virtual cessation OF liquidation in
the final hour combined with brisk
buying OF a few special issues. notab-
ly Standard OH of New Jersey, Pitts.
burgh Coal, Southern Railway pre-.
ferred and Kelsey Wheel, turned
prices upward again, particularly in
the industrial group.