The Washington herald., 1922-12-06
STOCK PRICES LOWER
AND WEAK IN DULL
AND ERRATIC TRADE
Confusion Relative to Prospec-
tive Legislation Here Regis
tered in Irregular Session.
BY BROADAN WALL.

Universal Service Staff Correspondents
NEW YORK. Dec. 5.-Confusion
relative to prospective legislation at
Washington was again registered
by the stock market today in ir-
regular price changes. some shares
Advancing and others declining.
Prospects OF stock dividends and
increased disbursements strengthen
ed the Industrial group. Trans
portation shares were shaken by
renewed rumors regarding the un-
certainty Of Great Northern's pres
ent dividend. Strength in the in
dustrials was most pronounced in
the last hour, Standard Oil OF New
Jersey. Kelsey Wheel and coppers
being leaders.
htock disbursement. Kelsey Wheels
hdvance accompanied reports OF q
stock dividend at tomorrow's direc-
sey, however, discredit these state
Hrents. I've probability Of stock
dividends by the big tobacco COM
panies gained color by the an
nounced intention of Liggett and
Myers to enlarge It's stock. fhk.
Is said to presage a distribution OF
stock Of perhaps 50 per cent. The
company has a surplus Of nearly
s27. 100000.
Estimates OF Great Northern's
coming semiannual dividend range
from ~ to 3ia per cent, share
holders holding stock at higher
prices sharing the latter belief.
General belief Is that the payment
MIL be "a per cent. Stock has
practically discounted a cut to q
s. per cent basis.
EOPPERS.
choppers showed vitality. being
nyigorated by the resumption Of
dividends at the rate Of rs cents a
share on Kennecott Copper. This
company has sold its entire output
Tor the year and reduced its supply
of copper to a minimum. Mother
lode directors are expected to act
tomorrow on a dividend. Cerro de
Pasco continued a favorite. touch
ing a new high price for the year.
The per cent cOnvertibles sold
within half a point Of their high
record. Significant developments
viii appear soon for Seneca Copper.
Developments continue to appear
In the independent steels. Replogle
Steel and Wickwire Spencer did
nothing. despite Mr.. Replogle's ad-
dition to the Wickwire board. An
option on an important block of
stock hanging over the Wickwire
market is said to have been taken
up by a big operator. Wickwire
is reported TO be flirting with Roeb-
ling and Company. which construct
ed the Brooklyn Bridge. and the
management OF which is dominated
by a woman. Replogie interests
scout the idea of consolidation with
Wickwire. People close to the lat
ter say il is a probability.
NEW LISTINGS.
Jones and Laughlin shares are
understood TO be headed for New
York. The company. which is a
closed corporationr control of which
is lodged with the Jones and Laugh
lin families. is to b. recapitalized
and some of the preferred stock
sold bv prominent New York and
Pittsburgh bankers. Youngstown
Sheet and Tube shares also will
join the stock exchange list soon,
80 that the steel group will be ex-
banded.
Prices of oil are not expected to
lie advanced until after the begin.
ming of the New Year. Present
prices. it is declared. will he more
convenient for the taking of losses
on inventories for this year.
The market for domestic bonds
displayed strength. Formal ap-
0roval of the Missouri. Kansas and
Texas reorganization plan was fol-
lowed by activity and strength in
its securities. IL will be about six
weeks before the new certificates
ere delivered Their delivery will
sriease a substantial volume of bro
ktrage and bond house funds tied
ub in when. as and if issued Ger.
tsfiCateS