The Washington herald., 1922-12-29
STOCKS DECLINE AS
TRADERS UNLOAD TO
RECORD TAX LOSSES
+ YESTERDAYS TRANSACTIONS IN STOCKS
British Fleet Movements, and
Desire For Price Concessions,
Aid In Lowering Level.
By BROADAN WALL.

New York, Dec. zs.-The order
directing the British fleet to Con-
stantiGople was given as the rea-
son for heaviness in the stock
market today, but the underlying
cause was found in increased offer
ings Of stocks by people to reg
lister tax losses, and an unwilling
ness of insiders to take the shares
except at price concessions. De-
clines, ranging from one to two
points, were not a source of sur
prise in that the selling for tax
alton had been expected. No mat
ter how optimistic insiders may
be on securities they never hold
prices when they know forced SELL
ing Is coming. Although Baldwin
showed strength, and touched a
new high price with Studebaker,
signs of weakness began to appear
before the actual sailing of the
British fleet had been announced.
The general hist has been show
ing evidence of top-heaviness due
to an absence Of buying power for
the last three days.
HEAyINESS SPREADS.
The heaviness did not become
general. however, until the after
noon. Those behind Baldwin and
Studebaker. which are considered
speculative leaders naturally with
drew support when the heaviness
spread to all parts of the list
Steel common at one time showed
q gain of about a point but it also
weakened. Final quotations were
near the lowest. Today wss the
last day when taxpayers could sell
securities on which to establish
losses Transactions made tomor-
row would not be completed until
January 2, 1923. and would not be
countenanced by the revenue de-
partment.
Failure Of the commodity mar
kets to register any violent price
changes furnished an indication
that there was no real fear Of war
as professed with regard to the
stock market. Cotton at one time
showed a loss of about 81 a bale,
but recovered about half the de-
cline later. This selling represented
profit-taking. Wheat was from IL
to cents a bushel lower on real
tung sales. Foreign exchange also
paid little attention TO the sailing
Of the British fleet for the Darda-
nelles. Sterling moved within
narrow range.
TRANSPORTATION SHARES.
Transportation shares did not
share in the decline to the extent
shown by the industrial leaders.
Railroad earnings for November
continued to show improvement.
The one bright spot in the common
carriers was found in st. Paul,
the stocks and bonds of which
showed distinct betterment for the
first time in weeks. large block
ef the securities overhanging the
bond and stock markets is believed
TO have been finally disposed of.
Predictions of an active market
for copper shares early in the new
year are heard on many sides.
support was in evidence in the COP
pers- Rumors believed to be pure
fabrications. were that the Ana
conda-C Chile merger had been aban-
doned. They failed TO have much
impression on those shares. The
low-pri'ed cOppers are steadily being
absorbed especially those producing
At low cost. Comprehensive plans
or expansion in production are
being considered.
A quiet demand was reported for
bonds. Foreign government bonds
nuctuated within A narrow range
in the face of the foreign news
Liberties were irregular. some show
ing softness. Bond houses were
chiefly interested in the prepara-
tions being made for the immediate
flota ton Of the new Armour Com
pany securities.