Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-29
tBy Associated Press ]

NEW YORK. Dec. 2s.-Iicuvy SELL
nS by large Investors to establish
AK losses. combined with free Of
acr!ngs rt professional short inter-
sts VINO acted on the theory that
he market was duo for a reaction.
-1rted n rcactionary tone to most
'rlces In todays active stock mar
8sct.
Regardless OF complications of the
hirty- day rule as to repurchasc. this
'as tho last day on which securities
ouid be sold on the stock exchange
or lax purposes except for cash
! regular way sales made today VIII
DC cleared tomorrow. but as there
re no clehrances on Saturday. .'rcgu-
way sales made tomorrow will
Not he cleared until next Tuesday
hro"inE realization OF profit or loss
u those transactions into the mex,
ear. Cash sales may still he made
omorrow. but the volume Of these
: usually small.
Rails Are Under Pressure.
bi'idea"-pay!ns railroad shares
Eyer" under marked pressure. Lacka-
wanna dropping three points on the
announcement that directors had
'nittcd the extra dividend ordinarily
iiec!ai"d ~ this time. Speculative.
I'sappoin;GNcnt over IN. Reading s.p
3'R"'lon plan. AZ published today
8'"s reflected In Il drop OF ll-3 In
nat stock. with IehiEh Valley drop
Pms IL ia Bympathy Losses OF
So!nt or NOR. also were recorded
~ southern Pacific. Atchlson. mi
d OILS Central and Chicago and North
western. Atlantic COast LIN. au.
ancod It's ana tho 81. pau ia
he5 improved about point zach
IN publication o! Il anc November
arnlnga report
baldwin fuctuntcd within "A ranr.
nearly Ave points. closing d, l3,.
/ net loss Of 2l2 points. other
qul pnents also were weak. Ame,,.
an Locomotive. Pullman. General
3Gllctric. American Car and Sew
ork AIT Brake dropping l-2 to
hren points. Oh also yielded to
3seAiAs pressure. Pau-Aucrlcan Il.
standard Oi! OF California. Pacittc
H. General AsDhal, ana Houston
4 fopp'hg ono 10 Two points with
fractional losses In Cosdcn. Cali,or-
ia, Petroleum and Standard OH Of
View Jersey.
Coppcrs show wraknr...
a break OF approximately poin,
Nnaconia and weakness OF other
oppers were accompanied by REPORTS
nat tho Anaconda chill. Copper iner-
ger was ike!y TO fa!! OF accun.p!lsh-
1heht because %: liability to agree
eiron terms OF rayun,nt. strength OF
Forth American. which closed two
porta ".-" "aa ...l.outcd 10 the
possibility OF au car, .ucrras. in
he dividend Tobacco PRODUCT,
)tocks also improved in speculative
1.ntcipation Of favorable dividend de-
fe!opnen,s
studebaker. which established a
lew hish record for tho year earlier
II the week. got down below IA.
lIui rallied later 10 1875 IS, where /,
(vhs OF Is on the day. Chandler
1doi"r improved nearly a po.n, on
heavy turnover. Other auto,no-
nv" shares were wcaA. .St.oinuer.
aThuFetor dropping 10 G5 for "a net
oSa OF : BIS United States Steel
'!oseG at !e5 81 for Il net loss OF
Call Money Rcmnin, Firm.
| Shifting Of funds in pr.unra,Io,
or the withdrawal OF $4,000. GOO by
ne government this week and heavy
f"thG!hwaiS by institutions TO r..t
5'cdr-rnd dividend ana interest pav
htHtS resulted IN u continued firm
lesa or cal! money. which opened
III y per cent ana advanced 10 SIP
!ore the close. The Tim. money
nd commercial paper markets con.
!nued quiet with no change in rate.
bIsn"tching at the british ne.t
rom Malta 10 Cons;ant!nopIc had a
temporary depressing effect on III,
|.oreish exchanges. the volume or
BUSINESS was light Demand sterling
lSo' Gown 10 si.6i for ii loss OF more
han half cent ana slight rcc.s
SONS took place in the other Euro
1pean rates with tho c.cs,,t,n =.
|frcnch francs. which held st,adv
lat 7.23 cents