Evening star., 1922-12-19
Of STOCKS
VERY IRREGULAR
Professionals Push EQUIP.
ments Higher and Force
Oils Lower.
By STUART T.. WEST.

Special DISPATCH to Inc Stdf.
NEW YORK. Decembe.' ls.-The
course Of today's markets suggested
a disposition on all sides to settle
down at present levels and await some
fresh impulse in the general situation.
1t had seemed at the close of last
week that such an impulse might be
found in the German loan proposition.
But enthusiasm on this subject rapid
ly cooled. when It was made clear
that American bankers would not go
into such an enterprise until the repa-
rationS question is satisfactory set
tied. This means that nothing more
will be done regarding a German bond
issue until the next meeting OF pre-
miers. in January. and only then in
ease the French attitude Is radically
changed from what II Is supposed to
be at present.
Equipments strong, Oils Weak.
AS a rule. price changes in the
stock market today were not OF much
importance. The professionals mac ad
the field entirely to themselves and
bent their energies about equally to
advancing certain stocks and de-
pressing others. but in both direc-
tions the market displayed increasing
inertia. United States Steel common
was comparatively indifferent to the
official denial of recent stock divi J.
dend stories. On the other hand.
shares of the independent oil COM
panies were under more or less pres
sure because OF uncertainty as to
whether they are making mucn
money under the present price
schedules.
Baldwin Locomotive and the other
equipment shares were strong and
the oil shares appeared to have re-
covered from the effects OF sudden
liquidation precipitated by the failure
Monday of an important western
house.
Railway shares were again unset
tied with weakness In cases like Della
ware and Hudson, where the earnings
are particularly unfaVoraole. Inc
upward tendency in the metal market
was illustrated again by another ad.
vance In the rrice OF lead. Metal
shares were steady
steel Extra Rumor Dropped.
Steel common. which had closed
Monday night at 1864. opened down TO
lO5s. today. following the denial by
Chairman Gary Of recent reports that
there was to be either an extra cash
distribution or a good sized dividend IN
stock. Later. however. the STOCK raj
lied. The street comedies that nothtnE
extra is likely to be paid on Steel right
away. but it does expect that with the
course OF 1898. shareholders will be
getting more than they are now.
The recent decline in Orpheum
Circuit does not reflect unfaVoraoiy
upon the con,pany's earnings A year
ago oreratic ms were being conducted
at a loss Now profits are running
at the ra:e OF 100000 net a month:
that is. this is the monthly average
for November and December. II earn
ngs we're to continue a; this rate
%,,fY hnH Nlyt RI
work ou, about IS share. The ex-
planation for the recent weakness
sooms to be that certain group
early last fall obtained an option and
tried to make market for the stock.
bidding i. up to 2s. A so,d deal OF
figures and since then no attempt
has been made to support the price.
Marine Dividend Action.
Directors Of International Mercan-
tile Marine are to meet on Thursday
to take action in the dividend. Opin-
ION is divided as to what will be done
the trading element as a rule looking
for the dividend to be passed alto.
gether. On the other hand, some peo-
Pile claim TO have received assurances
from a high source that the rate will
be maintained 1t seems to be a case
where the board Of directors Is split
and where no decision will be reached
until they actually meet.
The afternoon stock market was a
very dull affair and SO was the bond
market. In neither was there any
indication Of the presence Of invest
ment demand which often appears
ct this time Of year. anticipating the
first of January corporation pay
ments. New security offerings. to be
sure, are being taken readily enough
and there is no evidence Of an accum-
ulation of unsold supplies. But an
other forward movement in invest
ment values cannot be expected
unless money rates come down ana
Judged By the present outlook for de-
mand for funds for trade purposes.
will certainly not diminish. but will
rather increase in coming months.