The Washington herald., 1922-12-20
EARLY LOSSES GIVE
WAY TO FRACTIONAL
ADVANCES AT CLOSE
6eIatsd Rally Led BY Baldwin
and Steel Common Over.
throws Professional Shorts.
By BROADAN WALL.


tive enthusiasm for the rise was
chilled for a time In the stock
market today by ]. p. Nor
Ean's declaration that there could
not be any German loan at
tempted until reparation payments
were readjusted, and Judge Gary's
denial that an extra dividend was
being considered by the Steel Cor
poration. Professional floor traders
used the denials as a basis for In
creased operations on the short side.
Offerings were readily absorbed. The
upward trend was resumed in the
: last half hour under leadership Of
Baldwin and Steel common. Early
declines of one to two points were
replaced with gains of from frac.
ton to a full point. The close was
strong and near the best quotations.
The days business showed substan-
tial contraction. Specialties like
National Lead and General Electric
which have been in limslight re-
Gently were again prominent Re-
sistance shown by the general mar.
kst to bear pressure was considered
significant. Speculation continued
active in wheat and Cotton. the
former showing q slight reactionary
tendency while the latter continued
active near the high prices made the
preceding session.
COPPER ACTIVITY lessons.
Activity in the copper shares was
lees marked although additional i'm.
provcments was reported in the cop
per metal market. Some large pro.
ducers have marked up the price at
which they are willing to take new
business to 149s cents a pound for
the metal Foreign and domestic de-
mand continues good and predictions
are being made of Is cents q pound
for the metal by the beginning Of the
new year. An authority estimates
that the supply of metal on hand
including that pledged with the Cop.
per Export Association amounts to
between 250,000.000 and 800, 900, 900
pounds.
This is calculated to be slightly
more than one months supply at
the present rate of consumption.
Attention is directed to the fact
that increased production resulting
from increased operations by such
comps nies as the Anaconda, Utah
Nevada Consolidated and Ray Con.
solidated has not really appeared
in the copper market
EXCHANGE.
j. T. MorCan's statement relative
10 the German loan had a SOLDERING
Influence on the foreign exchange
market. sterling exchange was
lower but French francs wers
slightly higher. Neutral ex.
changes were inclined to sell off.
this being especially true Of Den.
mark. Dutch suilders which re-
Gently showed pronounced strength
due to a special reason also eased
off. A slight lowering OF the call
money rate was witnessed Tn.
call rate on acceptances receded
slightly.
Sentiment in the Street - h.,yish
on the transportation shares In
most quarters. Professional traders
Keep picking on the short side OF
the rails and in some instances are
circulating malicious rumors in an
effort to depress stocks. They
even went so far today as to say
the Delaware and Hudson dividend
which is payable tomorrow had
been passed. The stock lost three
points as a result. Unfavorabls
reports were also circulated re.
garding the stability of the Union
Pacific dividend. Important people.
however. do not place any credence
in these stories.
Those stocks in which speculation
mas been most active and which
big professional operators have
brought to the front are expected
TO continue leaders owing to a be-
lief that the stock market will be
largely a professional affair until
sfter the beginning of 1923. The
Street is practically unanimous In
the belief that all indications point
10 good trade early next year. This
1s expected to find reflection in a
strong stock market the first
quarter of 1923.