The Washington times., 1922-11-26
PROFESSIONALS SWAY!
MOVEMENT OF STOCKS
DURING PAST WEEK
Practically All Speculative
Leaders Attain Lower VaIu-
ations During Period.
BY w. s. COUSINS
copyright, 1922. by Cosmopolitan
Naws Seryicel

Copyright. is22. by Cosmopolitan
News Service.)
NEW YORK, Nov. 25.-Move-
ments of prices in the New York
stock market during the past week
represented nothing more than the
continuation Of the professional
activity which has been in evidence
since the collapse OF the latest
forward movement about the middle
of October. Though only on one OF
the sessions Of the week, and then
for a brief period. was there any
thing indicating concentrated at
tack against the whole market.
there has never been a time when
stocks were not offered In gooo
volume. and hence 1t has been OUT
of the question for a rally TO pe
fairly launched, to say nothing OF
its making any great amount OF
headway against the forces that
have been steadily operating Tor
lower prices. A glance at the quo
tatiQns will show that the level OF
prices prevailing at the close OF
the week places practically all OF
the speculative leaders, BALDWIN.
Studebaker. Steel. New York Cen.
tral. Anaconda, on slightly lower
valuation than at any time Slice
the middle Of October.
Bears Depress Rails.
Perhaps the most discouraging
development in the stock market
this week was the apparent ease
with which the bears were able to
depress the prices Of the railroad
shares. In the opinion OF most
traders the railroad stocks. having
participated to only limited ex'
tent, in the September and October
advance, would be the last TO reel
tie effects of a reactionary move
ment in the year-end. Moreover.
the current reports of the loadings
of revenue freight cars have been
as favorable as>at any time since
the closing of the war. But racts
have been brought to light this
week which indicate that the rail-
roads are by no means out OF the
. woods.
The oil stocks were not as reac.
tionary as the rails or as a good
many of the industrials. There Is
feeling in the speculative district
that good progress has been made
in stabilizing the oil industry and in
overcoming the excess of consump-
ton over production. The methods
which are expected to bring this
about are principally the introduc-
tion of machinery to eliminate waste
in refining, and the building OF big
ger and better storage tanks on a
cooperative basis. The Standard Oil
stocks have receded from the PIN
nacle to which they were driven by
the widely advertised stock divi-
dends, and the so-called independent
all Oinnlaiv TnS6nn Hnnlfnn
Texas and the California oils have
shown by their productive capacity
that their stocks are worth all that
they are selling for at the present
time.
IndustriaIs Steady.
Industrial stocks were fairly
steady this week and additions were
made to the list of stocks which sold
up to new high prices for the year.
From the standpoint of actual cash
income to their stockholders, the in.
dustrial companies which announced
new and extra dividends have given
the substance rather than the
shadow and it is expected conf.
IDENTIFY that further announcements
Of this nature will be forthcoming
Though more or less irregularity In
the stock market is looked for over
the year end, most of the speculative
experts look for a rising market
early in the New Year.
With few exceptions, irregularity
In leading issues in the listed bond
market continued this week. The
second-grade railroad bonds were
under liquidation and losses Of two
or more points were made by a
large number of these securities.
One of the features of the weeks
trading was the further rally in the
bonds of the French government
following the issuance of an impor-
tant statement concerning the
financial status of the French gov.
ernment by an American banker.
At 80 the French SIS had made a
gain OF over five points from the
recent low.
Considering the fact that many
Of the bond houses are said to have
been unable to- distribute all Of the
recent offerings at the prices
marked for them, 1t was only logi.
cal that the amount of new offer.
ings this week should have been
considerably smaller. Outside Of
an $S,000,000 issue Of the city Of
Montreal. Canada, the total OF new
bonds was only about $12. 900 900,
GOTSicti1A VI Sf,VUU,UuU III new IN
dustrials, 100000 in railroad, and
s2,0o0,000 each in public utility and
farm loan.
Banking Situation.
The reports of the banking insti-
tutions show that the demand for
credit facilities from the interior
agricultural districts is becoming
considerably smaller, and funds are
again returning to the big financial
centers. The Federal Reserve Sys-
tenn made notable addition to It's
cash reserve this week as also did
the banks in the prominent finan.
cial centers. Sterling and franc
exchange made further improve
ment during the week. Reports
from the representative Industrial
concerns also continue to be of the
most favorable nature. @