The Washington times., 1922-12-01
AHSSassaHA#F@ BUSINESS AND FINANCE $saAE
Market Comment
tcopyrisht. yIsss. BY cssmspoiitan
News 8ervfce

News service.l
NEW YORK, Dec. f-yThe slow.
Ing down of activity IN stock trad
Ing during the month of November
is evidenced by the smaller volume
OF transactions in that month on
the New York Stock Exchange.
the total turnover for speculative
stocks which was nearly 3,OOU, 900
shares less than in the preceding
month. though these exceeded last
years October record by 5000 900
shares. There were ten million
share days during the month and
the largest transactions were made
on the l4th, being nearly 1,500, 900
shares. For the two-hour half SEES.
sions, the minimum total was about
26b.000 shares. A new high record
for dealings In separate issues was
made during this month. when on
November II. no less than AZ sep.
arate issues appeared ON the tape.
e.
Most OF the bank statements al
the present time chow that, al
though production and business
throughout the country are now
extremely active. there have been
no heavy demands upon the bank
ing institutions for commercial
credit. In fact. records show tina,
the heaviest calls upon the banks
in the current year were. made ir
the months OF March and Aprt
when most of the important pre-
paratofy Steps to increase = produc
ton were taken. b.. -,,... -
Another reason why the big In
dustrfal concerns have not beer
asking for bank credit is that they
have been able to accumulate &
good amount OF ready cash as q
result OF their opertions over tn,
past six months to which may b,
added the determination of tn,
leaders OF business to. carry OF
their operations with a minimum
Of borrowing. -. '.
The flood Of extra dividends con
tinues. Most of them will. even
tually be reflected In extra casi
for stockholders. but in any cas-.
they represent the turning back 81
surplus into the business and
1t may be many years before tn,
present stockholders will reap spe
| cific financial reward-except, o.
course, In cases where they arr
| able to dispose Of their stock a,
substantial enhancement in market
values.
Rumors of more mergers are still
flooding the financial district and
as may be imagined, they have no,
been lessened BY the consummatior
OF the Bethlehem-Midvale combina
ton about which there was EN-
phatic denial right up to the las,
minute. The rumors are concerned
principally with the big copper com
panies and other Of the steel com
panies. with occasional reference tt
oil and railroad concerns
The Anaconda and Chile copper
mines have been frequently linked
up. and IL Is confidently expected
that a definite announcement con
cerning the merger OF these prop
critics will be made in the near. fii
ture. There are q number OF i'm
portant steel manufacturing com
panies of somewhat similar calibei
than those listed on the New Yorh
Stock Exchange which are expected
to enter into one or more. of the
larger combinations. b.,
Employees Of the United States
Steel Corporation are expected to
subscribe to approximately 125.00t
shares, Of the common stock this
year. The price at which the stock
will be offered depends somewhat
on market conditions at the time
the offering is made. While the
corporation accumulates stock foz
this purpose throughout the year
the heaviest part of it's paying op.
erations takes place in the last