The Washington herald., 1922-11-24
STOCK LIST ENJOYS
] SLIGHT ADVANCE AS
WEAK SESSION ENDS
Preduminance of Professional
Selling Causes Many New
:. s.--. Z. 50: 50: Lows for Move.
By BROADAN WALL.

By BROADAN WALL
NEW YORK. Nov. 23.-"K stocks
are not q buy. then they should
Be sold" This seems to be the
,thsory--on which the professional
operators in Wall Street are trad
ing in the, stock market.
In the absence of any change in
the technical condition shares con-
tinued under pressure Of profess
nional selling again today. Offer
fngs were heaviest early and estab-
hshed many new lows for this
movement. Losses ranged from one
30 two points in the forenoon. Be
cause of the continuance Of the
reaction some traders are beginning
to look for a rally and began COW
Hering .,some of their outstanding
short commitments this afternoon.
This resulted in a slight advance
which. was in progress at the clos
ing. Banks offered securities on
one side and the brokerage houses
sold in an effort to enlarge their
working capital and bring 1t within
the requirements Of the New York
stock Exchange. The committee on
business conduct thinks a stock ex-
change house should have working
capital equal to about 10 per cent
Of its outstanding loans.
Up to Wednesday opinion seemed
general that the stock market would
continue downward. The lower
price levels, however. has caused
some good judges to believe that
stocks are purchase on any
further reaction. Others who were
bearish while not advising purchases
viii not suggest short selling.
LIST NEARING BOTTOM.
From. the nature of the bearish
propaganda it would seem that the
list Is near bottom, temporarily. at
least. For the last week rumors
have been circulated relative to the
solvercy of certain big houses. One
of these is understood to have been
provided with aid. The stories
Berved to accelerate the drop in
the Industrial group. Today the
fumor' factory spoke i'll of the Sea-
board Air Line. The story was
utilized to aid in attack on the
transportation stocks. Liquidation
of a brig block of shares the last
week apparently gave birth to the
-rumor-- Action of the shares would
not seem to confirm the report
The banking fraternity seems to
be displeased with the manner in
which the stock exchange is making
reforms. The former is particu-
larly disgruntled over the manner
In which the exchange is trying
to run the loan market" through
Rs attitude toward the relation of
working capital to loans.
Practically no attention was paid
TO easement in the call money rate
from 6a per cent. the previous
closing, to per cent. There will
be no Withdrawals by the Govern
ment from banks in this district
tomorrow.
CORN PRODUCTS.
Corn Products recovered sharply.
Best Information is that the divi-
dend will be placed on a 6 per cent
annual basis and that an extra at
the rate of SO a share will be paid
at this time.
Raising of the National Leads
dividend from a to an per cent
was followed by heaviness in the
stock.
A stock dividend of 80 per cent is
whispered for Continental Can in
addition to the resumption of cash
payments at the rate OF 30. UP
to today reports dealt with 81
cash dividend.
The foreign exchange market was
featured with a new high figure for
this year in Dutch exchange at
59.43. Dutch bankers are astonish-
ed at the large amount of deposits
made IN Amsterdam by governments
whose currencies are considered al
most worthless. Sterling was higher
but exchanges on France and
Belgium were lower. Discount on
Canadian exchange increased to-
Ills.
% Cotton was higher on short cover
Ing and general acceptance that the
new crop will be from 9.500.000 to
$500 900 bales OF this approximately
1000 .Goe bales has been taken out
of the market with eight-and-one-half
months to 60