The New York herald., 1922-09-21
FINANCIAL NEWS
AND COMMENT
Tren' ~ Stocks Generally Up
ward--Gt Gtsny Issues Sell
Lower. However.


Although radinE was relatively ac-
ttiyc. gith total transactions running
clo.se 70 the million share mark. the
stock maf,et yesterday was without
special interest and movements with
oar siglIfcaret. Most OF the activity
wss obviously the work OF pool opera
lions. and cks in which speculative
groups are iown TO be working were
tae Leaders 9th in activity and in the
as-tENt ieir advance. While there
were hlauy issues which moved lower,
the general trend was upward and on
sharp recessions which occurred from
tirae to time a substantial buying power
was uncovered.
AS was to be expected the bear clique
put out another feeler in the way OF
the same stock which was used a few
days ago--United States Rubber first
.preferred--was sold in an effort 10 un-
settle the entire market. There was a
greater support furnished this time
however and whereas on the previous
occasion bears were able to depress the
stock full ten points to under 92 the
lowest point attained yesterday was
sAss
The selling OF Monday which was be-
fsun by professional operators for the
decline. was sufficiently successful to
warrant expectations of further at
tempts of a similar nature. Although
the big shifting of trading positions
which that days operations caused cor
rected to some extent at least the weak
technical position of the stock market
IT is not at all certain that another con-
certed attack would not produce about
the same results.
While the disturbing situation in the
Near East was a big factor on Monday.
however, it has now come to be re-
garded as one of those scares which
come to the financial community now
and then. and it probably would have
been dismissed without great deal OF
attention at the time if the technical
position of the security market had not
been so very weak.
The bond market recognized the Presi-
Dental veto of the bonus bill, and Lib
erty bonds and certain high grade i'm
Vestment issues among the railroad
bonds were in good demand. Some of
the speculative railroad bonds were un-
der pressure, however. Promised activ-
ity in bonds was summarily checked on
Monday with the elimination OF the
situation in eastern Europe and the re-
sultant disturbances in the financial
markets
Up to Monday it has been expected
that this weeks bond market would be
very big. Scores of new issues. some of
very large amounts, were known to be
ready Tor offering to the public, and
many of the leading investment houses
laid plans to make the offerings this
week. The disturbance created in the
market on Monday. however. was suf-
ficient to cause abandonment or these
plans and a postponement of many or
the issues.
Foreign exchanges continued strong
yesterday. with French and Belgian
rates advancing substantially. Sterling
went above 4.43 and French francs
above 7.67. German marks. too, dis
played a firmer tendency. selling at
III. measured in hundredths OF cent.
| There was no business in Greek ex-
change. which has been the most dis
torbed of any of the foreign rates. A
nominal quotation OF 2.10 cents was
made for the drachma.
The money market continued to reflect
the results OF the big operations Of the
last week Call rates held at Az per
cent. all day. This was below the clos
ing figure of Tuesday. but on that day
an unexpected demand for funds in the
late trading forced the rate TO per cent.
Time rates were unchanged, but there is
still a substantial demand for accommo-
cation. and little chance for an imme-
diate recession in time money quotations
is seen at this time.
The grain market again was active.
with wheat advancing about cents
on the day. Cotton sold down from 20
to So points