The Washington herald., 1922-11-25
PREVIOUSLY STRONG
ISSUES ATTACKED BY
BEAR CONTINGENT
Short Covering by Profession.
ais Only Source Of Strength
In Stock Market.
By BROADAN WALL.

NEW YORK. Nov. 24.-"Use sii
rallies to sell stocks"
With this admonition broadcasted
throughout the country by the
biggest wire houses in the street
there was little wonder that the
general stock market continued
heavy today. Here and there spots
Of strength shown. but chiefly from
short covering by tiniG profession
ais who think that the bottom Of
the reaction has been witnessed.
Those shares which have held rel
atively drm during the decline were
picked out by the large wire
houses as lksly candidates tor at.
tacks by the bear contingent.
BANKS HELP BEARS.
There is no secret about the
bear attacks launched by certain
professionally. but their operations
have been helped by the disposi-
ton of banks to dispose Of securi-
ties and private statements that
me hugo amount of bonds in bank
vaults precludes room for any ex-
panston In loans on stock exchange
collateral ThsFs are many groups
who would become interested In
certain low-priced shares but the
banks have informed them that
they cannot hope to expect any
loans. Tor that reason sellers OF
stocks quoted at about SIS q share
and under. find few supporters.
When b1yfng for short account
became exhausted. in the afternoon,
the general hst turned heavy.
Standard Ou Of New Jersey and
Standard OF ChliSsrnia showing pro-
allowing early strength also became
commodity 70 stimulating specula,
don IN the susars.
Acquisition Of the Midvale BY the
Bsthlehsm did not become public
until after the close although the
former shares were strong all day.
Cotton prices continued upward
because Of the strong statistical po-
sitton OF the commodity.
Foreign exchange market lacked
feature, starting and French francs
being steady. The discount on Can
edian exchange disappeared.
Some calling of loans moved the
cal money rate from 4 to per
cent.
CONSOLIDATED TEXTILE.
For the first time improvement
In the textile business was reflected
In Consolidated Textile shares which
rose more than . points. Orders
on hand are approximately s12. 900
900 aRainst about $4,000. 900 same
time last year. Shelves of retail
ers are reported practically bare.
Chile Copper. a low cost pro-
ducer turning out copper at the
rate Of $4,000 900 pounds monthly,
has been a thorn in the side of GER
tain high cost copper producers.
It may be removed shortly through
acquisition by Anaconda The pre-
yailing price Of 26 undoubtedly
locke attractive to the big buy.
ers on the 1921 break.
The Kennecott Braden Mother
Lode coalition merger IL reported
to be nearing completion. Third
quarter porpbyry copper reports
showed improvement.
When the gong rang on the
Stock Exchange q few minutes be-
fore closing time, many brokers
had a bad case of chills and fever
in view Of the ugly rumors recent
ly circulated. Announcement was
made that a special meeting Of the
governing committee would be held
to discuss the North American OIL
fiasco. Trading in the shares has
been suspended. About thirty-five
banking interests had a good word
TO say for the shares when up for
listing.
A favorite short sale continues to
be General Asphalt. Those familiar
with its affairs say the Royal
Dutch would get most of whatever
might be taken out Of the Vene-
Euela OIL properties.