The New York herald., 1922-11-25
FINANCIAL NEWS
AND COMMENT
Investment Bonds and Com
modities Strong-Stocks
Show Mixed Trends.

An irresurarity OF movement In
stocks. strength IN investment bonds and
commodities and narrow reaction in
foreign exchange rates were the only
features Of yesterdays financial mar
kets Interest In the stock market was
at very low point, with total transac-
tions FAR under 4 million shares. Buying
OF bonds was materially better than on
any other day this week. however.
Those who make 1t business to an
alyZe market movements and to a
certain extent TO Judge their trend admit
they are puzzled by the action OF bonds
Never has there been such n wide dis
parity in che opinions and predictions as
to-day. Up to short time ago It was
pretty generally agreed that the trend Of
the bond market was downward. Prices
were high and with an increasing de-
rnand for seasonal crop operations as
well as for the expansion o; practically
every other line OF industry. there was
every reason to believe that the bond
market had for the moment at least
seen its top.
Now, however, the averages Of thirty
bonds are nearly four points below their
high point for the year and there are
many who believe that the reaction has
been sufficient to correct any variation
IN the line which marks the relation
ship OF bonds to money.
On the other haad. It is not denied
that the recent slump IL the securities
market left bond dealers with some
rather important amounts OF unsold
issues in their vaults. Until this surplus
has been absorbed 1t is doubtful II any
substantial advance In the index Of bond
prices can be expected
Special developments were at work IN
Individual Instances in the stock market
yesterday which lifted some issues out
of the slough Of inactivity. Midvaie
Steel, for instance, was actively traded
in. although within narrow range, or
the Bethlehem merger report which later
was confirmed. At the same time there
was more than the usual amount oi
interest In shares OF the Standard OF
Company OF New Jersey at constantly
lower prices, and at one time the stoci
was more than sixty points lower thar
the high point at which It sold during
the fevertsh speculation which The
declaration OF several stock dividends
induced.
30
expected report OF large takings by
spinners resulted in substantial upturr
for that commodity. At the sarne tim'
grain prices advanced substantially
abova the anal figures Of THURSDAY
Foreign exchange rates moved within
narrow range. but %ere unIiistakaby
frm.
The expansion IN retail and wholesale
buying usual at this time OF the yeai
was reported in the weekly reviews O
trade conditions. Bradstf'eet's sets forti
that there Is little change In the aggre
gate OF activities, trade as whole beint
satisfactory" It adds, however. tha
there has been quito definite shil1ine
OF interest from Irrlntary lines - th'
iopbiEg and retail! prahches' ieSFo"
sibility for which is placed on cooler
weather In many western districts In'
growth IN holiday buying ana tne ad'
Vanced stage of the ordinary fail trade
season"
The review explains the occurrence OF
tho peak car loading point two weeks
later this year than In 1920 by the dc
Law IN the advent OF fall trade activitf
due to the obstruction to normal ousi'
ness by the coal and railway shopmen'
strikes"