The Omaha morning bee. [volume] (Omaha [Neb.]) 1922-1927, 1922-11-20
Financial
NEW YORK TIMES.
Omaha Bee Leased Wire.

New YORK, NOV. l3,-IDe HndHCld
markets of this tutumn, especially
when reviewed In the light Of last
weeks abrupt and rapid upward re
action from tho earlier severe decline
are likely to be remembered as an in
since in which values have moved not
at all in accord with tangible events
but In lines with distorted ideas, with
confused surmises and vague appre
tensions, created, not by study of the
realities OF a situation, but by the
mere fact OF declining prices for
stocks or bonds or foreign exchange.
There have been occasions in the
past when a falling stock market at
a time of easy money and business
revival foreshadowed coming
change, both in money rates and trade
conditions; the midsummer decline OF
1919 fairly fits that description. But
Wall street has also witnessed sweep
ing declines on the Stock Exchange in
times of great and growing prosper
ity. when neither a check. to trade nor
rise in the money market followed
but when the outcome proved that the
fan in prices had been merely auto
matte reaction from an oyerdone and
insecure speculation for the rise.
stump in 1901.
Many Wall street men will remember
that one Of the most sudden and pre-
cipitous downward Establishments in the
stock markets hlstory-that which, In
May 1s0ii reduced half OF Wall street,
Judged by its bank loans and the shrink
in al q pledged
against them, TO a momentary condition
Of nsolyency--oceSrred when an era OF
the greatest prosperity in American his.
tory was only beginning The market
had moved too fast. Il had 20 move back
and get In step with the actual move
ment OF revival
classification the autumn "bear markets
Of 1929 should be played. But OF the
extent 10 which wholly unwarranted
ideas about the financial developments %
the day were created in tile Wall street
mind by the fact Of rapidly falling prices,
there can be no doubt whatever. More
nonsense was seriously talked about the
European political and ecoucmio situation
which foreign exchange was breaking
and about the Anne rlcan political and
nanctal outlook. while stocks we're los
tug . or points a day than Is often TO.
f1lr,rd hv MALL street on rs constituency
A. the height 81 The hTsteria. Wall
streets talk could hardly Be called eN.
planNtions 70 WAS the repetition % catch
words. radical moneY campaign. fAAr
lnK stock dividends "kurorean hank
fHptcy." German collapse 'fhs franc
following the maxine doubt tn ~
iaa Of a cent.
taeersinss Increased.
Corsa#fins how long = tims shis cons
tnsiun ~ larss has prevailed u eau hsfas
- b. expected that the judgment q sacn
matters BY she financial community rih
fastautiF Fefufa 70 sohar halAncs Under
sng circumstance - severe rsaatasts
tasaf il he mAfkst = at - - followed
b. q caasiafranl. pfftaa - rsrplsAtY ara
aHrsgtsiatY.
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