Evening star., 1922-11-15
turn FOR BETTER
IN STOCK MARKET
Prices Advance Sharply Aft
er Absorbing Heavy
Early Selling.
BY STUART r. WEST.
By Special Leased Wire to Tho Star.

ny special Leased WHO 10 1Ho otAE.
NEW YORK, November 15.-After
two hours today Of considerable un-
certainty, during which, further
liquidation had to be absorbed on a
large scale and fresh attacks by
operators for the decline had to be
met, the stock market experienced a
turn for the better.
Even in the minds Of the most pes
stmfstic. the question was one of in
side and not outside conditions. There
was no pretense that current trade
news was Disappointing, or that the
decline Of the last three weeks on
the stock exchange foreshadowed a
change for the worse in the business
situation. On the contrary, all the
evidence coming to hand had con-
sistently supported the belief that
industrial operations are expanding
and in most lines are returning a
larger profit. and the advance in grain
and cotton prices since the middle Of
September has been an incident of
upon the outlook for 1923.
Real Values Overlooked.
The main thing which professional
Wall Street had in mind again today
was the possible extent of the forced
liquidation which had been gathering
momentum on the two previous days
until 1t had brought the market in
the closing hour of Tuesday to state
Of semi-demoralization. Whether or
not this liquidation was reasonable
was not considered. 1t was sufficient
that pools and individuals who had
become overextended in their opera
tions for the rise during the summer
and again in the early autumn had
finally been driven to get out as best
they could.
At times like this values are lost
sight of, and 1t Is simply case Of the
downward movement continuing until
the victims Of the decline have fin
ished their sacrifice selling and stocks
have passed into hands that are fully
able to hold them.
That this position was reached in
the course of the first hour or so to-
day, or at least that 1t was closely ap-
preached, seems quite evident.
Bonds Join In Recovery.
One Of the most helpful occurrences
OF the day was a very rapid recovery
in French government bonds. the ex-
treme weakness in which had been
very unsettling in the markets Of the
previous days. Both the 71zs and the
IS representing the external dollar
loans rose over 2 points and other
foreign government bonds were
drawn along.
The improvement in French ex-
change was maintained and thus
grounds for a better feeling. at least
temporarily, were afforded regarding
the foreign situation.
Rail Issues Lag Behind.
The action Of the railroad security
markets, both stocks and bonds. was
Of exceptional interest. in view of the
emphasis laid on Washington dis
patches upon agitation which will be
started in the coming short session
for modification of the ESch Cummlns
act in a way that would be decidedly
unfavorably for the carriers. The fact
that the railroad stocks were less
disposed to rally at any stage of the
day than were the industrials was
significant
Wall street does not believe that
any radical measures can be put
through, at least until the assembling
Of the Sixty-eighth Congress. but it
does take into account the uncertain
possibilities in a market sense of the
railway question being actively ex-
plotted with lot of radical proposals
during the next three months.
New Haven Breaks sharply.
New Haven broke sharply in the
last hour. and this had a deterring ef-
feet upon the other rails. The in
dustrials which gave the best ac-
count of themselves were Studebaker,
Baldwin Locomotive, the Can shares.
the Burns Brothers issues, Corn
Products and National Lead.
Further proof that the recent de-
cline has been at variance with the
facts of the trade situation was
furnished by the weekly reviews of
the steel trade. which showed pro-
duction at the highest of the year, be-
tween IS and 50 per cent of capacity.