The New York herald., 1922-09-26
FINANCIAL NEWS
AND COMMENT
Professionals Still Dominate
Market-Little Response
to Cheering News.

More cheerful news concerning the
European situation was received in Wall
Street yesterday in rather curious way.
Tho markets failed to respond TO any
great extent, giving further proof Of the
professional character of the recent
heaviness. which ostensibiy was based
en- the critical condition of political
affairs abroad.
Movements in securities yesterday
were aimless and entirely without sig
nificance. They suggested rather that
the professional element. which has been
in complete domination for a week or
more, was not quite ready yet to lift
the pressure it has exerted and that the
public has no consuming desire to buy
securities until definite indications are
seen that that pressure has been re-
moved.
So yesterdays market amounted to
more or less of deadlock. What trad
ing did transpire was almost wholly for
tho account Of professionals. and COM
mission house business was at a stand
still. Certain specalties which have not
been as susceptible to attack as the
general list were put into higher ground
but they failed to attract anything like
substantial following.
If the weakness Of the market last
week had really been in reflection of
the Turkish situation yesterdays news
developments suggesting bloodless set
tlement of the entire affair would have
had the effect of rallying prices very
sharply. In the early trading there was
evidence that some buying was being
done because of the new turn of events.
ht1v tpr
pressure which has been at work for a
week. however. and it was promptly
checked.
There was a slight easing of the
money situation yesterday. The tre-
mendous transactions which have been
put through since the middle of the
month have placed a great drain on
surplus funds here, and il was not until
now that some indication OF their return
20 the channels where they can be
made available for stock market use
could be seen. The renewal rate OF .
per cent. yesterday did not offer much
encouragement to those who were ex-
pecting lower rates for call money. but
toward the close of business money was
available on the floor of the exchange
at AZ per cent. 1t was not in free
supply by any means, but the demand
was slight and the general situation
with respect to credit in the stock mar.
llet yesterday could best be characterized
as comfortable.
About the only significant thing in
all the financial markets yesterday was
the demonstration of persistent in
vestment demand. The $4,000. 900
Federal Land Bank offering was taken
in twinkling, even at the rate of 4.30
per cent. At the same time there was
a good inquiry for substantial invest
ment stocks such as Atchison. Canadian
Pacific American Car and Foundry,
Union Pacific, &c, and while dealings
wero comparatively light. their prices
held firm all day. some of them gaining
substantially.
In the bond market prices We're frm.
but buspsess was exceedingly dull.
Liberty issues varied but little from
Saturdays closing figures. with the
3ias getting up as high as 101.3s and
the third Al declining as low as l0o.06,
narrow and insignificant movements.
There was considerable, activity and
real strength in Il number of the
Standard Oil stocks. Traders who were
bit diffident about getting into the
general list in the face of the present
unsettlement turned to the Standards as
safe medium for investment. They
also felt that there was an extra good
chance for price appreciation as a re-
suit OF the innumerable stories OF pro-
posed capital readjustments which are
popularity supposed to be planned in the
form of melons for stockholders. Many
of these will come in due time. but 1t
is generally believed that il Is little
too early TO begin discounting them.
Foreign exchanges moved very mar
rowly losing in the late trading most
of the gains registered during early
morning firmness.