The Washington herald., 1922-11-22
81 S|'Tf0CE q LEVEL LOWER !
AS BEAR OPERATORS
DOMINATE TRADING.
pscuIation Chief Factor IN
Governing Markets +.
Fluctuations. ria
By nRoADAN WALL.

s.s.n5
ss.s !. By nR0ADAN WALL.
NEW York, Nov. 21.-Specula-
tion for the decline again dominats
ed the stock nRrkst today. The bulk
OF transactions In stocks now rep
resents the operations Of profession
els and they are bearish % that II
Is natural for stock market quota
tions to show heaviness. Speculation
also Is the chief influence govern
ing price fluctuations Of foreign ex.
change. according 70 important
banking interests. Foreign exchange
lVuotations also were lower today.
nounced in French francs.
q Short covering and support by
constructive groups accounted for
1arly strength when gains Of from
ene to two points were recorded
m some active specialties. Cont
mental Can came forward with q
eharp rise to a new high figure.
National Lead and r. ]. Reynolds
esB" shares displayed marked i'm
provement- So-called standard in
dustrisls and rails were firm but
only fractional higher. Weak spots
United States Rubber. Irregularity
with most issues. showing strength
characterised early dealings. In the
hte dealings heaviness spread,
prices easing off to about the low
est and leaving net changes for the
most part on the down side. Al
eharp advance in American Can
Deatured the last hours business.
SENTIMENT BEARISH. - ~
Sentiment continues for the most
part bearish. finding reflection in
, q greater demand for stocks in the
han crowd after the close. Coca
Cola was especially in good inquiry
by shorts.
The recent drop in stock quota.
tions has frightened the general
public away from the share market,
This Is attested to by the marked
shrinkaRe in the total turnover on
the stock exchange floor. which is
now about 80 1-3 per cent. under
what it was during full sessions up
other straw Is furnished by the
i5~7 80. Of q circular letter by an
90 1t advising the purchase Of
ccp!~r ares. Last spring such q
letter ysTsed a flood of buying or
S<rs ir the offices Of wire houses
1ne eeiette' issued on Monday adviss
i1s the buying Of coppers met with
oniy 6esultory response.
Jtsayy selling appeared early in
Corn Products, causing a decline OF
over three points. Accompanying
the offerings were rumors that some
disappointment would be lencoun-
tered relative TO the disposition of
earn'nos this wear.
STUDEBAKER AND MOTORS.
Reports that certain operator
had turned bullish on Studebaker
Followed an early rise in the shares.
It attracted attention later owing
to heavy offerings which wiped out
the rise and established a fractional
net loss. The motor industry is do
ing unusually well for this season Of
the year. .NtYember business, &C.
eordhg to people familiar with its
affA6is, is better than for any other
month this year. Hudson Motors
was urgently purchased on an ad-
vance.
A new low figure for this move
ment was established by General AS
phalt. IL develops that one house
suffered substantially by reason of
the recent depreciation in that stock.
Action Of the shares would indicate
that somebody has been in the
Street.
Appointment of receivers for al
number of Piggy Wiggly concerns
has led to selling of Piggly Wiggly
On the stock exchange because of
the supposition that the latter had
some connection with the bankrupt
companies. The president of the
P1gely Wiegly shares listed on the
exchange publicly denied that his
company has any connection with
the firms which have gone into the
hands Of the courts.
SHIPPING SHARES.
Shipping shares were strong ear
ly. President Harding's recommen-
dations Of a ship subsidy had little
influence International Mercantile
Marine, say experts who have care
fully analyzed the shipping bill, will
not derive any benefits from its
passage Other American companies
would because their tonnage Is reg
istered under the American flag.
Rumor says there will be a new
Dutch East Indies loan. No con-
firmation could be obtained. An
other syndicate has been formed,
making the fourth. to bid on the
fnrf hN0r1fno