The New York herald., 1922-11-07
FINANCIAL NEWS
AND COMMENT
Stocks Irregular in Pre-HOli'
day Session-Trading Is
on Small Scale.

AS far as the financial markets were
concerned, yesterday was one Of the
most uninteresting prediction day
sessions on record. Apparently Wall
Street cared little which nominee for
the Governorship of New York State
was successful. The local traction
stocks, which usually are sensitive at
election time. were strong and trading
was fairly large in Brooklyn Rapid
Transit certificates, which advanced one
point. Interborough Rapid Transit stock.
which advanced ] a points, and Third
Avenue which gained rs points. How
ever as both political parties are COM
mitted to the cent fare, there was little
basis for speculate tion in those issues.
The volume of trading in stocks was
relatively small and there was no de-
cided trend to prices. At the opening
II. was expected that there would be
I, some professional selling on the seizure
Of Constantinople by the Kemalists, but
as far as could be observed the Euro
pean situation was not factor In the
stock market. The effect Of the new
turn of affairs in Turkey was more pro-
nounced in the foreign exchange market,
where there was extreme weakness IN
francs. a define of about l cent in de-
mand sterling and new low level for
the German mark. The pessimsm In
that market was further accentuated by
the increase of so billion marks. the
largest vet recorded. in latest Reichs-
bank statements on circulation.
The wheat market. which advanced
sharply during the Turkish war scare In
September. was slightly tirmer. The
cotton market rallied at the close after
early losses In the bond market there
was a good deal of irregularity, wltn
foreign issues unfavorably affected by
the Near East developments, and certain
of the industrial bonds displaying
strength.
A feature of the railroad bond list was
break of from to 8 points In the
Erie issues. The Erie shares also were
sold heavily and declined from fractions
To more than 2 points. The break IN
Eric was accompanied by various un-
favorable reports. There was nothing
definite nor particularly new In the
| rumors. which referred chiefly to the
| company's losses during the coal strike
making it's ability to cover fixed charges
! this year doubtful.
Several of the industrial stock issues
displayed strength, notably Atlas Pow
der Du Pont. General Cigar, Colorado
Fuel and Iron. Jewel Tea. kresge, hei-
sey Wheel, Sears-Roebuck. Stewart
Warner, Virginia Carolina Chemical
Woolworth and American Beet sugar
| On the other hand weakness was shown
| in American Can. American Locomotive
| American Tobacco. Continental Can
General Asphalt, Mexican Petroleum
National Lead. p. Lorillard. Republic
Iron and Steel and Studebaker.
Some Of the public utility stocks were
strong. especially Pacific Gas and Elec
trio. Brooklyn Union Gas was an ex'
ception, breaking more than points
| The rails were unsettled by the break ir
Erie and losses were sustained by AT
lantic Coast Line. Chesapeake and Ohio
Chicago, Milwaukee and st. Paul Rocl
Island, Great Northern and UnioI
Pacific.
The agreement between the United
States and twenty-seven other nations
to establish a world court for arbitra
ton OF trade disputes was considered
constructive development In Wall Stree
and the Department Of Labor's state
ment that business recovery Is approach
ing a boom confirmed the reports tina
have come from private sources re
Gently.
The investment market was much i'm
proved and the unusually large offering'
of new bonds made yesterday were II
rapid process of distribution. Call none,
opened and renewed at per cent. an'
was later marked up TO u per cent.