The New York herald., 1922-11-05
FINANCIAL NEWS
AND COMMENT
Little Interest in Stocks as
Prices Decline-COpper
Stocks Turn Upward.

The stock market for the most part
was moderately soft yesterday, and while
there were some issues which failed to
follow the trend the general list de-
clined. Transactions during the short
session were comparatively light and in
terest in the market was about the
smallest Of the last week. After the
rises of Thursday and Friday 1t was
not surprising that profit taking was en-
countered, particularly that kind of week
end selling which professionals execute
A notable exception to the lower
tendency was the copper group. All
leading copper stocks were in excellent
demand and Utah, Anaconda, Kennecott,
Chile and one or two others closed sub
stantially higher. There was no partic-
ular reason for a demonstration In the
copper stocks unless 1t was realized
that they had been neglected in recent
sessions
New copper merger stories were In cir
culation, but it is not likely now that
any consolidation such as was planned
couple of months ago either will be
completed or announced until the first
of next year. Such plans are still
under consideration, however and there
is every reason to believe that they
will be carried through to completion.
All United States war bonds. except
Az per cent. Victory notes, were strong
again yesterday. The new Az per cent.
above par for the first time since their
sharp decline started little over week
ago. The recovery which these bonds
have had from the low Of $500 estab-
lished a week ago Friday furnishes
conspicuous evidence that the selling
was unwarranted and that the prices es-
tablished on the decline were entirely too
low
The upward swing in the cotton mar
ket which has been under way for al
most fortnight continued with slight
interruption yesterday. Other options
besides that for December crossed the
taking failed to check the advance.
The weekly bank condition statements
revealed some rather startling figures.
OF especial interest was the decline Of
s55, 5,262,260 in reserve and the setting
up of a deficit of s4,0S6,240 in place of
last weeks excess. The reserve of men,
Der banks in the Federal Reserve Bank
showed a decline of $57. 900, which
was rather surprising in the fact of the
big advance in reserves Of members
shown in the central banks weekly
statement in the middle of the week.
The operations which brought about such
a sharp decline in reserves. therefore,
were conducted almost entirely at the
end of the week. This is further iadi-
Gated by figures in the average state
ment showing an excess reserve of
s11.S72,o7O.
One explanation of the decline was
found in the withdrawal from New York
of the deposits of interior institutions
which just at present need all their
funds to meet their own individual re-
quirements.
1t is also likely that the November
1 financial operations. which were of
substantial volume. were reflected in the
weekend statement of the Clearing
house. when they were not revealed in
the midweek report Of the reserve bank
The preparations for the first of the
month requirements in the way OF
building up reserves, &c. was indicated
in the reserve banks statement as OF
Wednesday. but the actual conclusion OF
| these operations did not show up until