The New York herald., 1922-11-23
FINANCIAL NEWS
AND COMMENT
Bears Succeed in Attack on
Stock Values-New Lows
Made in Few Cases.

Professional pressure against the gem
eral list Of stocks was increased yes
terday. and with trading at a rate con-
sideraby IN excess OF that for the last
few days most issues sought lower
levels. In most cases new lows for the
movement were made and in a few in
stances new low points for the year
were struck. Railroad stocks were par
ticularly weak. with Great Northern.
Baltimore and Ohio. Rock Island. New
Haven and Kansas City Southern de-
clining from one to more than four
points.
There was nothing in the market 10
distinguish It from recent sessions.
Operations were conducted almost en-
tirely by professional traders. and
while there may have been some liqui-
dation from public sources. it certainly
was not important. At the same time
lack Of public participation made It
comparatively easy for the boar clique
to depress the level Of the general list.
Some LIQUIDATION was reported for the
account of an out Of town house which
failed. especially in some OF the lead
ing railroad shares.
Foreign exchange rates made another
substantial gain, largely the result OF
speculative operations International
news Developments were favorable. but
not more SO than on Tuesday, when
foreign exchange went lower.
Particular interest attached to pub
iication Of preliminary foreign trade fig
ures for October. the first month in
which the effect of the new tariff was
felt. Exports amounting TO ss720oo 900
were by wide margin the biggest OF
any month this year. or course heavy
exports Of cotton and grain. always TO
be expected at this time Of year, were
responsible for large portion of this
increase. which amounted to about $55,-
100000 in comparison with September
and $70.00o.o0o in contrast with the fig
ures Of October last year.
The higher prices prevailing for both
grain and cotton also played an I'M
portant part In the increase Of exports.
1t is difficult to make a satisfactory
analysis OF the foreign trade for Oc-
tober in the absence Of import figures
which have not yet been completely
compiled.
The bond market was exceedingly
dull and iifeiess. United States war
loans advanced a fraction OF a point
and the rest of the market was cx-
tremely irregular. The bond market
of late has dropped into condition of
listlessness which might be expected to
continue for the rest Of this year. The
scarcity OF new offerings by bankers.
notwithstanding the fact that many OF
them have substantial lots Of bonds on
their shelves. is pretty good evidence
of their opinion on the market for in
vestment securities. Probably after the
turn of the new year there will be I'M
provement In bond values, for there will
be many millions of dollars released
through interest and dividend payments
which will seek satisfactory place for
reinvestment.
The weekly reports from the steel
trade still chronicle we'll sustained
rate OF operations. Nevertheless. there
Is reported hestancy TO place orders
for new business because of the uncer-
tainty as to the prices which will pre-
vail during the first quarter of next
year. Cotton prices were somewhat
lower and grain quotations had a re-
action. Call money ruled at 8 per cent.