, 1922-10-29

SAA@A
ness in stock prices. Public buying
virtually negligible although there
was aboundant evidence OF prof. tax
ing In response to acvices Of the ilrE
er commission houses.
Weakness in bonds. particularly the
United States government lssrss. was
aseribed to heavy institutional sell
ing. presumably TO acquire funds 10
meet tho increasing demand for com
merciai credit. one Of h parAdoxical
features Of the market was the sell
ing By banks Of the governments
new ~ per sent bond, which had
been throe times oversubscrihed at
pST, as low as s9i2, a discount Of So
cents on 400.
Traders scnoraIiy were Of the opine
ion that III reaction in stocks was
the result OF inside market conditions.
uninfhienced 20 any great extent by
outside considerations. News develop
ments generally were OF a construc-
tive nature. resumption OF the six
per cent dividend by the Pennsylvania
railroad. the declaration Of an extra
cash dividend by the Norfolk and
Western railroad being regarded as
particularly significant. While PROBES
sional sentiment was benrish. the
opinion WIS generally expressed that
The bull market had not ended but
would run over into year. although It
was quite probable hat some stocks.
particularly in the industrial Est. had
been sold around their highest levels.
Railroad shares Offered more stub
horn resistance to selling pressure
than airy other group, Reading beng
pushed uD to a new high record for
the year at s7h and Pennsylvania
touching 4s&, its highest price IN
four years. Announcement Of the new
plan OF exchange for Mexican Petrol
cum stock resulted in a considerable
lessening of activity in a issue.
which has been one OF the most spec
tacuar stocks on the list. In fact the
violent fluctuation- OF Mexican Petrol
cum and other high priced oil shares
are believed in some quarters TO have
frightened a number Of small inves-
tors away from .he market.
Optimistic reports on the steel in
dustry were given at the semi-annuai
meeting Of the American Iron and
Steel Institute. Shortage of unskilled
labor. however. has become an i'm
portant factor and steel manufacture
ers frankly urged n modification of
the immigration law TO ease condi-
tons. For the first time in several
years the United States steel corpor.
alton was forced into the ooen mar
'-et to buy semi-finishef' material be-
s use OF tho shortage due to trans
lortr tion difficulties.
Gantanaher earnings sfafeuenta of
railroads still show the effects of
the shipments and miners strike, hut
tho record car loadinss OF the las. few
weeks should be ~favorabiy reflected
in next months figures.
In tho commodity markets the prin-
cipaI feature was the rise OF cotton
and the highest in two years. other
trend.
Stiffening of call nom rates was
due TO government Withdrawals and
the calling of loans by both local and
out OF town banks. Time money is In
good Demand at Az per cent for the
longer maturities but bankers are de
handing 5 for over the year require
The commercial ape mar
ket IL firm.
A sharp break in foreign exchanges
carried the French. Belgian n Ital-
ian rates to the lowest prices of the
year. Sterling also yielded. but rallied
toward tho end OF the week and car
ried the others to higher ground.
weakness in francs vas attributed to
British buying OF dollars with French
funds to meet interest on the war
debt. heavy American purchases of
raw materials and possibility Of a de-
fault in German separations pay
ments. Political disturbances in Italy
contributed to the weakness of that
rate.
CHICAGO. Oct. rs. - Butter mar
kets were firm during t9e last week.
The current demand kept fresh but