Evening star., 1922-11-23
market leaders
| | CO STILL LOWER
d W.
"
Heavy Selling Pressure Re-
sumed Today on Most of
Stock List.
by STUART r. WEST.
ecial Leased Wire to Tho Star.

;Ry Special Leased Wire to Tho Star.
4. NEW YORK. November 23.-Again
today the movement on the stock ex-
change had very little reference to
the outside news. 1t was market
like that in the closing half Of Oc-
!lober and in the week succeeding
election day, where for one reason or
another a lot Of forced liquidation
sWas going on, where banking sup
h,ort was poor and where short sellers
swere aggressively pushing their ad-
vantage.
It was the obvious thing to say that
the weakness in railway stocks and
sbonds reflected apprehension lest
a,ongress amend the transportation
sssct to the serious detriment OF the
s,arriers. Likewise there were some
Swho professed to see In the decline
fin the business world in the course
stff 1928. But these were not the real
Explanations for the downward move
nnent.
4 Stfll Reducing Loans.
= The main trouble dates back to the
spring and summer, when pools and
Ijndividual spectators loaded them
sselves up with more stocks than the
aauthorities were willing that they
SHOULD carry. Pressure to reduce wall
street loans has been two-fold. 1t
rhas come on the one hand from the
Shanks and on the other hand on the
stock exchange, which. following out
pts new policy of supervision. has
,inSisted that it's members keep their
hftnancial conditions sound.
Z The result in the market of the last
iahonth has been a liquidating move
'1nent. carried on gradually but per-
IStstently. entirely regardless OF the
facts of the business situation, which
flor the most part are favorable, and
with only one object. namely, to cut
rttown bank loans heavily and to set
sthe speculative house in order.
- Election Lowers Rails.
= Undoubtedly the fall in rail-
foday were off 10 to Is points
. +sfrom their seasons high-has been
aggravted by the election results. in
, Ncating growth of radical feeling
+ gram of hostile railway legislation.
How much real selling has been due
hte uneasiness on this score Is open
te question, but there Is no doubt
that it has deferred MANY intending
! buyers and in this way has helped
p; there is no connection between the
drop in the general run of industrial
stocks and the facts relating either
TO present earnings or to the pros
poets for next year.
The steel shares. for instance. were
! as weak as anything today in full
! knowledge that the steel plants are
operating at nearly 80 per cent. or
+: ,the highest in two years. The motor
shares helped the general depression,
although it is fully expected that the
advance orders which will begin
:shortly to come in will point toward
"a more prosperous first half year in
1923 than most of these companies
h -
months of 1922.
4 Some Selling justified.
u The only industrial group where
trade conditions was the stocks of
fertilizer and other farm supply COM
tpanies. which are the ones which
naturally feel the force of the rep
;fesentation that the farmers buying
power is back to only 81 per cent of
normal, despite the recent rise in agr-
cultural prices.
\. Burns Brothers A. which had al
:ready given remarkable accounts OF
Hself in face Of declining movement
tide today. The buying was founded
upon intimations regarding the re-
capitalization plan, which will sim
plify the capital account and bring
both A and B stocks closer to the
earnings and assets of the company.
Also it undoubtedly will mean SOON
er or later a larger return for the
present shareholders as well as a
substantial addition to the value of
their holdings.
National Lead Falls On.
National Lead went off sharply to-
day following the announcement that
quarterly dividend at the rate of
per cent a share had been declared
as against the previous per cent Some
Disappointment was professed because
recent rumors of a large stock dis
tribution were not borne out, but
mainly it seemed to be a case of SELL
ing on the good news"
Inquiries made of banking houses
which made the public offering of
Hudson stock regarding the reason
for the advance brought a denial to-
day that there was any pool at work.
The recent buying has been for the
account of people who bought the
stock on the original offering at 20.