The New York herald., 1922-09-27
FINANCIAL NEWS
AND COMMENT
Lack of Interest in Market
Becomes More Apparent
as Prices Seesaw.

The failure of European events to take
an important overnight turn for the bet
ter did not furnish fresh impetus for
new activity IN the financial markets.
Selling OF the last few days had been
carried out to such an extent that pro-
fessional attacks ON weak spots in yes
terday's market attracted little follow
Ing.
Movements throughout the day were
irregular and were governed entirely by
the whim of the professional group.
Aside from sensational squirt In Stand
ard OIL stocks in the late trading the
day was especially featureless.
At no time since the major upward
movement OF stocks and bonds got under
way year ago has there been less real
interest In single days events market
wise than there was yesterday. Liquida-
ton which unsettlement like the present
Is likely to bring out seems to have been
accomplished for the moment. even
though it has not gone far. There is
certainly no disposition to sell stocks
except on the part of the bear clique,
and their efforts. while partially success
full in depressing security prices. are not
drawing any number of followers.
However. buying power has disap-
peared from the market for the moment,
and the general list. especially the highly
speculative issues. is unusually suscepti-
BILE to assault. If the general public Is
refraining from selling securities in the
present moment of weakness 1t is equally
backward about committing itself further
on the long side pending the settlement
of the present difficulties abroad.
That these same difficulties are not OF
themselves acting as a depressing in
fluence on the market but are merely
being used as an excuse for speculative
operations for the decline means little
or nothing. 1t is the unsettlement and
uncertainty which they have occasioned
that has caused the present determina-
ton on the part of the public at large
to keep out of the market.
Once again the foreign exchange mar
ket failed to indicate any serious appre-
hension on the part of international
bankers over affairs in the Near East.
Sterling did move substantially lower.
but only in reflection of heavy offerings
OF commercial bills. Other European
exchanges, for the most part, were in
| clined toward slightly higher levels.
The bond market sustained a sharp
antfn ayda af
Liberty issues getting under par. The
reason for the selling was rather hard
to find. Anything In connection with
the Governments financing program
which might disturb the immediate mar
ket for the Libertys has been pretty
generally known and would not be apt
to depress the bonds at this time. The
market for bonds was considerably more
active, proportionately. than that for
stocks. with total transactions of nearly
| s15.0oo.000, of which nearly half were
| in Liberty bonds. French Government
issues were shaded 81 ghtly, but the
British obligations were firm.
In connection with the seeming heavi-
ness In the Government list some stress
has been laid by bond men on the re-
ports--unconfrmed - from Washingtoa
that the Government has plans for float
ing a long term loan for as mrch as
So. 900 900. 900, to be divided equally be-
tween the redemption of $1,000, 600, 900
of Victory AIS on December 15 and the
maturity OF like amount next May.
If these plans are worked out as present
reports indicate they might affect the
market for outstanding Government OBJ
legations. but in the absence of official
word on the subject and In view of the
widespread publicity these reported plans
have had II is rather difficult TO explain
the present heaviness In the market.