Evening star., 1922-11-13
AFTERNOON RALLY
HELP TO MARKET.
Wall Street Prices Again Very
Weak During Days
Early Trading.
BY STUART r. WEST.
ecial Leased Wire 10 The Star.

BY STa AAE H. "E.SA.
BY Special Leased Wire 10 The Star.
NEW YORK. November 13.-lt was
again very hard to find an adequate
explanation in outside conditions Tor
the unsettled conditions of today's
stock market.
The one disturbing occurrence was
a further sharp break in French and
Belgian government bonds 1t was
indicated that the weakness In these
government securities was not n true
measure of feeling in international
banking quarters. by the fact that
the foreign exchanges were not al
lTected. French exchange went OFF a
bit at the start. and so did Belgian.
but substantially rallied. Sterling
was steady, while the reinarka BILE ad-
( vance in Italian lire continued. com
s pletinG q rise of nearly cent IRON,
) the low of October &c. Just before the
: italian political overturn.
i Hard to Explain Trend.
! For speculative Wall street TO pre-
ftend extreme concern over the Eu-
iropean financial situation was rather
.absurd when these troubles have been
lin plain view even while operations
I for the rise were proceeding cnthn-
IN August anu dSdill Nv
tOctohfr IT was pretty far-fe tched
sto say that the selling of stock was
tbased upon apprehension regarding
iwhat the new Congress was likely to
Edo. 1t ma he, of course. that by
iholdinE up the supply bills the op-
position will force the President to
tsummon an extra session in the
sspring.
But in the first place this is only
sproblematical. while in the second
splace it is a contingency too far re-
.Jnoved to constitute a powerful mo-
.tive Tor selling stocks at the present
slime.
Rally Checks Decline.
!; The session on the stock exchange
twas half over before the turn for the
ibetter came. During the first two
hours a lot of selling had come in.
the usual liquidation following ex-
-hausted margins but on the whole
this selling was not as large as eN-
pected. From the viewpoint of the
professional. with position on the
short side. it was disappointing. Ac-
cordingly. short covering went on
/ steadily from the outset. and in the
early afternoon along with buying
which represented the repurchase of
stock sold at considerably higher
prices a month ago, brought about a
general rail-,
! Bull Market Called Ended.
, AS is usual with the writers of
. market opinion. they turn with the
market. and today did not prove the
exception. Most of the letters sent
! out before the opening of business
: did not beat about the bush as they
have on recent days and discuss a
; proba bic rally, but stated fatty that
the bull market of 1922 was at an
end and that stocks should be sold
on all rallies. The trend, according
. to these experts is downward and
! will continue downward until around
! the end OF the year They declare in
private conversation that the selling
: has nothing to do whatever with the
, business situation, admitting that
, that is bullish. but say that there
! be corrected and there Is only one
iway in which this can be done.
Another Point of View.
! Against the bearish letter writer's
, the point was made that bold pre-
E, dictions of what was going TO hap
: pen were taking the place of intel
Hsent examination of facts. They
did not give a single reason in out
side conditions why stocks down 10,
Us and 20 points within the last month
J or two should be sold by anybody
, that could afford to hold them. They
contented themselves with state
mentS of what the market was doing,
or not going to do-statements that
We're entirely unsupported There
was one exception, and this vas in
, the morning letter of d well known
Broadway house.
/ This took the ground that the mar
ket was worrying too soon about what
;1he new Congress will attempt year
or SO hence, that there was no gues-
jtion of the ability to control the spe-
icial session of the present Congress,
fthat there was a big short interest.
land that sellers were 'overplaylng"
the early termination of pools that
{recently put some stocks higher than
they should have reached.
: Copper stocks Active.
/ There was some active selling for a
stime in Chile Copper on the idea that
1.-THE compauy's properties had suffered
by the Chilean earthquake and tidal
wave occurring over Sunday. This
isclling was promptly suspended when
led that the damage had been confined
10 the coast regions, while the Chile
lmiRes are located at an altitude of
$500 feet Braden's mines, situate
ION the western slope of the Andes. at
IAN elevation of 5000 feet, also es-
capped harm
Better Than Last Week.
dken all IN All. the STOCK HlttFkeL re.
ceived better support than it had in the
closing days of last week There was
more evidence Of important buying
orders placed on scale down. But
this sort Of buying was far from general.
1t appeared in perhaps half the list.
but did not show much in the other
half. Some ot the minor industrials in
which pools were operating two months
ago farcd badly undoubtedly because
these speculative syndcatcs were feel
ing the pressure "xerted first through
the banks and second through the large
commission houses to reduce accounts
that were being carried on borrowed
capital.
There was special weakness in the
shipping stocks rejecting doubt as to
whether the administra ton, in view of
the recent elections. would be able to
put through its ship subsidy program
at the special session. General Asphalt
was conspiCuousiy weak and SO were
some of the sugars.