Evening star., 1922-11-17
CALL MONEY GOES
UNDER 4PER CENT
General Motors Report Also
Favorable Factor in IT.
regular Trading.
BY STUART p. WEST.

By Special Leased Wire to The Star.
NEW YORK, November 17.-Judg-
ing from the action of todays stock
market, liquidation had been pretty
well completed In some parts Of the
list while in others 1t has not
Professional traders working for
n decline today were able to make
some impression against the oil
shares, against the rubber and tire
stocks, despite intimations of an i'm
pending advance In tire prices: against
the independent steels and against the
rails
1t Is not apparent that there has
been any great quantity of invest
ment selling of railway stocks and
bonds because of fears of adverse
legislation. Still. it is fact that un
certainty on this account has kept
away new buyers for this class OF
make things easier for operators on
the short side.
General Motors Bull Factor.
While weakness persisted in these
directions, recent short sellers were
busy taking in their contracts else
where. Equipment stocks. shipping
shares and the motors all did better
from the start.
The prosperity of the motor indus
try was advertised in remarkable man
1ier by the exposition of General Mo-
tors finances accompanying the res
roration of the common stock to a dlVl-
dend basis. There have been Few
achievements in the history of our
Industrial corporations quite as strfk-
ing as the reduction in two years time
Of $110.0O0.00 of liabilities and the
change from a company heavily loaded
with floating debts to a company en-
tirely free from obligations to the
banks.
), Call Money Lowered.
For the first time this autumn call
money at one period got down below
! per cent Loans were freely made
on the stock exchange in the after
noon at 3A. What this reflected more
immediately was the heavy Wall
street liquidation of the last three
weeks, the severe marking down OF
stock exchange values and the falling
off in new undertakings in the stock
market requiring the use of credit.
The paying off of commission house
loans ought to show in the clearing
house bank figures at the week end
but 1t has not begun to show in the
federal reserve results. The weekly
statement of the New York reserve
bank on the contrary reported an in
crease of over $50, 100000 in discounts
as secured by government obliga-
tions. which represent in large part
Wall street transactions.
ForeiRn Bonds Stronger.
Recovery continued both in foreign
government bonds and In the foreign
exchanges. Both Of the French ex-
ternal loans at one time sold nearly
points above their extreme low at
the beginning Of the week and French
exchange drew we'll across the 7-cent
mark In the early afternoon. thus
month. This was an Interesting dem
onstration of the extent to which the
uncertainty over the French financial
outlook has been exploited by specu-
lation for the decline.
Periods of DuIlness.
Traders working for lower prices
made a strong point of the fact that
good news" in the shape of big stock
dividends and increased cash dis
tribution seemed to be falling fiat. 1t
was clear though, that while profess
sional operators were able to mark
prices down at times quite sharply,
they did not have the same degree
Of success in holding their ground as
they had on previous days. Stocks
like Transcontinental Oil, Pacific
Oil and some of the rubbers, which
had been weakest in the forenoon,
came back quite easily later in the
day.
The main characteristic, however,
was the falling Off in the volume of
business and the frequent periods of
better than anything else the uncer-
tainty inN the minds Of the sactive
trading element regarding the imme-
date market position.