Evening star., 1922-11-16
WALL STREET LIST
CONTINUES UPTURN
Leaders Forced to Higher
LeveIs-Some Weak
Spots Discovered.
~ STUART r. WEST.

NEW YORK. November 16.-The
price movement was extremely con-
fused on the stock exchange today.
Recovery went further at the open
ing. continuing for the first hour or
SO. with numerous sharp advances in
the industrial section. Then opera
tions for the decline were resumed.
not against the market as a whole.
but against individual stocks.
The effort to uncover weak spots
was quite successful. A violent break
in shipping stocks evidently had as
a basis the likelihood Of the uncom-
Portable conditions in the ocean-car-
rying trade having their effect upon
dividends. A number Of other indus
trial specialties were driven down
sharply and nom dividend paying rail-
way shares again proved rather vul-
neraole to attack.
New Weak Spots Found.
What these indiviual downward
movements signifed apparently was
that while the main liquidati tion had
been completed In the decline earlier
in the week. there was still certain
amount of leftover selling to be done.
The most remarkable happening o:
the day occurred outside Of the stock
trading altogether. This was a fur
eign government bonds. in the course
Of which the French dollar loan sold
three points and the Belgian TVS
over two points above their extreme
low Of Tuesday. while there were
similar gains in French municipals
nry,Vo ant
To some extent this rebound as well
as the strength of the foreign ex-
changes was an expression OF hope In
the new German ministry. represent
ing as 1t does the big industrial inter-
ests in the country. But mainly the
jump in government securities was a
reaction against excessive operations
on the short side.
Many Favorable Factors.
Very evidently the bear cam
! paigners OF the last few weeks did
! not overlook the possibilities of the
government bond market. for the un-
settling effect a slump In that quar-
, ter would have In other directions
That the stock market had not yet
fully recovered from the conse-
quences of last summers speculative
extravagances was made clear by its
reluctance to respond to favorable
items in the news.
dividend announcements. the increase
In cash dividends to two companies
International Cement and Texas Gulf
Sulphur-and the expectation of a
dividend on General Motors after the
close of business. were all unques,
confidence In the future. Yet they
had very little effect on the general
list.
Sudden Move In Exchange.
The recovery in French exchange
was quite as extraordinary as that In
French bonds. In both cases an over
extended short account played a con-
siderable part. and in both the nope
that a business mems government In
Germany would do better with the
reparations problem than it's prede-
cessors was undoubtedly also an In
fiuence.
stin another development had i'm
portant bearing upon the improve
ment in francs. and this was disclosed
in the weekly statement OF the Bank
of France that the recent tendency
toward paper note imitation has been
checked and an important reduction
in the circulation item effected.
The decrease in this item of nearly
500, 600, 900 francs Is one of the largest
decreases that has occurred In any
week SO far. and brings the total back
almost to where 1t stood three months
ago.
Mogt OF List Firm.
Early in the day, the stock divi-
dend announcements did lead to some
buying of other stocks where sim
liar distribution has been discussed.
in stocks like National Lead. Wool
worth, Corn Products and Continental
Can. But later in the day. these
movements were more than offset by
the weakness in some of the indus
trial specialties and the heaviness In
the minor railway stocks. The es-
sential difference between the days
market and that of the markets
earlier in the week was that at no
time did the break in these particular
stocks have an unsettling effect In
the rest Of the list.
The price changes of the last hour
were very irregular, but there was
no general downward tendency.