Evening star., 1922-11-25
STAYS OUT
OF WALL STREET.
Buying Power Absent During
Week as Bears Force Stock
Prices Down.
By the Associated Press.

By the Associated Press.
NEW YORK. November 25.-Public
buying power was noticeably conspicu-
GUS for its absence in this weeks stock
market. spectators for the decline
being in control most Of the time and
hammering down prices of active shares
/ to 6 points. Bond prices also fell to
lower ground.
Prices Of stocks moved In seeming dis
regard of outside news developments.
most Of which were favorable. Soldiers
bonus. amendment Of the transportation
act, detrimental tax legislation and
boos used by short interests in their
campaign to depress prices, but conser-
vative interests generally placed little
reliance on these so-called reasons
for the decline.
Professionals in Control.
In view of the fact that railroad
shares. which had offered good re-
sistance during the early part OF the
reaction. were the most vulnerable tar
gets during the past week, there was
ground for the belief that the course of
prices was part Of the general correc-
ton of the markets technical condition.
which had been weakened by the eX-
cited speculation which followed the
first big announcements OF stock divi-
dends. Bank and stock exchange pres
sure to force a reduction OF brokers
loans also was a factor. Opinion was
sharply divided at the end Of the week
as to whether or not the reaction mad
been overdone.
Trading during the week was in the
hands of professionals. and they were
bearish. Several half-hearted at
tempts were made to rally the list.
but they fell down because of the
failure to attract an outside follow
ing. The volume of business was con-
siderably reduced.
Steel Outlook Bright.
Weekly reviews of the steel indus
figures showing that plants were
working at 80 per cent of capacity,
the highest since 1920. A month ago
it was 70 per cent, and at the end of
August. when the fuel crisis and
shopmen's strike were at the worst. it
was down to nearly so.
Car loadings of revenue freight
showed a decrease. indicating that
the peak OF traffic for this year had
been passed. The declaration of Presi-
dent Daniel Willard of the Baltimore
and Ohio system that the shopmen's
$1,000.000 caused somewhat of a
shock in the financial community. Oc-
tober offerings statement also failed
to come up to expectations.
Exports Highest In Year.
Preliminary figures on October ex-
ports showed them to be the highest
of the year. This probably can be ac-
counted for by the fact that they in
cluded more than million bushels
during the same month last year. and
at higher prices. Grain prices eased
off a bit during the week. while cot
ton prices showed little change.
November building operations are
running about 20 per cent over the
a national survey made public by
S. w. Straus & Co. The years op-
eratiors are estimated at S3.775.-
100000. or more than twice those Of 1916
The price tendency in building ma
terials is slightly upward.
Easier Money Likely.
The usual relaxation of the sea
sonal demand for credit is shown in
the weekly statement of the federal
reserve system. indicating a period
OF easier money conditions. The
ratio of total reserves to deposit and
federal reserve note liabilities COM
bined was 1877 per cent for the entire
system as compared with 75.2 week
ago.
was done on a per cent basis, more
funds being available for lending
purposes toward the end of the
week The bulk Of the commercial
paper business was done on a 4a
per cent basis.
Foreign Exchange Improves.
Substantial improvement was shown
in foreign exchange rates. Demand
sterling touched $3.50. but eased off
to $4.49h at the end Of the week
representing net weekly gain OF
nearly cents at that figure. Francs
got as high as TAI in the early part
Of the week, but fell later to around
us. Canadian exchange was quoted
at a discount for the first time since
the latter part of September.