OCR Text |
Show Weekly Financial Kevlerv. NEW YORK, Nov. 15; The stock market this week suffered one of the heariest rever.sa!. and III ulda ting movements since the close of the war. Technically, however, the situation is Improved, because it Is realized that tightening tight-ening of credit facilities and resultant reduction reduc-tion of bank loans will t-nd to check speculative specula-tive excesses. The effect will be felt in all important trading centers throughout the country. coun-try. It is held. Much of the money now employed in the slock market represents actual purchases of securities for the strong boxes of lnrestors. The strength of transportation shares Is regarded re-garded bv conservative interests as one of the most favorable aspects of th situation. Accumulation Ac-cumulation of these issues was taken to be a direct reflection of eongresslonal legislation la process of completion,, During the week sn?culatlve stocks broke 10 to 50 points. Losses in several conspicuous Instances were far greater. Coll money rose to 30 pr cent, a record top figure since the panic of 1907. and the money market was swept clean of time funds. Figuring at the lowest quotations of the week's trading, most of the substantia! advunce accumulated in the bull movements of September and October was wiped out. Paper profits of millions of dollars evaporated. : , An aggressive short Interest nsslsted the drop seeking the most vulnerable points. Pools ad professionals were bit hard. The buying of rails especially stoned shares, did much to bring partial readjustment. |