Evening star., 1920-03-26
Rates ON STERLING
CONTINUE ADVANCE
Copper Shares Leaders on
Stock Market-ReneWaI
Remains at g Per Cent.
BY STUART p. WEST,

BY STUART p. WEST,
STAFF Correspondent The Star.
WALL STREET. New York, Marcl
zs-inasmuch as the market had re
bounded violently at the close las
night in face of the 1s per cent none.
rate it was quite evident, even I,
those most insistent upon an outsid
explanation for every surface move
that the money pinch was merely AZ
excuse for downward movement
that was bound to come about for in.
side reasons
Consequently less interest was taker
today in what the money marke
would or weufd not do.
AS ii happened. the renewal remainet
the same. namely. 8 per cent. and there
was a better supply of funds than there
was either yesterday or the day before
But realizing that the stringency wa,
merely temporary. the street ceased to
he concerned over the question az soor
As II vas sure that the adjustment with
IN the market itself had gone far enough
and that stocks were back again in
strong hands
or far more importance than the money
rate In the days calculations was the
continued advance in sterling exchange.
which got we'll across the 3.s3 mark and
seemed well on its way to reach the 4. 90
level
This was further impressive tes-
fimony to the recovery in the English
financial position. especially since
British bankers stopped lending to the
continent. and it was also practical
demonstration of the success antici-
pated for the measures that are now
being taken to extend credit to Eu-
ropean buyers of American goods.
1nasmuch as these plans are more
perfected in the case of the copper
trade than in any other direction. il
was logical that the copper shares
stock exchange today
For the last year or more the heads
or the copper industry have either
been unenthusiastic or frankly pessi
mistic- 1t marked. therefore. q very
significant change OF attitude when
the president of the Copper Export
Association is quoted as saying that
the world is using more copper than
ever before. that the foreign demand
10 enormous and that when the pres
ent plans for financing sales abroad
are perfected it will mean very
duction.
Utah Copper Inspiration. Anaconda
and the rest were all in demand at
the highest prices reached in the last
two months. The great strength in
these stocks and the taking up again
ow-priced rails created a welcome di-
version from the sensational perform
ances in the high-priced speculative
1ndustrials- Not that these were neg.
lected by any means: on the c8ntrary.
the spectacular rise continued in
Stromberg Carburetor. drawing along
with it other motor accessory shars&
General Motors appeared to have dis
counted the dividend action when it
sold at 400 right at the opening.
Zinc Stock.
Zinc stocks have been slow to re-
spond to the turn for the better in the
situation of their industry. 1t has
been hard to understand why they
have been slow to move. except on
the theory that the public has not yet
realized the extent of this improve
ment brought about by a greatly in
creased demand on the one hand and
prolonged restriction Of the supply
on the other. The expansion in zinc
exports is the big feature. the same ~
big feature Of the copper trade. But
zinc prices have risen much more from
the bottom relatively than copper prices
have and the recovery in earnings Of
the zinc companies is certain to be very
sharp. -
American Zinc issued its annual re-
port yesterday, and showed that it had
not come out quite even on its operation
FOR the year. The actual operating loss
was $4,000. But this was entirely due
to bad business conditions in the first
half of the year. During the second
half of 1913 there was a gradual but
pronounced change for the better, and
this change has kept on with increas.
ing momentum since the first of Janu-
ary- American Zinc despite its poor
show OF earnings disclosed a remark
ably strong financial position in its
excess OF current assets over liabili-
ties
Baldwin Locomotive.
The speculative element bullish on
Baldwin Locomotive had been Ioath to
believe the statement printed in this
column on Tuesday that nothing
would be done about a stock dividend
at the directors meeting this week.
Some people have been thrown of the
scent by the publication of a contrary
statement to the effect that the alb
sence Of the president in Europe
would not delay matters and that the
plan long under consideration would
he put through with certainty. The
Baldwin meeting occurred today, and
only routine business was tranSa cted.
Naturally the stock sold of sharply on
the news.
Motor Truck stsekA
The motor truck stocks were another
group to come to the fore today. not
having participated in any of the re.
cent advance in the market The lead
ers of this group were White and Re.
public motors. The situation in White
was fully explained in this column
ity that White Motors win declare a
substantial stock dividend in the near
future This would be in addition TO
an increase in the regular cash dis
nursement- The situation in Republic
is somewhat different The company
was bought last year by the WiIlvs
interests. and it is said that the price
PAID was $S5 a share The stock has
been one of the laggards of the mar
ket. and during the depression in
stock offered has been picked up. And
today was the first time il has been
active since last fall
the company is known to be earn
Ing in the neighborhood Of SIS q share
ana earnings are said to be increas-
business is one that has the BACKING
or prominent banking interests, these
taxing the stand that the motor truck
mas come to stay and that il is a me-
cessity instead Of a luxury, as the
pleasure car is cIassed
This bull campaign in stocks b..
brought forth magic name TO com.
pete with that of the name OF Liver
more when stocks are goinR down
There is hardly a stock on the list
ihese days that is not tabled with the
name Of Allen Ryan. and when there
is hurried-up bidding of any partic-
uiar stock. Wall street shakes its
head wisely and says: Allen RYAN ia
busy again" There are any num-
her of stocks in which this young man
Is interested. among them being Stutz.
consolidated Textile. StromberE. Beth
lehem Motors. Vanadium, etc.
Motor Aceessories,
The shares Of the motor aeesssa-
ries companies were among the fea-