Evening star., 1922-08-25
new YORK STOCKS
ACT FAIRLY, WELL
Drop in Marks, Francs and
French Securities Ignored.
Equipments Lead.
BY STUART p. WEST.


NEW YORK. August 25-Interest
in the financial markets shifted today
from the domestic labor situation to
developments in the European money
centers.
The home security markets have
toward both shipments and the an
! thracite miners strikes.
There was disappointment that
grounds for settlement had not been
reached. but no adequate reason was
found In this failure of negotiations
Tor the throwing over of security
holders.
The primary test today was wheth-
er the same imperturbability would
be shown in the face of the latest evil
dences OF Germany's financial break
down and the serious Implication
which 1t has for French finances.
French Franco Drop.
The panic continued on the Berlin
bourse and the mark fell TO .0004h. as
against Thursdays low of OO05 u.
Later In the day there was a partial
recovery.
But more striking even than the
collapse in the German rates was the
extreme weakness in French exchange
and the reaction which this had upon
French public and private bonds
Breaking well under .o76o. the franc
December. 1921. 1t was in the first
week of that month that the recovery
set in which carried the value of the
franc from .06S9 to the high Of O937
in the middle of April. The drop of
"a cents during the last four months
is a measure of the deterioration in
French credit since the failure of
persistent EFFORT to settle reparations
problems
French Securities Soft.
The market for French securities
was more sensitive than any other
day for long time. due to the weak
ness in the exchanges. French gov
ernment SIS and 7ls s fell over point.
the later reaching the loves: that
they have sold the last three months
or more There was heavy selling
also in the department OF Seine and
farls Lyons and Mediterranean bonds
listed in New York
Indifference Here.
If there was any uneasiness on ac-
count OF the European situation how
ever. II did not show in the slight
est in the days stock and bond mar
kets
Trading in stocks went along with
about the same characteristics as on
other days.
There were few points of weakness
while there were numerous advances
among special stocks. The industrial |
list was favored over the rails AL
though the latter were well sustain /
ward
Equipments Firm.
In the industrial section the princi- |
pal buying centered upon shares of
the railway equipment companies two
or three Of the American oils the
steels. the leather stocks and some
of the motor and motor accessories.
United States Steel common made
new high for the year. a sufficient in
dication that the wage increase is ex-
pected to be Offset by the advances
which have already begun in steel
production.
Motor Stocks.
The move in Studebaker was de-
clared to be under the same patronage
as the other principal upward swings
in the stock. More Immediately II
statement printed Thursday that al
though the second half year is never
supposed to be anything like the first
half year in the automobile business
Studebaker actually earned in July So
a share. There was some buying of
Il sympathetic sort in the other mo-
tors. particularly Chandler and Pierce
Arrow. Some of the motor accessory
stocks were favorably affected by the
strength in motors-especially Parish
& Bingham and Stromberg.
American Telephone.
Rights to subscribe to the $l15.000,-
900 of new American Telephone and
Telegraph stock began to be dealt in
this morning. They opened at 21a.
sold at 2%, then moved forward The
market took its cue from the course
of these subscription privileges as to
what was likely to happen to Ameri-
can Telephone stock itself In this
instance the strength of A. T. T.
rights was taken to foreshadow a
prompt subscription to the new stock
on the part of shareholders, and the
selling pressure of the previous day
was speedily relaxed.
Copper Reports.
The most significant thing about the
operations of the porphry copper
companies-Utah. Nevada, Chino and
Ray-for the quarter ending June 80.
which concluded the first three
months of mining since the resump-
| ton of production April l. was the
progressive increase in output. This
improvem ent was apparent particu-
larly in June. except in the case of
Nevada, part of whose property was
destroyed by FIRE.
FOREIGN EXCHANGE