Evening star., 1922-09-23
SECURITY VALUES
SUFFER SETBACK
Quotations of Week Strong
Iy Influenced by Turkish
''War Scare"
By the Associated Press.

By the Associated Press.
NEW YORK, September 23.-Quoted
security values sustained a sharp set
back this week, when professional short
interests forced readjustment of the
stock markets weakened technical po-
sition. The Turkish war scare was
used as the excuse for Mondays severe
reaction. while the calling of loans and
the marking up of the call rate to 6
per cent furnished the impetus for
Thursdays decline, the net losses in
standard shares ranging from l to 8
points.
that the long period of speculative buy
ing had developed an overbought condi-
tion. and that there had been a tendency
to overdiscount all the bullish develop
ments in sight. Consequently, short in
terests had little difficulty in uncover
ceeded in an orderly fashion, and at no
time was the market swamped with
offerings, good buying support being in
evidence slightly below current levels.
Domestic Trade Encouraging.
Domestic news developments con-
tinued to be of an encouraging nature.
Car loadings Of revenue freight con-
tinued to go higher, and there was a
steady increase in production in the iron
and steel industry, despite the rising
tendency Of prices. Further evidence Of
the moderate revival of business was
rejected in the enlargement of the
weekly statement of the federal reserve
system showing an increase of nearly
100000 in rediscounts.
August motor car production ap-
preached to within few thousand Of
the record in June, which was the
banner month in the history Of the the
industry. September orders show the
usual seasonal falling off, but the cut
in prices of several of the popular
models is expected to result in fur
ther orders. Seasonal dullness also
Is making itself felt in the building
trades. Commodity prices, as a rule,
are tending upward, one of the fea-
lures of the week being the further
increase in kerosene prices, both for
home consumption and export.
Large, Sums for Investment.
Indications that large sums of
money still are available for invest
ment were seen in the ease with
which several bond offerings of the
week were disposed of. Call money
rates fiuctuated from 4 to 6 per cent,
the latter rate being recorded on
Thursday afternoon for the first time
since last February.
However, this rate is regarded as
temporary and was brought about by
the combination of withdrawals by
interior banks for the financing of
crop movements and the demands of
local importers. who hastened to get
their merchandise out of bond in or
der to get the benefit of the lower
tariff rates. A firmer tendency also
was noted in rates for time money
and commercial paper.
Foreign Exchanges Reactionary.
Foreign exchanges were reactionary
in response TO the uncertainty Of de-
velopments in the near'eas and heavy
offerings of commercial bills against
export shipment. Demand sterling was
quoted at least a cent below last
weeks figures, and corresponding de-
creases took place in the continental
rates. German marks held fairly
steady around the rate of cents a
hundred, despite another increase of
$4,000. 100000 in circulation, raising
of the discount rate to per cent and
the announcement that the note circu-
lation would be increased 100000
marks daily in order to meet the cur
rent shortage.