Evening star., 1922-11-09
TURK WAR SCARE"
IGNORED IN MARKET
Today's Price Movements
Advance Steadily From
Opening of Trading.
BY STU ART r. WEST.
Leased Wire to The Star.

BY Special Leased Wire to The Star.
NEW YORK, November 9.-The
most interesting side in today's price
movements lay in their test of the
sensitiveness of the market to the
Turkish crisis.
Gable reports on their face were
sufficiently disturbing as suggesting
that If a clash between English and
Turks has not occurred. ii was likely
TO come at any moment But even
IN the quarters where reflections or
political uneaSinesS is always keeneSt
the foreign exchanges and the COM
modify markets-there was no sign
of any apprehension.
Sterling exchange was higher. ltal-
Ian lire went back almost to their
recent high, and there were further
sharp recoveries in French and Bel
gian rates.
War Scare Ignored.
Cotton. which always goes down
on the hint OF any war scare, made
another new high record for the year.
while wheat. which usually moves up
ward sensationally on any threat of
war. did very little one way or the
other.
The security markets. guided by the
action OF these other and more i'm
pressionable markets. ignored the
Turkish news altogether. Seemingly
Il
dence that the important thing was
for the allies TO stand together. that
having agreed to present a united
front against the demands of the An
Gora government there was no seri-
Gus reason to fear that the Turks
would carry out their bluff.
The stock market went ahead in
precisely the same way as IL was go
ing before the revolution at Constan-
tinople and before Tuesdays up
heaval at the polls.
Most Changes Upward.
Nearly all the important changes
of the day were upward. But there
were few notable exceptions like
General Asphalt. which broke badly
on reports that the revenues of the
company are not such as to warrant
continuance of the preferred divi-
dendS. Stocks Of companies known to
be doing well. like the motors. equip
ment shares and some of steels and
oils. were consistently strong.
Retreat of the recently active boar
party was factor not only in stocks.
but even more so in foreign eX-
changes. French francs. which had
lost nearly half cent on Tuesday and
"Wednesday. got back fully three quar-
ters of the decline.
This, without any apparent change
In the real influences governing the
market. gave some idea of the extent
to which short selling had eXagEer-
ated the previous decline.
steel Again Takes Lead.
ON the stock exchange some of the
strongest features were stocks which
had borne the brunt Of the profess
stonal attacks of a week or two ago.
and in which accordingly there was
reason to assume the largest out
standing short accountable Ameri-
can oils. the shipping stocks. the rub
ber and tire issues. Shares of gas
companies, which. with the election
out of the way, will feel free to go
ahead with recapitalization plans.
were in demand again. especially
Consolidated Gas and Columbia Gas.
Steel common. after absorbing
lot of realizing during the first two
or three hours, took the lead again.
Steel Features Trading.
The persistent buying of United States
Steel common was still the fea-
ture of the afternoons stock mar
het. Apparently 1T was based less
upon trade prospects and the ex-
pectation OF improved earnings than II
was upon the consideration OF the enor-
nous trt asury assets back of the stock
"a subject which has been brought to
the front again by the testimony of
Chairman Cary at Washington
In the last hour. with snort covering
over. the early leaders among the oi!
and shipping stocks lost good part Of
their gain. The rest of the list was
very irregular. with d note Of steadneSs
still predOminating