Evening star., 1922-09-18
STOCKS ARE SOFT
ON foreign NEWS
Leaders Show Sharp De-
cIines, With Rails Mod
erateIy Lower.
BY STUART p. WEST.

NEW YORK, SepteHUeT love du
street got down to business this
morning to hnd that a general and
rather sharp decline in the security
markets abroad and an equally gen.
eral although not SO pronounced
drop in the foreign exchanges: French
government bonds in Paris and Lon
don were of a point to two points.
British consuls were lower and ster-
ling down IL cents in the pound.
These evidences Of concern over the
political situation in the near east,
mAi.n nau not appe-.red on Saturday,
could not be ignored In the markets
here.
over Sunday affairs had manifestly
become more acute by the sensa-
tional British note. calling upon the
allies am The British doin.nlons to
send forces to oppose the Turkish
advance. Along with this were other
warlike moves mentioned in today's
news.
Despite this news. Wall street was
still inclined to believe that peace
lul settlement would be accomplished.
News over the week end provided
some pretty combustible material in
market which had been for a week
or more visibly slowing up.
Action In COMMODITIES.
The grain markets-always the
most sensitive of any to the sugges-
ton of war-had another violent rise.
bushel from where they left, off
Thursday. The significance of this
lay, Of course, in the expected increase
in the export demand should there
come another clash with Europe. On
the other hand a European war would
a ha of
as it increased the consumption of
foodstuff. Consequently the further
sharp fall in cotton options was quite
as suggestive as was the action Of
the wheat market, of a genuine Ieel-
ing of uneasiness.
Foreign Issues Soft.
The selling In the security markets
bore most heavily upon foreign gov
ernment issues and recent fayorites
French 7hs dealt in In our market
went within points Of their ex-
treme low. United Kingdom 513s of
1923 lost point.
Neither liberty bonds nor the gen.
eral run of investment corporation
bonds were affected. but in the specu-
lative market the decline was very
general. Prices opened down in some
instances a full point.
After an hour Of uninterrupted SELL
ing the market hardened and there
were a few half-hearted attempts to
put up industrial specialties. But in
the afternoon, when wheat prices be-
gan their violent jump the selling
movement became more precipitate.
Leaders Run on.
In stocks like Studebaker. Baldwin
Locomotive and the oils the losses ran
from to points.
In the rails they extended from a
point to points.
Cosden Shake Out.
1nasmuch as a good sized long in
terest had accumulated in Cosden
common, it was affected as much
out. But in the meantime the usual
ly inactive Cosden preferred jumped
up to 102 with quite little trading
This stock is retirable in whole or in
part on any dividend date at 120.
provision that went into effect three
months ago. under which either $14O,-
600 par value or per cen. of the ag-
Sregate amount of preferred stock
outstanding now or hereafter must
be retired out of current earnings 1t
may have been simply buying for the
sinking fund which was responsible
for today's activity.
Zinc Stocks Stronx,
a
can Zinc shares were among the few
to break away from the downward
tendency of the general market.
They were actively bought in some
what tardy appreciation of the fire.
quently mentioned Improvement in
the zinc industry. Supplies of spelter
on hand being sufficient to last only
three weeks, there has been a sharp
rise in prices.
Willys.Oyerland.
The WHY'S Overland Company an
nounces cuts which bring the WHY'S
knight cars down to the lowest level
OF any car having a knight motor.
.u.i.-e, ana roaus,er modeis are cut
S140 to $1.235, fob. Toledo; the
Knight hve-passenger sedan is cut
$l45, to $3.50; Overland touring and
roadster models are cut $25, to $525;
Overland coupe Is cut from $3.50 to
S1S5. and the Overland sedan from
1885 to 1915. The company has laid
on $500 men for short time.
Merger Ratified.
At special meeting in Newark to-
day. stockholders of the Bethlehem
Steel Company ratified absorption of
the Lackawanna Company and au-
thorized the recently announced plan
of recapitaiiZation. The action was
taken despite a formal complaint is
sued some weeks ago by the Federal
Trade Commission charging the
merger was In violation Of the Clay.
ton act, and Is taken to mean the
attorneys representing the two COM