Evening star., 1922-09-20
new YORK Stocks !
SHOW FIRM TONE
General Market Not SO Ac.
tive-PooIs Busy at
Manipulation.
BY 8. r. WEST.

By Special Leased Wire to The Star
NEW YORK, September 20.-The
only way in which the political crisis
markets was to bring about a general
lessening of activities, with diminish
ing price fluctuations.
The best evidence of sentiment in
banking circles lay undoubtedly in
the action of the foreign exchanges.
Sterling was up nearly cents from
the low of Monday. and French francs
also were up slightly. This meant not
only the recovery Of the entire loss
at the beginning of the week. when
the war scare was being actively ex-
plotted, but it brought French ex-
change, III particular, almost back to
the nigh of week ago. before the
Turkish business began to be noticed
in the markets at all
This recovery in the exchanges was
emphatic enough to show that IL the
missed entirely from calculations, it
had ceased to be looked upon with
any serious apprehension.
Business Lighter.
Business on the stock exchange was
smaller, but there was no renewal
| of selling.
On the contrary. the familiar opera
tions for the rise-most of them in
Spired by speculative pools-kept on.
Some short covering came into the
leaders of the list in the early part
of the day, but substantially the gem
eral run OF stocks did little.
interest was absorbed almost
Wholy by the specially movements.
Bonds Strong.
| The bond market was strong again
| both for government and corporate
| issues. but here the influence was not
! the better feeling over the European
| situation SO much as it was the Presi-
| dents veto of the soldier bonus bill
and the anticipation that this veto
would be upheld in the Senate.
| Liberty tax exempt 32s s had quite a
sharp advance. In the rest of the
! United States war loan group the rise
was more moderate
french and English government
! Issues were substantially the same
as on the previous day, the important
lning IN their connection being that
on uneasiness over the near eastern
troubles had run its course.
Austin Nichols.
The buying movement in Austin
Nichols was vigorously prosecuted.
| carrying the stock to another new
| high. When the price was some 10
points lower speculative crowd
which had made a lot of money out
| or Coca Cola, and had formed the
principal market interest in that
stock, began to shift from Coca Cola
into Austin Nichols. The chief argu-
, ment is that earnings are running
at the rate of 81 a share. Dividends
are looked upon as reasonably prob
able for next year.
Burns Brothers.
Burns Brothers stocks today were
j md h,
of the fact that the company has now
begun to receive a normal supply OF
coal. Had it not been for the strike
the dividend on Burns Brothers would
VERY likely have been increased a,
the meeting two months ago. Any in.
crease in the rate on the B stock au.
tomatically increases the rate on the
A stock, for the latter is entitled tc
an equal share in any extra distribu.
ton on the former.
Beechnut Packing.
Beechnut Packing advanced once
more on the theory that an increase
in the dividend is Z possibility later
In the year. The dividend on Beech
nut is now 4 cents monthly, or 4Sc a
year, this being the result of a split.
up in the capitalization OF the COM
pany recently. The company earned
1851 900 before taxes in the first hall
of 1922 and recently paid off the last
of its floating debt.
Another Oil Merger.
The papers which will link Kirb,
Petroleum, Kansas and Gulf, White OF
land Monarch OIL are said to have beer
signed and the plans are about ready
to be made public. Kansas and Gulf and
White Oil are listed on the stock ex.
lchange, while Kirby is dealt in on the
Icurb. The new combination will have
la settled production of around 1000
tbarrels day.
Financial Notes.
Leading acceptance dealers toda,
ANNOUNCED an advance in the discoun,
irate to 3A per cent and 3A per cent
;against 31s and 81, which was the
prevailing discount level. 1t is be.
ilieyed the higher rate will invite .
more general participation in the
}market.
All market sessions here will gt
back to standard eastern time sched
Jules on Monday, as daylight-savine
itime ends at midnight, Saturday
might.
Among stocks which sold ex-divi.
Idend today were American Telephone
and Telegraph. Continental Can pre-.
,ferred: Detroit Edison; Mack Truck
first and second preferred, Phelps
dodge, United Fruit, and Yellow Cal
Manufacturing.
Cleveland manufacturers of wrought
iron pipe have made another price
increase Of S11 a ton, which follows
To III M