Evening star., 1922-01-12
STOCKS IRREGULAR,
BUT TONE IS FIRM

NEW YORK. January l2.-EuyiaG
OF coal shares impaired a firm tone To
stocks AT the opening of today's ses-
sion. Reading. Delaware and Hud-
son, Delawar.. Lackawanna and
Western and Lehigh Valley We're
aighcr by large fractions 10 : points.
United Fruit. Endicott Johnson and
Famous Plsyers made ! point gains
Mercantil. VI riue preferred. Iudus-
irial Alcoaui AID Inspiration Copper
also strengthened. Mexican Patro-
leum. Cen al Asphalt and Bethlehem
Steei registered moderate dec!il.s.
Early dealings in th" bond list IN.
dirated further artivit. in Init
States wa: issues.
Low priced ~ Is such as ''olorad"
and southern. Per Maraueti. pfd.
Southera Railway ofd. and Texas az.
Pacific saareu in the t r.y -;se, =
did slso investment issues. not b..
Canadian PaC!tir. tn;oa P-.c!fc an
Atlantic Coast y"
stren:.tn q. shown.
Standard o. N. Jersey ano
California led the 10 nest c is urs
that group. aad str ngth WAS s,lown
by Genrr.i Eject -. motor special
ties. Associated Diy Goods and Sears
Rnebuck.
The market reversed its course be-
fo"e noon. react IONS Icing caused bv
persistent selling of Crucible. General
Asphalt and Mexican Petroleum.
Liberty bonds were lower. but Viz
tory :3.s at 10O.is. and the 4As al
i0020 made new high records. Gail
money opened at 81: per cent
international Paper LOSS.
The street has FOR some time had
intimstions that International Paper
when i, came 4" making out the
annua. report would cut u the bone
in its inventory account. Still ~
large "A loss a. S6..Ji.UUU shown in =
preliminary Clever month statement
today had scarcely been expected
The compensatory te lure is that rev
companies could better afford {"
stand such a deficit. because few had
such an accumulation OF undivided
profits from past years. Even with this
heavy writeoff International faper At
the close of November, 1927 had
profit aud loss surplus of s2.iao.ooo
more than at the close of 1919. and
nearly s9.000.000 more than II had al
the end of 1917.
There was no immediate comment
made for publica tion by those partici-
pating in the conference, who IN
cluded Arthur J. Balfour of the Brit
ish delegation. Senator SchanZer OF
the Italian group; Baron kato 9i the
japanese and NJ. Sarraut of the
French.
For New High Record.
With new high record year behind
it Studebaker is going To try for even
higher marks this year II is estimat-
ed that the company did 4 eross husi-
ness of something like So une.oo" in
1921 and sold more than $500" ears.
The plans of the company for l!.2 call
for production of nearer so.too cars
Ii is understood that Studebaker has
booked definitely orders for $4,000
cars for the first quarter Of this year.
which would be a new record and
about double tho production of the
last quarter in 1921.
feet .hat the American Woolen Com
pany will show earnings well over
he 81 dividend rate on the common
stock in its 1921 operations.
The actual results Will not be
known for several weeks yet. or un-
Ill the taking of inventory Is com
plcted. The company was able to
stabilize its values at the start of
the year. and at the close of the year
mills were reported running at c.use
to be IN strong financial position.
with bank borrowings very low and
with plenty of cash on hand to meet
any requirements.
Little to Influence.
There was very little 10 influence
the movement OF prices one way or
the other. Again. as has been the
case right along. much more. Interest
was taken in inside rather titan IN
outside conditions. and, the ''ilruiH-
tions Of the active trading element
were mainly based upon the size al
the remaining short interest an"
whether or not there had i'een
enough of reaction on the previous
days 10 wea ken the market position.
outside of the stock exchange there
were two or three incidents that were
worthy of note. One was new high
record for the victory 4&s. 4 second
was the disclosure In the Bank of
Germany statement that at least a
temporary halt had been called upon
output of paper note issues. The de-
crease Of 5O0.000,000 marks on the
week was trif1ing by comparison with
the recent increase of 5000. .00o.0 600
to 10000, 600. Still II was the first
time in nearly two months that there
has been any letup at all.
1t is rather remarkable that since
the assembling OF the conference at
Cannes. German marks have fallen
from around so to around .55, while
both sterling and francs have been
rising so that today they were almost
back to the highest of month ago.
1t was more than ever evident That
in the light Of the annual figures that
the chief explanation for the recovery
. nj 1l1 I'm, 1,a