The New York herald., 1922-10-08
FINANCIAL NEWS
AND COMMENT
Aimless Stock Trading Marked
by Variety of Trends-Un- 2
dertone Firm.

Any apprehension which may have
been felt yesterday morning by reason of
the early dispatches reporting the Turk
ish ultimatum to Britain and limiting
that France might support the Turks in
their stand was dissipated before noon
by news from Paris that the French au-
thoroIcs had decided to stand with Eng
land in her determination to keep the
Kemaiist forces out of Thrace. At the
same time the attitude toward the Ital-
ian foreign Office which ordered the Ital-
ian representative in the Mudania con-
ference to support the Turkish claims
was made more conciliatory by the, de-
cision that the evacuation of Thrace
must be started Immediately by the
Greeks.
To some extent these developments
were reflected IN the action of the stock
market. which moved about more or less
aimlessly, nevertheless displaying a de-
cidedly firm undertone. Many issues,
notably Standard Oil of New Jersey, ad-
vanced to new high record figures. but at
the same time there was rather persist
ent pressure directed against number
of other stocks, which suggested profit
taking after a week of rather violent
rallies.
In the foreign exchange market the
reassuring situation with respect to the
complete understanding between Great
Britain and France was reflected in all
rates except the German mark which
once more made a new low record at
! 4A. Whether big German interests are
trying feverishly to transfer all their
funds into the money of other nations
or whether the renewed decline of the
mark is but further recognition of the
continuous operation of the printing
presses in Berlin's money factory, is a
more or less difficult question to deter
mine. Certainly 1t can scarcely be at
tributed to speculative operations at this
very late date.
The bond market was relatively quiet
yesterday. with most issues displaying
a. firm tone. Weakness characterized
the market for some of the foreign
Governments, but Liberty bonds main
tained the same firm tone developed on
Friday and high grade investment is
sues, including some of the better rails,
were in good demand.
The nervousness which affected the
bond market a week or ten days ago
when all sorts Of reports were purport-
ing to tell what kind of financing the
Government was planning to do to take
care of the $2.0O0.OO0OoO of Victory
notes. seems to have disappeared com
pletely. While the demand for bonds
at current prices is not as great as il
was before the steady expansion oi
business began to absorb a substantial
portion of surplus funds, there is yet nc
indication that the need Of funds witt
which to take care of industrial re-
quirements is sufficiently great to dis
turb the market for high grade obli
cations.
Shipping stocks were weak feature:
in yesterdays half-session, the sellint
being done largely as result of At
torney General Daugherty's ruling
against liquor on any ships entering
American ports. 1t was easy to see how
American shipping companies could b'
severely hurt by this ruling, but why
the stocks of companies whose ships are
operated under the British flag. shoulC
be injured to any extent is difficult tC
determine. What is more likely to b'
the outcome of the Attorney General:
new ruling is far more favorable at
titude toward the ship subsidy program
.r,nnsnrnd hv Prnsldenf Harding