Evening star., 1922-09-19
GENERAL RALLY
IN STOCK MARKET
Lass Warlike News Causes
Shorts to Cover Free.
Iy-Notes.
BY STUART p. WEST.
.ased Wire to The Star.

-
BY STUART p. WEST.
By Special Leased Wire to The Star.
NEW YORK. September 19.-In all
the markets today a more favorable
view was taken Of the European politi-
cal situation. No experienced observer
believed Mondays commotion was any,
thing resembling a genuine war scare.
There were too many essential charac-
teristics missing.
But whatever uneasiness there had
been was considerably modified this
morning despite the apparent determin-
alton of the other European allies to
let England go it alone in opposing the
Turks.
French government issues recovered
both abroad and here, and SO did British
consols. -
The foreign exchanges were decid-
edly better, with sterling across
$4.42 again and francs back over all
and more Of the ground lost the pre-
vious day.
Cotton improved, while wheat OPP
tions fell sharply. Stocks had a fair
although somewhat cautious rally.
and better demand appeared for
investment bonds.
Exploiting News.
This prompt. II not thorough, re-
versal made itself quite plain that
Mondays price movement was the
result Of speculation exploiting the
Turkish news rather than any ex-
preston Of concern in banking and
commercial orioles
Wall street opinion was not a unit
on the question of whether the Turks
and British would actually clash.
but the great majority felt that Eng
lands extensive preparations by sea
and land would have the desired ef-
feet, and that the trouble would be
adjusted through diplomatic channels.
IN speculative quarters it was held
that the shakeout in stocks would
have come about under any circum-
AS for Mondays upturn in the
wheat market. it was a plausible
and satisfying explanation that the
grain trade. in the prolonged decline
slaokneps Of the foreign demand. anu
vas ready on any suitable pretext,
Tor just such a sharp recoil
Shorts Cover.
On the stock exchange the recov-
cry was naturally most pronounced
In shares which had most felt the
forco of short selling.
Mexican Petroleum was one case in
was another.
At the. same time the pools in
various industrfals got to work
again, the most conspicuous OF these
movements occurring in Austin
Nichols. Utah Securities. the zinc and
South American copper stocks and the
e1uress company shares.
Metal Stocks.
The further advance in Butte and
superior and the American zines
finally evoked some response today
in the coppere. There are some points
OF resemblance between the two in
dustries. the main one being that for
the last two years both have been
engaged in working on a huge over
supply.
In the case Of sine, however, this
process 10 much further along than
IL 10 with copper. The zinc surplus.
reduced as it Is to only a few weeks
reauirements 1tan aaans, Is verEins on a condi-
had the effect of putting prices up
very sharply. The copper surplus has
been coming downhill, likewise, but
far less rapidly. 1t is nowhere near
the stage Of exhaustion, and hence,
copper prices have not yet felt any
stimulating effect.
Invincible OIL.
The buying in the stock of Invin-
cible OIL Monday and again today re-
mained good deal of mystery. The
only reason suggested was a revival
of the rumor which was heard som.
time ago that a deal was on between
Invincible OH and Standard Oil of In
diana.
Adams Express.
The jump in Adams Express was set
down as anticipating a resumption of
dividends in the near future. The
course. been changed since the Ameri-
can Railway Express commenced to
make money aftes long having oper-
atsd at Q loss.
Chile Copper.
The market action Of Chile Copper
and Kennecott Copper shares bears
out fumors that there is quite lot Of
switching from Kennecott into Chile.
A feature Of Chtle's report for the
impress itself on the public mind was
that the company had reduced Its
production cost in comparison with
the first quarter by better than cent
q pound. Copper production in the
March Quarter cost 1865 cents
the cost was reduced to 7.O77 cents a
pound.
The company is now making copper
at less than cents pound. and there
are those VINO DSllevo th4t Chile early
next year will produce copper nearer
the six.cent level.
FtnaAslal Notes.
Production OF oil in the California
fields In August was the greatest on
record. II amounted to 1l,sle,882
barrels, or an average Of SsS.122 bar
Expenditures totaling Ss3,7S3.sis' ID
called for in budget for rehabllitat-
inn the Denver and Rio Grande West
ern railroad. Fifteen million IL for
improvements and more than $6,-
0oo, 900 for rails
For the twelve months ending Au-
gust 81, tho Public Service Corpora
tion of New Jersey showed operating
revenues of s76.729.306. as against
S75,7S6,262 for the preceding twelve
months. Earnings available for divi-
dends were s5.1s6,045. as against ST.
90S,O3S in 1921.
Pacific Gas and Electric Company
today declared the regular quarterly
dividend Of $1.25 on common, payable
October 1e, to stockholders Of record
Il is expected today that when the
Associated Dry 0eods Corporation d.
reetoFs lneet early next week pay
snsnts on the common stock may be
raised from - to 80