Evening star., 1922-11-20
MARKET WATCHES
CONGRESS OPENING
Rail and Shipping Stocks
Marking Time-Foreign
Exchange Improves.
BY STUART p. WEST.

By Special Leased Wire to The Star.
NEW YORK, November 26.-In view
Of the supreme Importance attached
to the financial situation of conti-
mental Europe in all discussion Of the
outlook here. the principal point of
interest in today's stock market oc-
currences was the further recovery in
the foreign exchange.
French francs at one time were
quoted over q cent above their low Of
fortnight they have retraced all the
ground lost in two months. Belgian
francs have had scarcely less rapid
rebound, while sterling above $44s,
where 1t was selling at one time to-
day, was within cents Of the top of
the year made last June.
Uncertainty Over Congress.
With the reassembling OF Congress
and the uncertainty Of what would be
done with the ship subsidy measure
on the one hand. and railway legisla-
ton on the other. it was natural that
these two groups Of stocks should
have been comparatively neglected.
The main point about the days
trading was that in the minds Of
sufficiently liouidated to warrant q
resumption of their activities, sus-
pended when the break came q month
ago.
There was nothing especially new
in connection with these individual
dividends was responsible for the rise
in stocks like Reynolds Tobacco.
Hudson Motors and Associated Dry
Goods. The sugar stocks were SEEM
ingly getting ready for their annual
reports, which in most instances will
the melancholy returns of year ago.
Continental Can Across Par.
Continental Can got across par to-
day for the first time since 1919. when
it was on a per cent dividend basis.
The dividend was passed in October.
1921, but the street has long realized
that the high selling price of the
stock ,portended something very
to the shareholders The report is
that very substantial dividend will
be declared in stock and the COM
bined old and new shares put up on
a regular cash dividend basis.
Reynolds B has been one Of the
best protected stocks during the CON. CON.
other tobaccos were off 10 to 15
points from their tops. this stock
was down at the extreme of its reac-
ton less than S points from the best
it ever reached. Explanation for the
shares have been held through the
break is to be found in an increased
dividend expected soon. Tho talk is
that the stock will be put up on
81 basis.
Central Pacific Control.
A decision in the fight for control
Of the Central Pacific. being waged
by the Union Pacific and Southern
Pacific railroads. is expected to be
handed down Tuesday. In some quar-.
ters the feeling is that the Central
Pacific will pass from the control
of Southern to Union Pacific.
With the stock market giving a
better account Of itself. the motor ac.
slightly today. In the case Of Stew
art Warner there was the special con-
sideration of an extra dividend. Par
ish and Bingham. after selling below
8, rebounded. The theory here is that
the stock was selling out Of all pro.
Bingham's business Is better than In
two years, according to officials. 1t
is handling more Ford business than
ever before and has recently booked
orders from several other companies
including the Rolls Royce.
German Crisis Grows.
In a broad way there was evidently
some connection between the I'M
provement in the exchanges and the
hopes expressed that the new German
ministry. II it is finally made up Of
the country's leading business men.
will accomplish something toward un-
raveling the desperate problem Of
reparations 1t was significant that
even the German mark went up to-
day, although the latest Reichsbank
statement showed all records of note
imitation left far behind. with an in
crease in a single week Of e5,o0o.ooo,-
900 marks. This brings the German
note circulation up nearly 10000, ,000.-
900 marks from where 1t stood on the
1st Of October. The pace which ex-
pansion of the paper currency has
now set is fully up to that Of Aus
tria a year ago, and the Austrian Sc
que1 was that a halt was not called
until through the influence of the
league of nations further note issues
were prohibited after the outstanding
circulation had reached nearly three
trillion crowns.