Evening star., 1922-10-24
FOREIGN EXCHANGE
BIC GMARKETFACT0R
Pressure en- Stocks Meets
More Resistance Than in
Mondays Trading.
BY STUART T.. WEST.

Special Dispatch to tn" star
NEW YORK, October 2i-lnterest III
;o,!ay's financial situation centered unois
she foreign exchanges and the market
for foreign government boEds.
In the home security market it was
hard to distinguish much unsettlement
because Of these developments. s'ochS
went lower at the opening and continued
r,nder pressure occasionally during the
.,ster session. Eut outside or Il conf
7:srativeIy few weak points there was
more resistanc" than had been sh0"i,
AIcHCI1y Liberty bonds We're somewhat
sf but the rest of tn. bond llSt was II
regular With Il number OF advances oe-
spite heavy selling in the European
government group
Oil Melon Plan Expected.
The pan-An!erican financial plan an
rounced overa sht, WAS quite i'll hne
with the recent expectations that III OF
Ger u, induce minority holders OF MeNl-
can Petroleum to turn in their SHARES
n eXcii;t.I:s' for Par-AmeriSaf' SONY
trHcrCliu3ry attraction would be OF
trr,.i.
The heavy selling of French francs
rvrItt on. ,;iT:y!uf: tHeJc To 4 new low lot
ia,. year. Tac ,iern2an mark cont inued
ia sink and Italian lire and Bslgian
', tr,,S Were, forced down to the lowest
-. ;ru,.l,.G IL, 49," Sterling lost over
:. ceat aud was eff over i cents from
iast week high.
Government Bonds Weak.
This adverse movement in the Eu-
ro,,.an c,!-rencies was accompanied by
,nuspicuo,is weakness III the government
bonds. s-reclaily in the French securl-
ties
The French loans in Paris ana
T.nu,.on were off quite sharply. IN
-i?., s-rw York market the French IS
rr"<c over q int 10 me lowest 'hfH
nay" ever sold for since thtS We're
sSued HE l3S were down Within
:: point Of their bottom Belgian
lords We're similarly weak ana 'he
t-nite,l Kingdom "f Great Britain is
sues went lower.
These were the manifestations OF
uncertainty and Untasiness aroused
NV the threat Of tn" German chan,
,..!lor to confess bankruptcy and
hereby refuse further rcp;.rati"ns
-..I,,.leITs in materials, rs well as IN
,,sf. Whether tt,:S Is merely Il
g-nrawd political move to save ths
pr, sent German ministry or Whethti
i is the serious putting forward OF
a pulic. which viii have the backinS 3
nf t;-rfllaI, financial and industrial lu-
-t-.sts ard the 81 eat majority OF TIE
people is Il question.
Allied Leaders Alert.
AT all events it is not 10 be sup
i,osca for Il moment that the allied
Governments have overlooked con-
irreuCv uf this sort and have laid
;hcir plans 20 deal with II.
The lntvlttfI. scquei If the bank
f-IptCv threat is carried os;t would he
he insist. nee upon ;,llied control OF
German finances, which would lncluut
me attempt t. balance the budget
r1roueh Increased taxes and the stop
i,ing Of further paper money lnlia-
ZION.
What the markets We're rejecting
-n,I:y was not any real feeling thaI
German default would indefinitely
hold w reparations payments, out
)uizsivin-S as to whether. even un-
der allied supervision. anything like
tht, amount which the continental ma
lions are counting upon could b'
yvrung from German taxpayers.
Motor stocks Feature.
Where the German news showed
most in tile stock market was in the
diminished activity. As the after
noon went on the trading. except IN
Two or three spccialtieS. became
rcal!y dull. Evidently the latest de-
veiupmentS N the German crisis We're
:ut regarded sufficient to warrant
So Hing of securities. but they in
,.linsd buyers TO delay.
Selling in a few of the motor
stocks was 4 feature in the later
.lealings, but if it was intended to
r'nsettle the group as a whole 1t
allied The Can shares stood out
strongly all day.
In railway shares the principal in
crest lay in the Norfolk and West
ri dividend meeting scheduled for
:It,-r ,he close. of business and the
question whether an extra disburse-
3Gent on Norfolk stock would inf1u-
nee the PENNSYLVANIA directors on
Wednesday to increase their rate.