Evening star., 1922-09-30
STOCKS ARE SOFT
j. UNDER PRESSURE
War News Admitted as
| Factor-SpecuIative Fa-
vorites Are Weakest.
BY STUART p. WEST.
BY Special Leased Wire to The Star.

BY Special Leased Wire to The Star.
NEW YORK, September 30.-The
strain of the situation at the Darda-
nelles was admittedly greater on the
markets today than at any time since
the war cloud loomed on the near
east horizon.
The market viewed the situation
only short of actual warfare. No cal
culations affecting the days markets
could well have been made without
'aking into account the possibility or
iclash between British and Turks be-
inning over the week end. If there
vas to be a war scare IT seemed as
II it must have come today.
What actually happened, however,
ws a series of moderate price move
mnts, indicating uncertainty and un-
eainess, but no serious alarm.
Serling went lower. but did not get
dom to it's low point of the previous
da! British government bonds sagged
offa bit, but they did not equal their
recent low. French and Belgian bonds
Wen of fractionally, but as against
this the continental exchanges were
all teady.
cottel market was directly traceable
to tie cable news. So, too, was the
resumption of the rise in wheat.
Thebond market, with the exception
of lihrties, which were again notice.
ably oft, was inclined to do better.
Action in Stocks.
On tie stock exchange trading was
quiet curing the first hour. with prices
only slightly lower. Then operations
for the decline were tried again with
some success, particularly in the in
dependant steel stocks. Republic Iron
and Ste.l and Bethlehem Steel B were
the weakest.
rhos, ,x,tf ch nyyo
drive against Mexican Petroleum and
the Pan Americans. had an unsettling
effect Upon the entire list. Prices
went gradually lower. and in the
speculative leaders the losses were
rather substantial
of stocls. as there would have been
in a geruine war scare.
Over Weekend.
The main point was that people who
might have bought ordinarily were
delaying purchases over Sunday to see
what would happen in the near east.
This temporarily weakened the buy
buying. rather than any keen desire to
sell, that was responsible for such
weakness as occurred.
National Biscuit.
National Biscuit today added an
other points to it's advance of near
ly II points Friday and once more
got into new high ground for the
year. The movement in National Bis
cult, which now pays 81. is due to re-
ports that the company is about to
recapitaliZe and that the present stock
will be split up on a 4-to-1 basis
with the new stock on a 81 dividend
basis. The 81 dividend on the new
stock would mean SIG a share an
nually.
Great Northern.
When Great Northern preferred on
Friday got down below 80 it ran
into substantial buying orders. The
stock has not regained its old-time
standing as one of the reliable divi-
dend payers.
But it has various points which
ness mems investments
1t still pays the full per cent and
now, taking it's transportation earn
ings plus it's share in the regular
Burlington dividend. 1t is earning
slightly more than this per cent
The revival in the northwest-in
farming, in the humber industry and
in mining production-has built up
a satisfactory tonnage for all the
roads in that section. with every in
dication that it is going to last Even
If there were any deficiencies it could
be made up, as it was last year, out
of an extra dividend from the Bur-
lington treasury.