Evening star., 1922-09-22
TURKISH NEWS|S
MARKET FACTOR
Heavy Selling of European
Securities Featured.
Stocks Lower.
BY STUART p. WEST.

By Special Leased Wire to The Star
NEW YORK, September 22-Word
of the Turkish advance into the neu-
trail zone reached Wall street midway
In the forenoon. 1t made the Turkish
crisis appear more acute than at any
time 80 far, and Immediately estab-
lished 1t as the foremost influence in
the markets.
The rise in wheat options was sud
denly resumed, the foreign exchanges
were carried downward again and
heavy selling continued on the stock
exchange.
1t was difficult from the brief cable
reports to get an exact idea OF just
how serious this latest development
was. On the face of things it seemed
to be a direct defiance Of the British
and to bring the prospect of col
lision very definitely into view.
Selling Movement.
The day began with further selling
Of the same sort that had carried the
market down on Thursday.
Better resistance, however. was
shown so that by the end OF the first
half hour prices turned upward again.
1t had begun to look as IL the reac-
ton was checked when the Turkish
news came out. This Immediately
started again the unloading of specu-
lative holdings all through the list.
Heavy selling in stocks in which
Europe Is interested was a feature
1t was largely because of these sell
ing orders from abroad that the rail-
way shares were quite as weak as the
average of the industrial group
Call Loans 5 Per- Cent.
The bulk Of the days call loans were
arranged at 5 per cent. There was
no pretense that the somewhat calmer
conditions of the last few days in
both call and time money had any
real bearing upon the decline in the
security market.
The latest federal reserve bank
statement did. however. show the in
fluence of the crop moving demands
more than any weekly statements so
far.
Increase of over s52.0oo,oO0 in dis
counted and purchased bills indicated
that the member banks were resort
ing to the rediscount privilege to "A
greater extent than they have at am
time this season. But the actual total
of such rediscounts is still quite
small.
There is not the slightest sugges-
tion of any important Tightening OF
the money market. much less OF an!
strain.
Chile Copper.
Chile Copper stood out rather con-
spicuously again today, while the
general market was unsettled. The
independent movement of Chile Cop
per indicates that the reason for the
buying is not a trade reason. brf
something relating to the particular
condition of the company. Chile
Copper, owing to its low production
cost, Is making good money even at
the present low prices of the metal.
1t could. II it chose. distribute some
create a situation where not only the
Z per cent bonds that mature next
May would be turned into stock, but
the s per cents also.
American Locomotive.
The addition of $15.000.000 in new
orders on American Locomotives
books within the last two weeks
brings the total of incoming business
to approximately s50,000.000. This
large volume is sufficient to keep the
company busy well into 1923, and is
indicative of the rapid increase In or
ders which has come since the re-
newal of the foreign and domestic de-
mand.
Central Leather.
Central Leather is reported looking
to 1923 as a period when its earning
power will be fully restored. This
year is expected to show the last OF
deficits. The company has suffered
heavily from the deflation of the past
two years AS a result surplus has
been wiped out leaving profit and
loss deficit of $7.5c0.0oo. compared
with a surplus OF $7.S00.000 in 1914
Working capital. however. remains al
$51.000.000. compared with $53.00o.-
900 in 1914, or practically the same.
and funded debt has in the meantime
been reduced Ss,60O,000-
Dawson Chemical.
Dawson Chemical is reported 10
have just closed a contract with one
of the big oil companies involving
the silica-gel process. Under the
agreement it is said that the Oil com
pany has contracted, for the major
PORTION of the Dawson product for a
number of years and that Davison's
earnings viii be much improved as
result.
Financial Notes.
The following sold ex-dividend to-
day: American Brake Shoe and
Foundry common. 81. and preferred.
13. per cent; Bell Telephone Of Can
ada. . per cent; Hendee Manufac-
Oturing preferred. IN per cent; OF
tawa light, heat and power. !. per
cent: B. F. Goodrich preferred, "a
per cent, and Wilson e. Co. pre-
ferred. IL per cent.
The average price of eight principal
iron and steel products advanced this
week to s52.55 from S5l.73 last week.
The low average price of this year to
date was s42.12 on February 2s.
St. Paul loadings this month are
reported to be running Is per cent
ahead Of loadings for August.
Sheet and tin mills of the Ameri-
can Sheet and Tin Plate Company at
Farrell and the Sharon Steel Hoop
plants at Sharon and Youngstown are
running close to 100 per cent The
1< ;c h4 t.,ts i,,