Evening star., 1923-01-22
INVASION OF RUHR
IDEADENS MARKETS
Stocks Almost at Standstill
g,as Results Are Awaited.
4 Price Trend Lower.
By STUART r. WEST.

SfNSiAt DiSPatch 10 L ne staF. ---.----
tkEW YORK. January 22.-The mar
xets of the world today continued to
express skepticism, as they. had done
al list week, regarding the success
81 the French measures in the Ruhr.
No amount OF military coercion can
.nrce men to work against their VIII
AID the big news over Sunday was,
af course. the decision of the German n
miners. following the decision OF the
German railway men, to quit.
Apart from collecting on the repa-
rationS, France physically needs the
auhr coal. So does Germany. The
Zsne in this mornings dlspatches
Fiich spoke of a contest OF endur-
r. CO.. seemed to hit the nail exactly
81, the head. But in the meantime
E.iance and Belgium have to consider
seriously what it would mean for
their own finances if Germany is able
to persist in her present policy OF
regarding the Versailles treaty as
having been violated and conse.
quently ceasing TO make deliveries OF
goods.
Talk OF Int ernnl Loans.
In this event both countries would
have TO tax their already over
hurdened finances with huge internal
loans. because the present selling
prices of their external loans is sur
ticient 10 show that they cannot ex-
pect any further substantial helE
from outside capital.
All French and Belgian govern
ment and municipal securities were
very weak again today. a number o'
the representative issues dealt In OF
rae New York market selling AT the
!uweSt they have ever touched. This
Unloading of European bonds was &C
rompanied by severe pressure agains'
French exchange.
The daily new low record" 70,
German marks. was of course. to ht
expected, but the more serious thing
for tho situation in general was tina
the france got down not far from
$50. which was pretty close to the
Norember low of 6.l7. and compared
qvith a high of above $50 little more
xiyen to these developments by the
other financial markets was tndentica
~ tt that SO consistently maintainec
lgst week.
Sterling was lower. but only
,rfe. The English security markets
'TcI'e steady.
stock Market Dull.
The stock market today was 6
waiting affair, just as II was on Sat
Nrday. II was characteristic Of the
trend today that nobody, whether
Individual operator or pool manager
one way or the other until a better
line could be obtained on the seque
20 developments in the Ruhr.
Traders were more inclined to sell
short side were willing to admit thai
no long stocks of consequence were
being dislodged. In no day for "a
long while have there been so few
movements in spectalties
Weakness in International Paper
appeared to result from selling due
10 advance knowledge regarding the
annual report. although this is not
likely to come out for another two
months The company seems to have
not charge off and these will have tc
be set against the improved earnings
for 1922.
Whole List Irregular. -
Anticipation of an increase in the
dividend was responsible for the
strength in Owens Bottle. The stock
now pays So, and the impression is
Timken Roller Bearing and Macy
were two of last weeks favorites
which felt the effect of proft-taking
Cosden was the strongest of the oil
stocks. Interest in the rails quickly
died away as soon as il was seen that
the pool in Southern railway. having
put the stock from around % to above
30.' was resting on its oars: Union
Pacific sold at the lowest In some
time. The margin of safety back OF
dividends In its case is not at all what
IL -is in the cases of other carriers
OF similar rank.
Directors of the Fivaudou Company
are scheduled to meet before the close
of the month and put the stock on a
s. dividend basis. Vivaudou earnings
are said to be showing to exceptional
= advantage, sales in the first half OF
this month totaling sS33.o00 or bet
Ter than three times the same amount
o.. sales last year in the same period
%iYaudou stock was strong today In
anticipation OF the dividend action.
Pressed Steel Car directors will
meet on Wednesday for dividend ac-
ton on the preferred issue. Weakness
tnS both the common and preferred
stocks has caused the circulation OF
q. rumor that the preferred dividend
is in danger. but this view is not
shared by the majority. The weak
ness in Pressed Steel Car common
was caused by the selling Of a large
block of stock which was neld by 4
firm which recently failed.