San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-01-10
STERLING GETS WITHIN
FHREE CENTS OF HIGH
REACHED IN DECEMBER
tH Foreign Stocks Advance
in Face of European
Trouble.
~ STEART 2. WEST.

opyrisht, 1923, by The San Antonio Light.
New York, Jan. 10.-Once more the
financial community took is cue frcm
he action of the foreign exchanges a.
eing the most accurate barometer OF
anking opinion regarding the Euro
can crisis.
In this quarter developments were al
bgether FAVORABLE.
The Itost notable performance Oc-
irred IN sterling which was up ever
cent in the pound on the day, over >
ents from Mondays quotation and nC.
lally within 8 cents of she high ot
A.69 reached on December 16. Tits
emarkable movement was open 10 two
Interpretations.
Either il reflected the view that the
SITUATION created by the French INA
Jon of ,th, Ruhr was not serious III it
Elf or else it expressed the conviction
hat whatever the outcome. it would
OF eract seriously upon Great Britaius
financial position.
But In either event the advance of
Eerling told strongly against the pes
ksa.stic predictions made - high pc
ktical quarters as to what would hap
len TO the rest of the world il violent
beasures were taken toward Germany.
French francs also were decidedly
etter and so were French government
binds. The French lbs dealt III on
he New York market sOl2 above 81,
here they hal been under ~ on Mon
ay. The French SIS were up similarly
hid likewise the Belgian issues.
Under these circumstances the effort
explois the unfavorable possibilities
h operators for the decline on the To-
hi stock exchange were necessarily
bandoned. There was, however, not
Iuch disposition to attempt fresh buy
1g except in very few industrial
pecialties.
Steel shares were not affected me
ay or the other by the publication of
ne monthly tonnage figures showing a
ecrease of orders on the books of the
eel companies of 94.51j tons. This
as too slight a change to be of any
gnificarce. 1t bore out on the one
and, the statement which was repeat
lily made last month, that new BUSH
ess was unusually large fer the coli
hy season and on the other hama it
bre witness to the increase in mill OF
rati0ns to the highest percentage of
hpacity since the autumn Cf 1920.
The fact that French exchange was
rmer; that French government bonds
ere higher and that sterling was very
rong, counted a good deal IN prevert-
" any important selling on the New
ork stock exchange throughout the
teat part Of today's session.
Prices started in higher, indicating
bat Tuesdays late weakness was the
esult Of personal operations for TIE
ecline and not real weakness due to
he European crisis. Later on efforts
get prices down were renewed with
casional success in the more sensitive
ldustrialS.
Chile Copper appeared 10 have dis
bunted for the time being the mr.
Duncement of the terms of acquisition
Anaconda, but the stock was we'll
Imported around its high prices on the
POUND that dividends at the rate Of at
asst 81 share were likely to be APP
ioyed III the near future.
Special buying which has been
ping on for the last two weeks or more
California Petroleum and which Wall
rect attributes to new interests buy
z into the property. was again in evil
rnce. May department. stores was ac-
vely bought on its earnings and divi-
nd showing. while Cosden again was
e feature of the oil stock. The only
al weakness was that in Brooklyn
apid Transit in which heavy selling
flowing the report that the reorgani-
ton plan would involve a $40 assess
ent.
Nash Motors was quite active and
rong on the announcement that the
vidends at the rate of $40 a share
I'd been declared on the new stock.
be 1922 earnings of the company, of
,613,246 after expenses and federal
xes, were equivalent. after deducting
eferred dividends, TO about S135 a
are Of the $4,000 shares OF common
tstanding at the end of the year and
arly $24 a share on the present capt.
stock. These earnings compared
tn S2,226.07S in 1921.