Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-01-03
BAD PARIS NEWS
TESTS STOCK LIST
Heavy Selling Wave Follow
ed by Rallies in Some In
dividuaI Shares.
BY STUART p. WEST.


Special Dispatch TO The Star.
NEW YORK, January S.-The dis
couraging news of the Paris con-
ference of premiers furnished test
for all the markets today.
1t upset the favorable anticipations
of the previous day based upon the
French concessions on the reduction
of German rcparations. AS 1t looked
from the latest information the
French and British attitudes were
quite as far apart as they had been
a month ago at London, and the
chances seemed to point distinctly
toward another break-off.
The only quarter, as it turned out,
in which there was any response to
tho news was the foreign exchanges.
French francs broke quite sharply,
Italian Ira went lower, and German
however held well up to its recent
high. and French government bonds,
which in the past have been rather
sensitive to any developments bearing
upon the PREPARATIONS question, were
not affected.
Heavy Selling Early in Day.
The stock market of today took its
cue from the action of sterling and
European bonds rather than from the
weakness in the Continental ex-
changes. Early in the session it en-
countercd heavy realizing sales, but
these were absorbed after an hour or
so and then operations for the rise
started in afreSh. The operations
held the now familiar routine, where
first one group and then another came
in for attention. The Can stocks
were very strong, anticipating more
benefits to shareholders in the way
nf larger dividends.
Coppers took belated notice of the
establishment of the metal market on
14Ac basis. Equipment shares had
their turns. but this time Lima Loco
motive was the leader, taking cog
nizance of reports that this company
in proportion to its plant capacity
is doing an exceptionally large busi-
ness.
Home Conditions First.
These were some of the typical
movements of the day, but, as a mat
ter of fact, the rising tendency was
evident all through the industrial list
The point chiefly emphasized that,
vitality important as solution OF the
German rcparationS question 49, the
stock market is more interested In
money and business conditions at
homo.
Practical-minded people have never
taken much stock in the theory that
German financial collapse would seri-
ously involve the rest of the world.
These developments were simply fur
her testimony along the same lines.
With all the possibilities suggested
nv separate French action in the
Ruhr basin, the market still had its
mind fixed mainly upon the favorable
trade outlook here and the prospect
of easy credit conditions continuing
for an indefinite time to come.
Thinker Roller Bearing.
So far as could be learned there was
no special reason for the sharp run-up
today in Thinker Roller Bearing stock
to above So. Those who know most
about what is going on in Thinker were
completely at a loss to account for its
advance at this time, except that the
stock was out of line with the main body
of accessory issues, and that its tech
meal position was improved as soon as
the floating supply incident to all un-
seasoned issue was absorbed.
Pressed Steel Car was one of the
stocks being tipped yesterday as having
prospects of an extra dividend, proba bly,
III stock. Due to the fact that the COM
pany is not now paying any sort OF
dividend on the common, it seemed
rather beside the mark to be discussing
extra.
Regarding Pressed Steel Cars pos
siblities, one of the big Broadway
wire houses sent out messages to-
day declaring that instead of stock
dividend the company was likely to
make announcement regarding some
financing. This announcement 1t was
further stated would probably come
this week. Pressed Steel Car Is re-
ported to have lost million dollars
in operations in the last six months.
Coca Cola Very Active.
The strength in Coca Gala was
to new buying based on knowledge Of
the earnings of the company. Late
in 1922 Coca Cola stock had been
lowering around IS. and it was re-
ported that two opposing factions in
the market were active.
The failure of the directors to in
crease the dividend as expected above
he Sc annual rate some time ago
had little effect on the stock, and the
short interest which had been formed
mad rather a hard time of it
Fresh buying caused a rather sharp
advance TO-DAY in American Can
common stock, although there were
no a ns% nm for Eesa Aerh cs
directors at the last dividend inset
ing authorized a quarterly distribu-
tion at the rate of IS annually. and
som sometSh a1 in the fo way OF nsw stock
son for todays rise, however, was
afforded chiefly in a comparison of
the selling price of the stock and
earning as compared with Continen-
tai Can. the companion company.
American Can is earning we'll over
$50 and has built up a large reserve.
Baldwin Leads Late Rally.
The upward movement kept on
through the afternoon, still continual
ly shifting about from one quarter to
another. Baldwin Locomotive became
he active faVorite in the last hour,
closely followed by American Loco
motive. Shares of zinc companies
which are looking for a prosperous
season after the recent rise in zinc
prices were actively bought. Oil
shares were taken up for a brief
space. The independent steel shares
had another sharp run up at the ex-
pense of short interest.
The weekly steel trade reviews had
the same story to tell as they have
for tho last month or more. namely,
Increasing output both OF pig iron and
steel, and preparations for large scale
operations continuing for as far
ahead in the new year as 1t is rea-
sonable to look.