Evening star., 1923-01-08
WALL STREET LIST
. RES|STS PRESSURE
Early Reaction Checked by
Rally Which Offsets Many
of Days Losses.
BY STUART y. WEST.

Special Dispatch TO The star.
NEW YORK, January S.--Uneasi-
ness in financial circles regarding the
French plan to occupy the Ruhr and
the accompanying weakness in the
foreign exchanges made themselves
felt in the stock market today.
Baldwin Locomotive lost nearly two
points early in the session and Stude-
baker over a point, while other lead
ers were down half point to point.
This decline, however, appeared to
have run it's course in the first hour.
The pool support made its appearance
and the market easily regained the
ground lost.
Traders Take Long Side.
Traders were so impressed with
the strength shown in the face of
unfaVorable outside news that they
took the long side as the day went
on.
The special buying in California
Petroleum, which Wall street insists
represents new interest gaining a
foothold in the company, was once
more noted and the stock was one of
the strongest in the market Amer
lcan Can, after an early decline of a
point. was taken in hand and bid up
sharply. brisk upturn in Asso-
ciated Drygoods appeared to repre-
sent repurchaSe of stock sold awhile
ago by people who knew that the
dividend was not to be raised at the
December meeting, although realiz-
ing that such action was probable at
the meeting in March.
American Cans Status.
In face of rumors regarding a pro-
posed change in the capital of the
american Can Company it was learn
that there has been no official dis
Cussion of any recapitalization with
the idea of distributing the company's
large surplus. Directors who have
heeu approached on this subject are
said to have declared that they will
vigorously oppose such plan.
The advance in American Can, which
is now definitely a 5 per cent stock
ana which up to early afternoon to-
day had carried the stock above 81, was
set down as the action of a minor
pool.
LiGgett and Meyers Tobacco
The approval today by the stock
holders of the Liggett and Myers To-
haCco Company of a plan to increase
the authorized preferred stock from
So. 2.T59S00 to S34, 139,S00 and the au-
thOriZed class b. common stock from
S21.496.400 to $44,363,SOO simply
opened the way to the directors to
act as the street has been expecting
them to act.
That is. they are now free to de-
clare stock dividend and more than
likely they will reduce the common
stock par to $25. A stock dividend
"f about 40 per cent has been looked
for
II was not surprising that, with all
hope gone of any early agreement
resulting in reduction of reparations,
the German mark should have sunk
n y nnN
To the level where one mark was
equal to one one-hundredths of q
cent. What was of more significance,
however, was the Continued pressure
upon French francs, which were off
considerably half the distance be-
tween the November low of 6.17 and
the December high of 1862.
There was no doubt that the action
of the Senate in urging the with
draWal of American troops and the
suggestion that the British would do
The same thing had made the situa-
tion more delicate.
Prices Firm at Close.
Trading quieted down in the course
of the afternoon, but the general list
continued firm and various individual
stocks went higher. Among these
were the Pan American, Cosden, Chile
copper, which almost equaled it's high
of the season, and the sugar stocks
ne buNiHS III clIlIC IOllO"Cu CpOh 10
that the deal with the Anaconda was
nearing consummation.
Nothing new developed in the sugar
trade to account for the improvement
in these stocks. Rubber and tire
issues responded moderately to fur
ther advance in the price of crude
rubber.
Railway stocks did little all day,
with a few exceptions. one of which
was Western Pacific, the buying here
being based on current favorable
earnings and the anticipation of the
benefits to follow the Denver and Rio
Cirande reorganiza ton.