Evening star., 1923-03-10
REACTION SPREADS
IN STOCK MARKET
Prices Go Slightly Lower in
: 'Today's Short Session.
Some Strong Spots.
BY STUART r. WEST.

Special Dispatch to The Star.
NEW YORK, March 10.--In today S
stock market the main tendency again
was downward. The actual net losses
were small. but taken along with
those which had previously occurred
made up fairly substantial reaction.
Wall street today suddenly awoke
to tho fact that many Of tho recent
leaders had slipped Off .. and .
points from their highs. In other
words. while attention had been dis
tracted by tho upbiddinG of dozen
or so individual stocks, selling had
been going on quietly through the
rest of the market This Is what the
trading this morning showed.
Some stocks Advance.
There were few exceptions TO the
general drift OF things. The Marker
Street Railway stocks. more particu-
Iarly the second preferred. made
prompt response TO the information
given out Friday regarding the ne
gotiation for the sale of the company
20 the city Of San Francisco. The
possibiiity of securing a price sutti-
cient to retire all class of preferred
rf stocks at par and leave good
balance for the common made an IN
stant appeal, and the second pre-
i points. Mack Trucks got up to its
highest again. This company II Is
anticipated will earn in the hrst ma
year all that it earned in the full
twelve months of 1922.
Closing Is Unsettled.
The market closed unsettled with
heavy selling still in progress In
rhe recent speculative 1avoriteS: Ins
untitled tonnage figures for the United
States Steel Corporation at the close
of February were about what the
street had expected. They showed
an increase Of 373.2l3 in tons on the
month.
The market in today's two-hour
session confirmed the evidence which
has been accommodating all week that
the speculative campaign had been
going ahead too fast and that even
the best of news from the business
centers vas beginning to fall Nat
Nothing 80 far this year has cqualed
In optim sra the trade reviews for
the present week end, yet they
counted for nothing in the Wall street
operations Of the day.
Hupp Motors Very Strong.
Hupp Motors advanced sharply to-
say To new top in face Of selling
throughout the rest OF the motor
chiefly TO . remarkably good showing
in 1929. with the likelihood of anothe!
profitable year ahead. Net income ap-
piicable to dividends in 1922 approx
imated So a share on the $4,000
shares of SO par common stock after
charges and dividends on the pre-
ferred. Less than $4,000 annually is
required for the preferred dividend
This showing compared with slightly
moro than Sl.50 Z. share on the COM
mon in 1921 and s4.42 per share ir
1920 Hupp sold about $4,000 cars ir
1a22
The annual report Of the Union Bag
and Paper Company covering opera
fions in 1922, which will be made pub.
1ic shortly. is expected to show earn
3ngs Of SIS a share on the outstanding
stock after payment of all charges
and taxes The company is in Z
strong cash position and has no bank
loans. A decided improvement II
Ihe business of Bag and Paper ha.
been noted since the first of thi:
month as compared with the first two
months Of the year, and prices arr
pointing upward Earnings of Bae
than So share.
Sterling Exchange Higher.
Sterling exchanged. resuming its
advance, drew across the .s471 level
again, which meant that 1t was ur
!: cents pound from the low of the
week and within a cent of the ex-
freme high. German marks were
unchanged, while French francs were
slightly firmer. The interesting con-
tribution to the foreign News of the
day was the report that the French
chamber had voted in favor OF a
new loan to cover this years budget
deficit. Last year the deficit had
been partially met by increased taxa
tfou. This year much had been hoped
FOR from German reparations But
now It is seen that collecting money
from Germany on the indemnity ac-
count cannot be counted upon with
any confidence at all, while the
French public are unwilling to sub
init to more taxes.
Copyright, 1927