Evening star., 1923-01-10
FOREIGN EXCHANGE
\, KEEPSL|ST FIRM
Efforts to Depress Stock
/ Prices Meet With Only
L. Minor Success.
by STUART y. WEST.

Special Dispatch 20 The star.
NEW YORK, January 10.-The fact
that French exchange was hrmer'
that French government bonds We're
higher and that sterling was very
strong counted IL good deal in pre-
venting any important selling on the
New York Stock Exchange through
out the greater part of today's Ses-
sion.
Prices started in higher. indicating
that Tuesdays late weakness was
the result OF professional operations
for the decline and not real weakness
due TO the European crisis. Later
on efforts to get prices down We're
renewed with occasional success in the
more sensitive industrials.
Chile Copper Holds Firm.
Chile Copper appeared to have dis
counted for the time being the an
nouncement of the terms of acquisi-
ton by Anaconda, but the stock was
we'll supported around its high prices
on the ground that dividends at the
rate of at least 50 a share were likely
10 be approved in the near future.
The special buying which has been
going on for the last two weeks or
more in California Petroleum, and
which Wall Street attributes to new
interests buying into the property
was again in evidence. May Depart
ment Stores was actively Rought on
its earnings and dividend showing
while CoSden again was the feature
Of the oil stocks.
The only real weakness was that III
Brooklyn Rapid Transit. in which
heavy selling followed the report that
the reorganiza ton plan would in
Yolve Il $40 assessment.
NaSh Motors Active
Nash Motors was quite active and
strong on the announcement that the
dividends at the rate OF $40 share
had been declared on the new stock
The 1922 earnings of S7,6l3.2i6 after
expenses and federal taxes were
equivalent, after deducting preferred
dividends. to about Sl35 4 share Of
the $4,000 shares of common out
standing at the end OF the year and
nearly S24 a share on the present
capital stock. These earnings com
pared with S2,226,078 in 1927.
steel shares were not affected ono
way or the other by the publication
Of the monthly tonnage figures show
ing a decrease Of orders on the books
of the Steel Corporation of 1898
tons. This was too slight II change Il
bc of any Significance. II bore out
ON the one hand. the statement which
was repeatedly made last month tina,
new business was unusually large for
the season. and on the other hand il
bore witness to the increase in mil
operations to the highest ptrCentaF,
of capacity since the autumn Of 1870
Expects Copper scarcity.
The world is facing Il copper
shortage. in the opinion Of the presi-
dent of the Mother Lode Company, who
bases his reasoning on the fact thai
December sales amounted to 30e.'
100000 and that consumption in 49,;
will amount to at least $500, ,000, 00(
pounds. Production, according tc
this authority, cannot possibly gel
much above 1000, 100000.
Once more today the financial com.
n1unity took its cue from the action
of the foreign exchanges as beinE
the most accurate barometer Of bank
ing opinion regarding the European
crisis. In this quarter development:
were altogether favorable.
The most notable perfornra nc'
occurred in sterling, which was uI
over cent in the pound on the day
over cents from the Monda!
quotation and actually within les
than cents from the high of SAC
reached on December 16. This re-
Tlarkabie movement was open to twt
Interpretations.
Less Worry Over Europe.
Either 1t reflected the view thar
the situation created by the French
INVASION OF the fuhr was not serious
In itself, or else IL expressed the con.
Viction that whatever the outcome
1t would not react seriously upor
Great Britan's financial position.
But in either event the advance o,
sterling told strongly against the pes.
Simistic predictions made in higf
political quarters as 10 what would
happen to the rest Of the world il
violent measures were taken towarC
Germany.
The evidently strong tone in tho
general stock market led to some in
crease in speculative activities as
the afternoon went on In all eases
where stocks were bid up, it was fol
purely special reasons.
Expectations of a further increase
in dividends were back of the rise il
Beechnut Packing. Speculative ia
rorites like Baldwin Locomotive and
Studebaker, which had been under
pressure early in the day, rebounded
easily. 1t was the typical action OF
q market in which there had been nc
real liquidation, and in which. ac-
cordingIy, attempts to force prices
down had met with only trAnsitory
success.
The stock market made it's high
prices in the last hour, and was
quite as strong then as on the surface
it had been weak at the same stage
yesterday.