Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-01-17
MARKETS HEAVY
/ ON FOREIGN NEWS
Supporting Orders Appear in
Stock List as Check to
a. Extensive Selling.
RY STUART T.. WEST.

Special Dispatch to The Star.
NEW YORK, January 17.-Cnci.si-
ness over the foreign news was re
1ected in today's markets. principally
by a decline in the exchanges ana
by marked weakness in European
government bonds.
French francs got down to almost
the low point of Il week ago, which
was only "A half cent above the eN-
treme low of November. The unfor-
tunatc German mark continued 10
sink into the position of the other
currencies of central Europe, the
worthlessuess of witch has long been
tacitly acknowledged.
OF moro consequence was the heavy
selling movement both abroad and
hero in French and Belgian govern
ment loans The French I rs. dealt
m on tho dollar basis, broke through
their previous low record of 81. The
French S. came within a point OF
their bottom and the Belgian -. 5
were point below the lowest III
which they sold All last Year. French
municipal honGa were even wca kcr
than tho government issues.
French Move Questioned.
II. was very clear from all this
that banking opinion did not share
Tho optimism expressed from Paris
regarding the outcome of the CoCrCiYe
measures in The isuhr.
There WAS, OF course, no idea that
anything would come of the ScnSa
tiouaI talk Of a clash between the
French and the German rcichSwehr
Neither Was any serious uprising Of
he German ptUuiC considered likely
But the financial markets continued
to register their conviction which
they have felt ali along that Tor the
best interests Of III" French and Bel
Sian reparation claims ii was ms
take to extend the area of Occupation
and to attempt settlement by force
The success of Germany'S economic
rIroteCt" is. to he sure. problematlca /
But if tho German miners persist II
their present attitude of refusing Y
work under French control, the posi-
ton from the French standpoint Is
going TO be pretty awkward.
Home Trade Holds Prices.
Under the test imposed by the weak
moss in foreign government bonds an'
n the exchange. the other market:
showed surprisingly little concern
Had stocks been in the position they
we're two months ago selling move
lnent of considerable severity Woult
have been likely, but inaSmuch as tht
public has not been in Wall street Il
any extent during the campaign OF th'
asst month and a half there mas peer
10 opportunity TO distribute Stock
from the hands of pools and banking
interests. This was the technical yer
sion of the steadineSs shown during
he greater part of the session today
But the broader Interpretation re
manned as il has been right along, ina
the bond and stock markets were hold
;ns un because they could see noth1ns
damaging from the home trade OUTLOOK
IN what is now happening or IN VIVA
is likely TO happen abroad.
TOday's Moves in stocks.
The action OF the stock marke
suegested today that speculative
pools and banking interests wer'
putting in supporting orders TO on
set the selling inspired by Euro
pean developments. ProfesSiona
traders were at work on the shor
side for the first hour or so. The!
succeeded in getting some of tn
leaders of the list like Baldwin Loco
motive, Studebaker. California Petro
.eum and Pan American down a poin
or so. This selling movement. how
ever, was suspended as soon as i
became obvious that no liquidation
was under way. BY midday tn
ground lost had been just about re-
gained.
A large block of Cosden was taker
lust under SO, and the stock did wei
IN the later trading. Anaconda was
strongly supported around 40. The idef
!s that following the present 100000
900 issue of Consolidated mortgage
per cent bonds the proposed $4,000. O0'
debenture issue will be convertible into
he stock at so. If this is so there
would be an object in keeping Anaconda
stock around the conversion figure.
Pools Watch SpeciaIties.
The pools in Beechnut Packing
Mack Truck and Packard Motors took
-ood care of their specialties. Pack
ard Motors was ConSpicuouSly active
and strong. An enormous amount OF
this stock was absorbed recently be-
tween 10 and IL, and the subsequent
Use has been based upon the view
hat the present good earnings OF
The company and the relatively higf
yield warranted higher prices for the
stock.
Railway shares during the greater
part OF the time did little one way
nr the other. Particular pressure
vas again directed at the Independent
steel stocks, but without any grea
amount of success. Hudson Motor:
stood out strongly, this being another
Ease where the comparatively high
return has been attracting a good
deal of genuine semi-investmen1
buying.
Reynolds Tobacco.
Recent buying of Reynolds Tobacco
: stock seems to be based upon tn,
belief that the statement for the pas
twelve months is expected to be salts,
factory in every respect. It is a ques.
ion whether the company will show
over So a share on the B stock after
taking into consideration the larger
capital increase effected during 1922
However. earnings continue favorable
md 1923 will be an even better yeal
rom all indications.
The Thinker Roller Bearing report
covering 1922 operations. which is due
70 be made public soon, will show earn.
ings of bewteen SO and SO a share
Dividends are now being paid at tn,
ate of SO share, and the earning!
lave caused reports to be circulated tina
aomehting in the way of an extra il
lash might be declared some time dur
!ng 1923.
Late Bear Raid Checked.
Professional Traders started another
drive against the stock market in TIN
arly part Of the afternoon and for ;
while made some Roadway. But in tn
asst hour the support which had beeI
70 much in evidence earlier in the da,
gain showed effective hess, and price
anne back all through the list Stnde
haker was well taken below 113 an,
Baldwin Locomotive, after having beer
driven down close to 129, rebounde,
harply. Steel common, after seiinj
- low as t04 Z, recrossed the 1O5 Ieyei
The strength of Packard Motors wa
IN outstanding feature in the final deal
jngS. The pools In American Can an,
n Corn Products gave proof of thei
control over the market situation il
these two stocks. Beechnut Packing
was bid up sharply despite the tall
that people on the inside of the compan
are not particularly in sympathy witt
The move.