The New York herald., 1922-05-10
FINANCIAL NEWS
AND COMMENT
Stocks Recover Moderately AT
ter Extensive Early Selling
Of Industrials.

The same market processes of Mon
day and the later days of last week
were followed in yesterdays business
IN stocks. extensive selling of industrials
In the morning being followed by q
moderate recovery in the afternoon. 1t
was noticeable, however. that the upturn
from lower levels was more sluggish
than that of the day before, and practi-
caliy the only issues to show net gains
for the session were electrical issues. q
, about dozen specialties. No sign of
public buying, which slackened nearly
fortnight ago, has been seen In recent
days and professional speculators have
been content to operate with the inten-
ton of seizing quick profits. The mar
ket has appeared to be stuck on q dead
center. While impulses for a renewal
of the advance have been lacking, there
has been also an absence of factors
working for a decline
In looking for market influences It is
I plain that those of constructive nature
are moro plentiful than are depressing
things. Money continues decidedly
easy, the call loan rate yesterday re-
manning at 4 per cent. for all loans.
Collateral time loans stood at Az and "
per cent. as they have for more than
six weeks. Evidence that the active
steel business of March extended into
April was disclosed in the American Iron
and Steel Institutes figures on ingot pro-
duction. the 2,439,246 tons produced by
! S4.2 per cent. OF the industry being the
largest for any month since November.
1920. and about twice the output Of
April 1891. Thus far in May the coal
strike evidently has had no broad effect
in cutting down steel mill activities, and
in the middle West particularly the de-
larging daily. Steel and iron prices
continue to work forward gradually. the
result, presumably. OF growing demand
| and reluctance of some companies to
contract ahead until the fuel outlook II
clearer.
Stocks paid little attention to the
days news from Genoa, which was
more cheerful than 1t was on Monday
and acted to hasten short covering in
foreign exchanges. Franc bills ad-
We're higher and Improvement occurred
in the mark with transactions at
.34s cent. Sterling advanced slightly.
but hardly overcame the decline OF
Monday. las stocks felt no stimulus
from what appeared to be pretty
definite information that French and
British representatives in the confer
ence were composing their differences,
1t was made more question than
before whether or not the Genoa
meeting had any real influence on
market developments in previous days.
Foreign bonds were no more than ir-
among railroad issues. especially
Chose of speculative quality. which
had risen rapidly In April. acted to
impart heavy tone to them.
The Governments report on grain
crops showed that in the case OF
wheat winter weather and soil con-
ditions in certain sections bad been
adverse. The 14.5 per cent of aban-
doned acreage in winter wheat was
the largest reported for May / since
1912. with tho exception Of the extra
ordinary reduction of 81 per cent. in
1917. The crop condition of s3.5 per
cent. was 3.6 per cent less than the
ten year average. but the forecast of
a yield of 5S4,793.o00 bushels was
only about 100000 bushels less than
the production of 1921. Grain prices
were firm. Cotton bulged brislNly in
the morning. but heavy profit taking
removed most of the advance before
the close. e.