New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-04-19
Stock Prices
Weaken Under
Realizing Sales
Internal Factors Acccn,,Iat-
cd by Genoa Develop
ucnts: Rail Securities
Fare Better Than Others

Selling Of stocks was undertaken on
the Stock Exchange Yesterday with al
most the same yigor that had charac-
terized the buying operations of the
previous sessions, prices experiencing
tho sharpest reaction in many days, as
indicated by the drop in the average
quotation Of fifty stocks from S206 to
S0.S4. The decline, naturally associated
with top heavy market conditions, fol-
lowing the persistent and extensive
rise. developed at the opening on exc
cution Of orders designed to realize
profits and continued internationally
until the close, which was irregularly
weak. Dealings tapered off from an
extremely active start but Transactions
Notwithstanding achieved the healthy
total Of .639 900 shares.
The technical position of the market
furnished the basis of the initial re-
action, which was most prominent in
the industrial shares, but subsequently,
spread TO include the rails and the in
fuence Of internal factors was &C
centuated by the threat to the sue
cess of the Genoa conference inherent
IN the Russo-German pact The atti-
tude of traders was the reverse of that
maintained on the advance when only
constructive developments were noted
IN relation to the market. and it so
happened that the character Of the
news for the most part conceded with
the spirit of the moment. The early
decline had been fairly checked as sell
ing was absorbed and supporting orders
gained in effectiveness when the re-
port came from Washington that the
Republican Senators in caucus had de-
cided upon passage OF the bonus bill
at the present session. This gave the
signal for second wave Of selling that
was not fully dissipated as the market
closed.
Railroad stocks, due mainly to a mid
day rally, Jared better than industrial
shares, some of which. however, stood
out against the general trend and made
( for lrregularity of appearance. Invest
ment securities did not share the ex-
perieNce of stocks, although there was
/ some profit taking in this division. The
bond market continued unusually
active, the average price Of twenty
i've bonds going to 2 new high on the
movement. Cheap money helped this
division of financial trading, whereas
it was overlooked in the more specula-
tive department.
The foreign exchange market was
unsettled by the happenings at Genoa.
which are regarded as furnishing the
supreme test of Lloyd Georges poll
ces. Sterling closed y cent off, francs
and lire eleven and thirteen points re-
| spectivcly. Marks declined 20 points
and the European Continentals gener-
ally were weak Abrogation of the
/ Russo-German agreement to many in
/ the financial district appeared as the
only solution of the situation calcu-
lated TO make possible constructive
achievements at the conference, while
/ Germany's attitude in signing the
/ treaty was interpreted as demonstrate
ing once more the unt1u stworthy char
acter of the present government and
the inability to treat with her as q
member in good standing Of the Eu-
ropean association of powers.
Wheat rehectcrd the influence Of the
impaired foreign outlook and the de-
Ginning securities market in loss in
prices ranging from to - cents
Trade and crop news more than offset
these related factors in cotton, which
finished 3 to rs points higher