Evening star., 1922-05-10
STOCKS OPEN FIRM
AND CLOSE SOFT
Following Good Increase in
Steel Tonnage, Bears Press
7 for Advantage.
BY STUART p. WEST.

NEW YORK, May 10.-In so far as
the developments at the Genoa con.
ference were an influence in the
market today. their effect was linn
tied to the foreign exchanges.
Sterling got back to it's highest Of
the year. French francs at their
high of the day were back nearly
half way between what they were
quoted at fortnight ago and the
extreme low OF last Monday.
Other continental rates had a SIM
liar recovery. which in the case of
German marks was comparatively
slight.
1t was a good deal Of a question
whether this improvement in ex-
change rates reflected renewal of
hope that after all the Russian ques-
tion would be compromised or whether
it was merely a further expression of
reinsurance that the entente was
safe, no matter what the outcome of
the conference. At least it served to
lessen the impression that the Genoa
proceedings were source of worry
in financial circles.
Public Interest Reduced.
Both in stocks and bonds. there
was further evidence of diminishing
public interest. This was shown in
still more Of a falling off in business
and in an increasingly narrow and ir-
regular series of price changes.
Outside participation reached its
maximum during the second and third
weeks of April. 1t was precisely then
that both investment and speculative
markets reached the elimination of
khep
vance.
What occurred. of course. was the
familiar transfer of stocks from the
pools to outside spectators, and this
having happened to a fairly large ex-
tent: the objective of the campaign
reaction since then and the quieting
down OF trading are perfectly nor
NAL sequels. The Interpretation of
this check is simply that the market
OF a month ago was going ahead at
pace wholly unwarranted by present
abilities for trade development in the
near future.
Steel Tonnage Large.
Two interesting bits of data relating
to the trade situation were published
today. One was the Steel Corpora tion's
monthly tonnage statement and the
other the latest figures on car loadings.
expected, with an increase of 6O2,765
tons of untitled orders.
This was the largest monthly increase
IN two years. and brought bookings up
above the 5,000,00O-ton level for the
first time since June, 1921. But 1t had
been discounted as loadings of revenue
freight for the final week of April were
the largest of the month. From the
second week of April, when tn traffic
slump. due to the coal strike, was at
its worst, the recovery amounted to
$1,000 tons in total of 1896
This gives some idea Of the extent
to which general business has thrown
OF the effects of the strike. AS a cue
TO the April railway earnings reports,
1T Is important to note that even with
this Improvement total loadings for
the last week of April were some rs, 900
tons under the average during March.
Copper Shares.
Copper stocks made little response
to the slight raising of quotations on
cies. which were glad up to a week
ago to get 13 cents pound, are
now in no hurry about accepting
13k cents. The talk of 15-cents-a-
pound copper by midsummer is, of
course. coming from interested
dation in the fact thar domestic buy
ing has recently been going on in
an unusually large way and that this
has cut heavily into unsold stock.
Transcontinental Oil.
The sudden launching of the heavy
buying movement in TranscontinentaI
Oil on Monday, followed up as it was
today, was found on investigation to
be the work of a newly formed pool.
This pool Is apparently operating on
orders initiating mainly in California
The chief bullish consideration at
the moment does not seem to lie in
the progress Of development work in
Colombia. but rather in the favorable
results obtained from leaseholds in
Montana.