Evening star., 1922-04-10
BULLS IN CONTROL
OF STOCK MARKET
BY STUART r. WEST.

BY STUART r. WEST.
NEW YORK. April 1o.--Today's
markets all the way through were
as interesting as any this year. 1t
was the first day of the Genoa
economic conference. with it's ambi-
tious plans for the reconstruction Of
Europe, and the feeling in financial
circles, both here and abroad, was
distinctly more hopeful than 1t has
been at any time that important re-
suits would be accomplished.
This hopefulness was chiefly re.
fiected in the foreign exchanges, all
of which were very strong. Sterling
at its high of the day was up nearly
4 cents in the round from where 1t
stood on Friday last and within less
than 3 cents of the high record or
March /.
French. Italian and the Scandinavian
rates moved sympathetically and
German marks were up from their
record low Of two weeks ago.
Grain Markets Firmer.
The grain market was directly
Influenced by the rise in the ex-
changes, and so Undoubtedly were
the security markets, although the
are not the consideration OF first I'M
portance.
1t is the domestic trade reports
which are the governing influence on
the stock exchange, and here. as expect
ed the testimony over Sunday in reports
from the steel centers was altogether
favorable.
Fir the first time this year the
Steel Corporation showed an increase
of orders on its books during the
month of March and the increase,
353,079 tons-was very substantiai
one.
1t brought the corporations un-
filled tonnage back to the largest To-
tai since September. 1t gave an even
stronger impression of last month
Wall street had previously beiieVeo
probable.
Active Trading.
1t was another day of maximum
trading in both stocks and bonds.
Whatever irregularity and hesitation
there had been toward the close OF
last week disappeared.
Railway stocks and industriais
alike reached new high averages in
what was perhaps the most notice
able demonstration of rising prices
yet given in 1922.
The Investment demand swept bond
prices upward all around and snapped
up the s15.0o0,000 City of Rio de
Janeiro loan put out this morning
subscribers had to be heavily cut The
advance was especially remarkable in
bonds of second and third grade.
This was further evidence that in
vestment capital, having pretty much
exhausted the possibilities Of the
highest class of securities. has now
had to descend to bonds of lower rank.
For the same reason the investment
overflow into the stock market is in
creasing, manifesting itself in the
steady advance of the dividend-pay-
ing railway shares
Many New Highs
The electric stocks continued in ac-
tive demand, with Allis Chalmers for
the first time crossing 49.
Houses which have been doing the
principal buying of this stock recently
maintain that while the 1921 report
will show only the 81 dividend earned.
the operations of 1922, if they develop
the way expected, will produce earn
ings in the neighborhood of $12 a share.
The Mercantile Marines and Amer
lean International got into new high
ground.
Baltimore and Ohio did about the
best of the non-dividend-paying rails.
and there was quite bit of talk that
with earnings running the way they
the common stock is not improbable.
Considerable buying came into
Southern Pacific as it crossed 80 on
the theory that ii was selling too
low in comparison with some of the
other rails with a similar earnings
record.
Very Broad Trading.
Measured by the number of issues
actually dealt in. today's market was
broader than any SO far. There were
also more stocks which at one stage
or other took part in the advance.
New highs were made in many of
the representative rails, but the rep
industrials were just as
prominent. Baldwin and Studebaker
went up readily today once the buy
ing got back into them. There was
very little news or fresh gossip in
connection with any of the special
Following the publication of the
United States Steel figures heavy
buying orders appeared in Steel COM
mon and made this stock the leader
of the market. The Independent
steels-Bethlehem, Republic, Midvale
and the rest-nearly all went through
their former highs for the year
Equipment and motor stocks, which
had been inclined to lag in the lat
ter half of last week. again came into
prominence under the lead of Bald
win Locomotive and Studebaker. The
stocks and the feathers were
very strong.
Financial Notes.
American Coal of Allegheny County.
American Shipbuilding common. extra
and preferred. Z. /. Dupont de Ne
mours Powder, debenture. HARRISON
Walker preferred and Mexican Sea-
board Oil sold ex-dividend today.
The Replogle Steel Company has
acquired the property of the Empire
Steel and Iron Company. 1t is ex-
pected that Leonard Peck. president
of the Empire Company. will be
elected president of Replogle.
The Carnegie Steel Company has
banked two blast furnaces at Etna.
Republic Steel and several indie
pendents are reported to have banked
some furnaces in the Mahoning
valley.
The subscription books on the
S13 100000 per cent bond issue Of
the city of Rio de Janeiro were closed
shortly after 8 o'clock today with a
heavy oversubscription.