Omaha daily bee., 1922-05-18
Financial
Obs Mem tsrk aimes.
By ALEXANDER DANA MOVES

Omshs Nee tssssd wiss,
New York, May N,-Nhat sp,
peared TO be professional activity OF
a concerted sort Mas resumed on the
stock exchange today with numerous
resultant advances OF 10 J points,
Some OF the bulletins concerning the
markets movement ascrlbed the rise
10 "rumors OF merger possibilities"
III most OF the other trades ss well
as the steel industry. Whether such
mergers were themselves "pfobabili.
ties" or not. they would certainly be
fumored on a market OF this sort,
IN which the construction OF gumof
eolored TO suit the public's taste is
part OF the days work for pfoIes-
sional experts.
The news that President Harding
had invited group OF steel manu-
iacturefs 10 dine with him tomorrow
night at the White House naturally
helped the task. Most people prob.
ably drew the inference that the presi-
dent wished TO talk over ireigh, rate
policy with the steel men before dis
eussing ], at his dinner TO the rail-
way managers two days aiterward.
But Wall stree, was reader to adopt
the theory OF friendly private ex-
change OF views about "ihe mergers"
Advances General.
The days advances IN the stock mar.
ket were moro general and much bets
ter distributed Than on other recent days.
even railway shares had q part in the
forward movement, There Was no news
on which 70 bass that advance. out tho
car loading figures for tho opening week
Of May. published after the close of bus
lncss. were uDdoubtealy interesting. Al.
though loading Of coal that week fell
ss,tet cara short OF tn. corresponding
week In 1871. losdings OF general mer.
chandise increased s3.t1t and were IS.
tss cars greater even than in 1890. in
face OF the continuing coal strike. total
traffic loaded ran nearly per cent be.
yond the same week Of year ago and
slightly exceeded even 1919.
On the whole. today's bond market held
firm, which Interested Wall street the
more, in view OF today's news that two
high grade loans offered for subscrip-
lion in the London Investment market
had so far failed OF success that one
fourth OF one OF them had been left on
tho underwriting bankers hands and more
than 30 per cent OF the other. Thh II
pretty clear evidence that London has
market calls new capital flotations."
Foreign Exchange Quiet.
Foreign exchange rates hardly moved
today. except for another rise in rates
on Holland TO the highest since tho
autumn Of 1919. This is plainly q consc-
quence OF carrying home the proceeds Of
the recent large Dutch loans taken on
the New York market. The advance
leaves Amsterdam exchange only 81. per
cent under FORMAL parity. against about S
per cent discount in tho case OF Sweden
and a lreseht depreciation OF sLs per cent
In sterling.
Silver went 10 a new high price for 1e2e,
and 1t became known that tho 81 600, 900
gold ordered for India would be sent d.
rect from the Pacific coast. Another ad-
vance on the cotton market brought the
spot price to 21.60 cents per pound, az
against last years highest point Of u 55c,
Perhaps the most interesting fact set
forth by the miCweek reviews Of the steel
trade situation is that the United States
corporation although increasing its output
above the recent 10 per cent Of capacity.
mas m ade practically no reduction In its
accumulated stocks of fuel This would
inoicate that the coal strike is not by
any means completely effective Mean
time demand for finished steel Increases.
mills are behind in deliveries and orders
ior quick shipment. especially in the
building trade, are paying premiums,