Evening star., 1922-05-09
new YORK STOCKS ]
WEAK AND LOWER
List Acts T;red-Liquidation
by Longtime Holders
Is Evidenced.
BY STUART p. WEST.


further on the stock exchange today
and the decline was sharper and i'm
volved more real selling than had tn.
downward movement of the previous
day.
For some time past the fact ha.
been quite apparent that under the
exceptional stimulus afforded by thu
lowest money rates in five years an!
by the greatest investment buying
movement ever seen, Wall street
They were pushing up stocks faster
and further than was warranted by
the Improvement in general business
conditions.
Realizing this. the same shrewd in.
terests, which bought IN the blus
times Of last summer and autumn and
during the period around the first OF
this year, when the general run OF
sentiment was still skeptical, passed
over a good many of their stocks tc
enthusiastic but beiated outside
buyers.
On Monday it could have been said
that the uncertainties surrounding the
outcome of the Genoa conference
were an influence helping the decline
in stocks, but this was certainly moi
the case today.
Exchanges Firm.
ne where
ment on international politica!
events Is most carefully registered 10
in the foreign exchanges. These were
all decidedly stronger. Sterling,
francs and lira all retracted the
greater part Of Mondays loss. Even
German marks Joined in the recovery
The explanations scarcely lay in the
latest news from the conference it
self
The diplomatic fencing between
Russian and French representatives
as to who shall come out into the open
first has. if anything. further OBJ
scured the situation. What the bet
ter feeling revealed in the exchange
movement was based upon was the
official assurance on the part OF the
spokesmen for both Great Britain and
France that, whether the Genoa gath
ering proved a failure or not. it would
not affect the integrity of the entente
Bonds Firmer Than Shares.
The bond market did not show the
| weakness that the speculative portion
of the stock market showed.
Still the check to the advancing
| tendency of prices was again en-
Liberty bonds held up well, and
so did most of the foreign govern
ment issues, but the railway list and
the representative industrials felt
the depressing effect Of the decline
in stocks.
The stage may not have beer
reached where the output Of new
securities may be characterized a.
having gone too far. but the com.
petition which this has brought for
the older established issues, for tht
last month has been telling against
the latter.
Traders hung up in recent specu-
lative favorites around the high
prices threw over their stocks when
they found that the general list
could not be revived by operations
for the rise in a few specialties.
The coppers behaved well for q,
time on buying by people who be
lieve that the copper metal will
gradually work higher.
In the railway list bullish efforts
were renewed for while in New
Haven But the general market wal
no longer responsive to these at.
tempts to start 1t going again. There
was active liquidation all through the
oil group and in the other leaders OF
, last months advance.
U. s. Realty.
The rise in U. S. Realty to around
20 was by way of preparing for the
annual report that will come out next
week. The figures for the twelve
months ended April 80, 1921. showed ..
a balance available for dividends OF
! over SIS per share. 1t is expected
that the results for the year which
closed April 80. 1922. will prove
equally favorable.
On the stock exchange the low
prices were reached soon after mid.
day At that time the principal spec
ulative issues were on all the way
from to 10 points from their high
Of fortnight ago.
This was a very substantial reac-
ton and undoubtedly meant a good
deal in the way of correcting recent
speculative extravagances Appar.-
emily there was some buying back OF
stock sold at the time the marke,
series of million-share days. This,
with the support incident to short
covering, brought about the improve
ment of the afternoon.
There were several interesting fea-
lures in the late dealings. One wa:
a new high record for New Haven,
which was explained by the state
ment of the roads president that sat
isfactory progress was being made
in the refunding of the 4 per cent
advance in stocks of the electric
companies explained by the fact that
these companies are operating upon
heavy bookings and at an increased
profit margin, due to reduction OF
costs.
although the advance was compare =.
lively small. Wheat rose quite
sharply. The grain market appeared
to have worn of the depressing ef-
feet of better growing conditions. and
to have again fastened its attention
upon the possibilities Of the foreign
demand.
No change occurred in money rates.
~a~rn m AYE rno1Ypc