Evening star., 1922-05-08
STOCKS ARE SOFT
!. UNDER LIQUIDATION
Genoa Conference, Pool Sell
ing and Uneasiness EW-
denced Here and There.
BY STUART p. WEST.
|peciaf Leaasd Wire to Tho Star,

~ cPocluE LeAsou Wlfe 10 lho oAE.
NEW YORK, May S.-The Genoa con-
ference became more Of factor In
all the markets today. Unofficial re-
ports that the soviet heads would in
sist upon a compromise in the allied
program for Russia and at the same
time the formal statement by France
that nothing short of full accept
ance on Russia's part would be salts
factory seemed to show that the most
critical moment in the proceedings
had been reached.
The danger of a break-off looked
to be greater than at any time SO
far. and this was the view taken
In the financial markets.
All the exchanges went lower
sterling joining with the rest. French
francs were quoted at the lowest In
nearly two months-they were on
nearly Y Of cent from the high
in the middle of April when the
outlook at Genoa was hopeful. French
government bonds in all the markets
were heavy and SO were other foreign
public loans.
Foreign Selling.
Unsettlement with more or less
weakness In the European securities
market led to a good deal Of selling
for foreign account here, for not only
London and Amsterdam. but Paris,
and even Berlin. have been taking an
increasing interest in American Sc
curities for some time past.
This selling from abroad was an
influence both In our stock and bond
markets. Still it could not be con-
sidered as the principal reason for
the decline in prices.
How much real uneasiness there
was In financial circles over the.e0n-
sequences Of failure at Genoa and
now largely the matter was merely a
pretext for the less cheerful senti-
ment OF the day. were debatable Ques-
tions.
No outside explanation for the
weakness developing in some OF the
recent speculative favorites was
1t has been patent for some time
that the Wall street pools were over
doing things, especially in the pyro-
technics which they, were bringing
on In some Of the oil stocks. and II
has been quite clear that their efforts
were not being. rewarded with the
public response anticipated.
Pool Liquidation.
various pool specialties had begun
to break badly on Saturday. The mum
Der OF these weak spots was increased
tnis morning. particularly in the oil
group, and several motor and equip
ment stocks which had had the most
extensive advance.
For a time Liquidation in these
quarters was offset by sharp upbid-
ding OF the steel stocks.
But this maneuver falling, the de-
cline in the afternoon became quite
general.
Market Very Irregular.
The sudden drop dA Saturday in
Barnsdall stocks and in Computine
and Tabulating disclosed two In
stances at least where the pools had
unloaded enough to warrant either
the fnsl Termination Of the bull cam
paign or temporary good sized re-
action, permitting the shake-out OF
an outside following. There were
more of these instances this morning,
especially in the oil group.
The Public Interest.
1t was very noticeable that there was
no accumulation of over-Sunday buy
ing orders as there had been on previ-
Gus weeks. This seemed to establish
the fact that public interest in the mar
ket is on the decline.
One reason for this is that the stocks
In which outside speculative holdings
are largest have been acting very dis
appointihsIy ana very unprofitably
for those who have bought them,
expecting an early rise.
/ The advance in Replogle Steel was
set down to the fact that the com
pany intends to blow in its new iron
furnaces at Wharton, N. J., next
week, and probably several other
furnaces shortly after. The advance
in pig iron prices Of several dollars
ton in the past two months is said
to have been of benefit to Replogle.
which reports bookings of good sized
tonnage at the higher levels.