Omaha daily bee., 1922-04-19

Gbe Mem Hork Wmes.
By ALEXANDER DANA MOVES.


| New York, April is.-Downwafd
reaction which occurred in most
markets today was one OF those Incl.
dents Tor which different people as
sign different causes and will prob
ably continue TO do SO. Occurring
As this reaction did. a, the momen,
OF Germany diseoneerling perform
anee At Genoa. the impulse oi Wall
Street was 10 aseribe /, wholly TO
that news; ior Wall Street always
prefers concrete and particular ex.
plantations. Even when one allows
Tor the fact iha, the stock market
was declining on Monday before the
cables told OF the Russo-German
treaty and for the further fac, that
the pace and character OF the speeu-
lation were Of the kind which invites
reaction, every one recognizes that
the situation created al the confer
cnce injeets at leas, an element oi
uncertainty. The rise on the stock
exchange had not been based OF be-
lief in immediate success OF the Ger
man deliberations. on the contrary,
all financial markets have been skep-
teal concerning them. but this was
at least an unexpected turn with
eonceiyably disturbing possibilities.
Decline Not Sensational.
Todsy's decline on tho stock exchange
was not at all sensational. however. the
prevailing ] 10 : point net Losses were
cured In tho early days Of last week,
and, although exchange on tho principal
European markets also went lower 10.
day. tho net decline In mos, eases merely
cancelled tho advances OF the pfrerd.
ing day. II wouid, therefore. be rea-
ronabis conclusion that tho reaction has
thus far been no more than might have
been anticipated from tho general eondi-
tioE Of the markets. and that the in
fiuenee OF Mondays new German achieve.
ment In the way of diplomatic tact will
be determined by the actual outcome
OF the matter. That seemed as obscure |
at the close of business today as it did
the day before. |
on the stock market todAy's largest |
declines occurred where they probably be- |
lonEed-in tho group Of "oll stocks which |
arc infested with reckless speculation |
conducted under professional ausplees on ]
the basis Of professional tips" when 4
trading Monday In the shares OF one OF
these concerns reached $4,000 shares
as against $4,000 dealt In during the
whole preceding week. $4,000 the week |
before. that and 60. 600 three weeks ago
II would need very duh mind not 10 |
understand what was going on. The or
dinary course Of the market would have |
put a stop to this clumsy business with |
or without the mutual amenities OF |
Rathenau and Tchitcherin. Elsewhere the |
special points OF weakness today were |
mostly those industrial stocks. which had |
been advanced with particular violence |
during the past few days. For q time |
today. there was some diversion OF In
terest throught the bidding up OF the rail- |
way shares. some OF which rose to a
point or more In the early market. But |
this was transparently = maneuyer Of
professional spectators anxious to check |
the reaction in prices elsewhere: the
early advances were much more than can
celled before the close.
Foreign Bonds Lower.
II may be doubted whether the Euro |
pesn news had any real influence on the |
investment bond market. Few Of the ,
foreign government bonds declined. not |
ably the French issues. But there was |
no uniformity In the movement: some -
them went slightly higher. What was |
possibly even more to the point. the re- |
opening Of the European stock exchanges |
after their three-day holiday. brought |
advances today Of 3. point In the French |
per cents. and Of y to full point in |
British government bonds. which reached |
high record prices
Sterling declined 1I cents and recov-
cred l cent Of the loss: French exchange
declines from .s37 cents to .s24h and re-
covered TO 1925. This was last Thurs |
1919. Paris itself can hardly nave been
mentally overwhelmed by the turn of
events at Genoa. The Times financial
correspondent cabled from Paris. at the
beginning of last week. that the French |
market then fully expected that during
the conference "the representatives of
the soviet will raise difficulties and prob
ably work for that purpose with Ger
mapyp