Omaha daily bee., 1922-04-27
Financial
&be Mem tsrk @msS.
By ALEXANDER DANA MOVES

VI
New York, April 2o.-lnierest con-
llnned 10 drift away from stocks in
loday's financial markets, but only
70 converge with greater intensity on
investment bonds. II Is a we'll
known TACT oi the bond market that.
when the confidence OF investors has
been stimulated aud their available
resources are large. the successful
underwflings OF large amounts OF
new securities often has the effect. not
OF beating down prices for outsiand-
ing securities, but OF putting them up
because OF the new evidence OF in
yestors.
But there were other reasons why
Tuesdays SlSS.000,000l additions TO
the supply OF bonds on the open
market did not influence prices. The
price al which the Canadian gov-
ernment 30-year IS and the empire IS
and 5 LIS were offered and the price
at which the New York City's Is
were taken were SO relatively high
as not in any respect to dsparge
outstanding values. As well learn
ed when our war loans were being
placed. that is the consideration
which bears primarily on the price OF
older securities.
Liberty Issues Higher.
one immediate factor for the premium
| 81 slightly more than sA per cent At
which New York's az per cents were
taken on Tuesday. was TO force up prices
soms anomaly In this valuation for a city
loan when U. s. ~ per cents even with
a shorter maturity and less complete
essmption from the income tax. were
Today's partial recognition OF this fact |
was expressed In tho renewed advance OF |
The third and fourth Liberty as to the
have been the taking of a new Dominion |
or Canada per cents TO par which led |
TO today's risc In the United Kingdom
Influence from these new valuations seem |
cd 10 be exerted on home railway and |
industriais TO which today's market |
brought another extreme advance TO new !
high prices for the year.
In the days early trading on the stock |
market, another transparent effort was |
prices. through professional bidding up |
OF the various oil shares. Some Of them |
rose two points or so. and the business In |
them made up more than one-fourth of |
all tho carly transactions. The maneuver
failed. Most OF these stocks lost their |
early advances in the downward drift
Rail Shares Follow Trend.
Railway shares moved with the rest,
though more deliberately. The report on
car ldadings for the second week OF April
showed the expected further decrease
frcm the two preceding weeks. This de-
crease reflects the old embargo on coal
shipments. Considered with that in view.
the really striking comparison Is with
tho corresponding week In previous years.
Compared with 1921. although coal ton
rages" decreased more than 1000 cars.
tho increase in ears loaded with general
merchandise was $4,000. The total load
ings for the week in 1922. with all the
handicap of the corresponding week in
those OF the corresponding week in 1921.
1920 or 1919.
Foreign exchange moved only in a
desultory way. Sterling was firm. francs
and lire uncertain. and marks weak. Tho
reaction in the mark to the lowest rate
since the controversy over the treaty
with Russia was most acute, took Wall
street somewhat by surprise; more par
ticularly SO, in view of the consent OF
Mr.. Morgan to serve with the committee
which Is considering possibilities OF
German foreign loan. One guess may be
made that the Berlin governments theories
and policies about the currency will have
to be revised before foreign markets reach
a high pitch Of enthusiasm over such
financial operation.