Omaha daily bee., 1922-05-23
Financial
Ehe Mem 1srk 9imeS.
BY ByALExANDER DANA MOVES


New York, May ee-under spec
ulAtiye buying orders from outside
OF Wall Street. todsy's stock market
scored a rapid advance in the ear
lier trading. gains OF , and ! points
being numerous. Al the high prices
which were reached early, selling by
Wall Street operators was so heavy
as 10 reverse the markets move
ment and to end the day in gfea,
irregulariiy. with a mixture OF adj
yances and declines. Rise OF call
money on the stock exchange in the
final hour 10 5 per cent. a rate not
touched since the second day OF the
month. may have some effect on
speculation. but II did not reflect
the general money situation. rates
for all other kinds OF loans remain
ing mo,ionless.
Taken as whole, the days swing
OF prices was upward aud some in
dustrial shares scored substantial
net advances. Railway stocks,
which advanced with the rest. in the
early business. mostly ended the
day at fractional losses. rcileeting
perhaps the relative unpopularity
which. with imaginative spectators.
surrounds the shares OF companies
whose profits are largely limited by
the railway law. The bond market
was active and in the main stronger.
May wheat Declines.
other speculative markets did not move
uniformly today, whest for May delivery
declined sac. reaching n price iSIe .
hushei below last weeks high figure OF
iNh. Apparently tho continuous prev
alcncs OF high prices has drawn TO the
market more actual wheat than had been
ton. on tn. other hand. advanced again
violently. the spot price reaching sisoc
pound. as against last years highest Of
?i.bSc. Comparison with other years. in
this period of generally rcadjustod values.
10 interesting. Todsy's price was low
when compared with the t3sc level at
tanned II the ili-fsted forestslling expert
ment Of July. 1920: but nothing like tn.
present valuation was ever reached in
the period between the autumn Of 1871.
and the first month Of our war with Ger
many.
on the foreign market. which moved
little. the German mark was distinctly
weak. Since French government bonds
rose sharply TO the months highest price
and since all the cables have voiced the
qualification OF financial circles at the
failure OF Lloyd Georges Genoa program.
prices were evidently at work in today's
session.
Spectators Uneasy.
The weakness of exchange on the mar
kets principally concerned would appear
to Indicate uneasiness among spectators
In those and other markets, but II is not
entirely easy to see good reason for IT.
Nobody seriously expects a French march
into the Ruhr" and all experience since
1919 gives reason to expect that Germany.
while obstinate and shifty in its policy
Of negotiation will take an altogether con-
ciliatory stand at the eleventh hour.
In the foreign loan division there is now
at least as much ground for hopefulness
as for dependency: for the bankers who
have the matter to consider must he
aware that. In some way and on some
terms. such loan is a wholly inevitable
solution Of the reparations problem. The
essential preliminary to solution on such
lines. however. is the fixing OF the limit
Of reparations payment and that may turn
out to be the crux Of the deliberations.
Meantime, so far as regards the rate Of
exchange on France. judicious observers
Of International values will not ignore the
go. 600. 900 francs surplus of exports
shown In the statement of French for
eign trade for April. making an export ex-
cess Of $4,000, 900 for the year to date
perhaps the largest achievement Of the
kind in the countrys commercial history.