The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-05-08
EXCHANGES ON
SKIDS AT NEWS
OF GENOA MEET
BY STUART p. WEST.

wall Street, New York, May ST.
rha Genoa conference became more
- factor in all the markets to-
Ssw Unofficial reports that the
sas;et heads would insist upon, a
scmnromise in the allied program
Ter Russia and at the same time
.ss former statement by France
.hat nothing short of full accept
sare on Russia's part would be
satisfactory, seemed to show that
sbe most critical moment in the
proceedings had been reached. The
LANCER of a break-of 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
we're off a quarter of cent from
the high in the middle of April
wben the outlook at Genoa was
topeful. French government bonds
IN all the markets were heavy and
20 we're other foreign public loans.
UnsettIement with more or less
weakness in the European securf-
ties market led to a good deal of
selling for foreign account here,
far not only London and Amster-
dam but Paris and even Berlin
have been taking an increasing in
terest in American securities for
some time past This selling from
abroad was an influence both in
our stock and band markets. Still
II could not be considered as the
principal reason for the decline in
nrices. How much real uneasiness
over the consequences of failure at
Genoa and how largely the matter
was merely a pretext for the less
cheerful sentiment of the day, were
debatable questions. But at least
It was evident that the bond mar
ket In it's irregular and somewhat
downward inclination was simply
following out the movement of the
last month. which had indicated
that the main advance had culmi-
mated. So, too, with the stock mar
ket No outside explanation for the
weakness developing in some of the
recent speculative favorites was
needed. 1t has been patent for
some time that the Wall street
pools were overriding things, es-
pecially in the pyrotechnics which
they we're bringing off in some of
the oil stocks, and it has been quite
clear that their efforts were not
being rewarded with the public re-
sponse anticipated.
Various pools specialties had be-
gun to break badly on Saturday.
The number of these weak spots
was increased this morning, especi-
ally in the oil and motor and equip
ment stocks which had had the
most extensive advance. For time
liquidation in these quarters was
Offset by sharp upbidding of the
steel stocks. ut this maneuver
falling, the decline in the afternoon
became quite general.
The downward movement ran it's
course by the middle of the after
noon. AS the selling pressure
lightened the market grew dull. In
the last hour industrial specialties
were marked up, these operations
serving to steady the general list
and bring about a moderate rally.
Apart from the foreign political
difficulties, constituting what is
commonly called the Genoa crisis"
there was little in the way of news
to influence today'S security deal
ings Further heavy buying was re-
ported in the copper metal with in
dications of an upward tendency
IN prices. This had its effect upon
the copper stocks which held up
well, even while the market was
dropping elsewhere. The motive
Tor the buying in the independent
steel stocks seemed to be furnished
not SO much by trade conditions
as by rumors regarding the figures
at which the various properties
were to be taken into the new COM
blnation. This gossip was not cor
roborated. The street was simply
guessing that the merger prices
would be somewhat above the pres