Evening star., 1922-04-27
REACT|ONARY TONE
SHOWN IN STOCKS
BY STUART p. WEST.

NEW YORK, April 27.-It was
natural in view Of the rather startling
remarks Of the British premier that
the Genoa conference should have as
sumed more prominence in financial
discussion today.
Nobody could have helped recog-
ntzing that Lloyd George had an
object In painting the picture as dark
as possible should the conference fail
because OF unwillingness OF one or
Two nations to make suitable conces-
sions Tor the general good.
Still the figure of a hungry Russia
united to an angry Germany. the
combination representing two-thirds
OF the population Of Europe. was un-
deniably very forceful one, and
calculated to have SOLDERING IN
nuence upon the financial markets.
Negative Factor.
1t could hardly have been said that
the Lloyd George statement was more
than a negative factor in the price
movement of the day. Had there
been any grave concern. 1t would
nave shown first and plainest In the
foreign exchanges and in the market
Tor government bonds, but as e mat !.
ter of fact, with the exception OF
French francs. which continued under
some pressure, and the French gov
ernment loans. which were inclined
to sag again. there was no response
to speak Of in either Of these quarters.
Sterling held up and SO did most
Paris.
United Kingdom issues were firm
and the liberty group held well up
to par.
Taking Profits.
The sharp check given to the specu-
lative market Wednesday continued
to be felt in desultory selling and
the stoppage of the pool activities.
which were SO much a figure OF the
situation up to the middle of the
week. In the investment market, too.
there was something of a pause. Less
business was done than on any day
in some time. and prices moved with
great deal more irregularity. There
were fully as many, II not more, de-
clines than there were advances.
The inference was clear that the
bond list had for the moment ex-
haused the stimulus given it in Tues
days remarkable experience by New
York city and Canadian government Of
ferings.
Railroad shares again ignored the
March traffic statements. even such
highly favorable ones as those q Bal
timore and Ohio and Lehigh valley.
This group felt the effect of the re-
cent heavy distribution of stocks that
has been going on fully as much as
the tndustrials.
Conflicting Views.
There was much difference of opin- :
ion In today's dealings regarding the
position Of the market and the ma
ture of the selling movement which
set in yesterday. The most popular
idea was that the decline was merely
check in a bull market. brought
about largely by the activities of a
bear crowd.
The minority view was that the ad-
vance of the last three months had
carried prices of stocks too far ahead
of the business recovery outside. and
that lot of important distribution
had taken place. OF course. the bears
had the help this morning of the SEN
sational Lloyd George statement as to
ference were to fail. But the best
judgment was that the recession was
mostly due to inside market condi-
tions and would have come about
anyway regardless of the news.
Lake Erie and Western.
The sharp rise in Lake Erie and
Western stocks was accompanied by
reports that control of the road had
passed and that announcement Of the
fact would be made within the next
day or two. New York Central has
had the controlling interest through
the ownership of a bare majority OF
the $11 $4,000 of both classes Of stock
outstanding. Nothing. was given out
today to throw light upon the identity
of the purchaser.