The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-05-10
WALL STREETS
NOT WORRIED BY
ECONOMIC MEET
BY STUART p. WEST.

e.
wall street, New York. May To-
insofar as the developments at the
Genoa conference were an inhu-
ence in the market today their ef-
ssct was limited to the foreign ex-
changes. Sterling got back TO its
highest of the year. French francs
at their high OF the day were back
nearly half way between what they
we're quoted at fortnight ago and
the extreme low of last Monday.
other continental rates had SIM
liar recovery which in the case of
German marks was comparatively
slight
II was a good deal OF question
whether this improvement in ex-
change rates reflected renewal, of
hone that after all the Russian
nuestion would be compromised or
whether il was merely q further
exnression of reinsurance that the
entente was safe, no matter what
the outcome of the conference. At
least it served to lessen the i'm
nression that the Genoa proceed
: ings were a source of worry IN
: financial circles.
: Both in stocks and bonds there
: was further evidence of diminishing
nublic interest This was shown in
!. still more of a falling on IN bust
: ness and in an increasingly narrow
and irregular series OF price
: changes. Outside participation
reached its maximum during the
: second and third weeks of April
: II was precisely then that both in
: yestment and speculative markets
: reaching the elimination of their
: three months continuous advance.
: What occurred, of course, was the
: familiar transfer of stocks from the
5 pools to outside spectators, anu
: this having happened to fairly
: large extent, the objective Of the
campaign for higher prices was at
: tanned. The reaction since then
: and the quieting down of trading
: are perfectly normal sequels.
: The Interpretation if this check
: is simply that the market of a
: month ago was going ahead at
: pace wholly unwarranted by pres
= emit business conditions or by the
: probabilities for trade developmenI
: in the near future.
Z Two interesting bits of data re
. lating to the trade situation were
: published today. One was the stec
( corporations monthly Tonnage
: statement and the other the fates
: figures on carloadings. The stee
3 figures came out about as expecte.
= with an increase of 602,765 tom
= of untitled orders. This was thu
= largest monthly increase in tw'
: years and brought bookings u
= about the 100000 ton level for tn
= first time since June, 1921. Load
: ings of revenue freight for tn
: final week of April were the larg
:. est of the month. From the sec
:. ond week of April, when the traffi
8 slump due to the coal strike, wa
:. at its worst, the recovery amount
= ed to $1,000 tons in a total of 75S,
= 2S6 This gives some idea of tn
= extent to which general bushes
= was thrown on the effects of tn
. strike. Still, as cue to the Apr
= railway earnings reports, it is i'm
e portant to note that even with thi
- improvement, total loadings for tn
= last week of April were some $500
e tons under the average durin
y March.
tsG The stock market during most G
E the day dragged along tediously i
vivid contrast to the excited Specu
T. lation of two and three weeks age
LAS usual, however, where a specu
e lative situation has suddenly gon
r. stale, and left a large account Out
q standing with no immediate hop
LOT relief, there was constant drill
trble of liquidation. Enough of TIL
Eselling came in toward the end {
1.-The afternoon to encourage a RI
I-newal of professional experiment
Ion the short side. The market, e'
I=pecially in some of the recent POI
i-favorites yielded rather easily
this pressure.
= The only change in the ste
Etrade reported in the weekly r,
views is further advance in price
which in the case of pig iron, W;
quite sharp. This reflects Il
:Egrowing unwillingness to .Somi!
Hearty delivery owing to the unce
:Gtainty of the coal supply. The Ire
Mage contributes the interestiI
item that Japan is making ne
Eracnrd nc q h,Yvar Of Aparican cfa