Evening star., 1922-04-19
HESITATE, THEN
! RESUME THE RISE
ny STUART p. WEST

NEW YORK. April 1e.-The down
ward tendency of the previous gay
was abruptly reversed IN an the prih-
Cipal markets today.
This was equally true of stocks,
grain and foreign exchange.
In the light of the simultaneous rise
in these three markets all pretense
that Yesterdays decline had anything
seriously to do with the German
Russian alliance or any other happen
ings at Genoa had perforce to be
abandoned.
Prices had come down merely as
result of conditions on the inside ana
not rs a result of outside news.
This inside weakness. due to the re-
cent extravagant speculation in GER
tain quarters. had been sufficiently
corrected by yesterdays break 10
warrant "a resumption Of operations
for the rise today.
The wheat market and the cotton
market. too. which had been infiu-
enced by the decline in stocks. were
quite as prompt to respond to their
advance.
The exchanges. including even Ger
man marks. easily got back their
losses of the previous day.
Later Gains Confidence.
The stock market started in amid
some uncertainty. with prices about
where they left off last night. Fur
ther selling held the list in check for
half an hour or so. but when 1T was
discovered that offerings were being
readily taken without any more of
decline, speculative sentiment gained
confidence. Then, first in one direc-
tion and then in another, buying
movements were renewed. The gas
stocks, the sugars, then the rails and
finally the steels and motors-that
was the order OF the succession of
the several group movements.
Pools In Action Again.
1t did not take long this morning.
to demonstrate that yesterdays little
shake-out had not caused the pools
to lose their grip.
after the first half hour or so. In
such stocks as Baldwin Locomotive,
Studebaker, Steel common and Beth
lehem Steel they were helped by
weak short interest, which had col
lected and which it was easy to drive in.
The jump in Industrial Alcohol
was likewise set down mainly TO
short covering.
In Coca-Cola which had one of the
sharpest moves of any, the reason
was set forth two days ago in au-
thoritative figures showing the re-
markable expansion in the earnings
of the company now that it is operat-
ing on very low-priced sugar.
Consolidated Gns.
The buying of Consolidated Gas. which
made the stock prominent feature
again today. was undoubtedly genuine
buying and not merely speculative op-
erations for the rise.
The motive of this accumulation is
clear enough. In fact, it mas been clear
ever since the supreme court decided in
favor of the company in the S0-cent gas
case over a month ago.
Stockholders are to get the benefit of
the $13,0O0,OO0 odd representing the
amount collected in excess of the S0-cent
rate and impounded with the special
master. awaiting the court decision.
Stude baker. in anticipation of
either an extra dividend or an in
crease in the regular dividend at next
weeks meeting, was one of the lead
ers and Steel common another.
Steel stocks accompanied the weekly
trade reviews. which again reported
further price advances in pig iron and
some of the higher forms.
The coal strike and the menace of
reduced steel production as the result
0t the deficiency in the fuel supply
has been quite as much of consider
alton during the past week as it was
the week before with consumers.
So far however, the steel mills have
not been affected in their operations.
The Steel Corporation is still employ
ed at rs per cent of capacity, while
the independents are working above
20 per cent.
Financial Notes.
NEW YORK. April 19.-Lack of a
quorum caused the indefinite post
ponement of the annual meeting of
the Pierce Arrow Motor Car Company.
The American Locomotive Com
pany has taken orders for ninety-nine
locomotives in the last eight days,
which is about equal to the total of
domestic engines sold by the company
in the year 1921.
The American Hide and Leather
Company will issue it's report for the
first quarter shortly. 1t is anticipated
that a falling off in the profits, as
compared with the last quarter of
1921, will be shown.