Evening star. [volume] (Washington, D.C.) 1854-1972, 1922-04-24
STOCKS SLOW Up,
PLAY FOR REACTION
Heavy Realizing Sales Check
ed Early Upward Trend.
Declines Not Serious.
BY STUART p. WEST.


NEW YORK. April 24.--wall street
did not have quite the excited "Mon-
day morning opening" which Is the
traditional characteristic Of big
bull market" Jumps OF point or
more occurred in a number Of indt-
vidual stocks. -...
Then the market was called upon
to take the heavy realizing. which
usually develops after q poweriol
over-Sunday bid for outside support.
The selling represented proat.taking
by pools and professional interests
and this brought about larry gen
eral reaction. The main erect. now
ever, was felt rather in the slowing
down of trading than in the price
shrinkage.
Exchanges Better.
More than at any time 80 far. the
markets took heed of the news IRON
Genoa, not that it yet definitely As-
sured any large accomplfsnments y.
the economic conference. but tnat !.
made the outlook brighter than II mao
been heretofore. The Willingness OF
both Germany and Russia 10 maxi :
concessions. the overcoming OF
French obstruction--all this empha-
sized the genuineness of the desire on
all hands that the gathering achieve
success.
Where financial opinion showed
most plainly was naturally IN the H.
ternational exchanges.
Both Sterling and Continentai rates
went higher, Sterling coming close.
to its high of the year than at any
time since the first week Of March.
The feature of the exchanges, now
ever, was the continued sharp recoN-
cry in German marks.
II was three weeks ago that the
mark mark touched its , record low ,s G :,
this figure across .ooI represents
one of the best rebounds which have
occurred this year. IT certainty mas
not come as the result OF the stop
page of paper note issue. In fact, 1t
has occurred in face of further huge
expansion bringing paper currency
up to much the largest total YET
reached
This expansion has been necessary
70 meet the psyments Of
$4,000. 900 gold marks and was ef-
explanations. both OF which w.
doubtedly count.
The first is tina. Germany has taken
means through its forced loans of a
billion marks and in other ways 10
greatly increase the government re-
ceipts. The second Is that 1t looks
to the Genoa conference to pave the
way for financial help from abroad.
Playing for . Reaction.
The preponderance of trading opin.
ion was that the market. having kept
strong up to the end OF last week,
in order to attract the outside pubic
would be opened up this morning. ana
then would be a sale for q turn.
: This is the traditional procedure IN
the old-fashioned bull market.
Such a program was followed on.
today, The only qualification was
that comparatively few stocks eao
much of an opening advance. IN .he
main body realizing sales set In I'M
mediately in such quantity as 70 pr ps,
vent any rise at all. After the nrst
quarter of an hour this selling Eot
the upper hand in most parts OF ,he
list. but by no means in all.
Union OIL.
The plan under consideration re-
garding Union OIL and Shell Trans
port IS said to call for one and one
half shares Of the former for snare
OF the latter. If this is true at the
selling price Of Shell Transport
around AZ. Union Oil would figure
considerably higher than its present
market quotation.
at rising prices shortly after the news
was received that subsidiary of the
General Asphalt Company had
brought in a nty-hve-thousand-
barrel we'll in Trinidad. At the same
time that this news" was made pub
lie, the bad news regarding the
General Asphalt Company also made
its appearance in the shape of the
consolidated income account for 1921.