Omaha daily bee., 1922-05-02
Financial
Gle Mem 1srk QmeS.
BY ALEXANDER DANA MOVES,
Omaha bss Lesssd Wire.


New York. May Prizes ad.
yaneed on virtually all markets TO.
day. although in most OF them the
upward movement proceeded irregu-
lsrly. On the stock exchange q con.
siderable number OF industrial stocks
rose ] 10 ) points, the greater part
OF the list. however. moving frae-
tionally and some shares, such as
United States steel and the railways,
losing ground. Blu, the bond market
continued unquestionzbly strong,
with two or three foreign loans and
nearly a dozen railway bonds going
above the previous best prices OF the
year. All European exchange rates
went moderately higher. wheat re-
covered most OF the decline OF last
weeks closing days and a distinct
rise in cotton brought, the spo, price
TO the highest figure reached since
the first week OF January.
In both stocks and bonds. pro-
fessional speculation had hand. for
the stocks which rose TO any con-
siderable extent we're OF the highly
speculative sort and in bonds, al
though the bona iide inyes,mcn, in
quiry was still the dominant in
fluence, bonds OF the speculative type.
such as the marlborough securities.
were particularly active. II was
rather noteworthy that the actual
news OF a favorable sort had to do
with the railway shares. which did
not advance.
Estimates High.
The higher grain marks was aseribed
not only TO tho weli-known position OF
domestic supplies as the old crop season
approaches Its end. but TO the impending
government estimate Of May . on winter
Killed acreage. Calculations OF the new
crop can never be safely made until the
percentage of planted area abandoned Is
known. and at tho moment tho private
was reported as AZ per cent ana the aver.
age loss for the lo.yesr period was placed
at II per cent-mostly because OF abnor-
mally large destruction OF the winter crop
Of 1911.
In cotton. attention appeared to be d.
vided between the talk OF weather In
fluences" always familiar At this season.
and 4 rather striking estimate on worlds
eS.mPO. .na 'ups sass .. ~ IN: come
notoriously dangerous in the cotton trade.
but tho departments figures emphasize
one fact which 10 often overlooked-that
the sweeping reduction Of acreage for the
last cotton crop was by no means limited
TO America. but occurred In every large
cotton producing country The conclu-
sion drawn from the estimate. that the
worlds consumption Of cotton II now at
last back on the prcwar basis ana the
"carry- from the last crop will be
only OF prewar magnitude lends . good
deal OF interest to the question. what
policy our growers will pursue In planting
their crop OF 1922
ignore Genoa Conference.
None Of these markets seemed to be in
any respect affected by the drift OF events
at Genoa; indeed, II may be doubted II
even the days rise In foreign exchange
rates took its cue from the conference.
Most people have recognized all along that
values for sterling and for most Of the
continental exchanges were actually sub
jsct to quite other influences.
II by any chance harmonious all
around political settlement had been ef-
fected, the exchanges would naturally have
risen a. they did while the Washington
conference was in session. But A. the
rates had not "discounted" such = result,
there was no good reason TO look for large
reaction because that had not happened.
The German mark. which was weak, was
the one exception to today's moderate i'm
provemsnt.