The New York herald., 1921-04-26
FINANCIAL NEWS
AND COMMENT
Stock Market Displays Tone Of
General Strength-Realiz-
ing in Late Trading.

Constructive influences which i'm
PEELED last weeks advance OF stocks
were present again yesterday and. while
Anal quotations were considerably be-
lev the highest OF the session. the tone
was decidedly strong all the way along.
Business was not quite the same IN
character. however. as on Friday and
noon as though spectators representing
the public had withdrawn from the
field. leaving professional traders in
command. This process followed con-
ventionai lines: in periods when caution
prevails buyers. who accumulate stocks.
to hold for weeks ar months. frequently
retire from the mirket. waiting to see
whether events In business or finance
justify their position and seS...ng to de-
termine whether price advances have
discounted the particular factors which
caused them to make their earlier pur-
chases. There was also in yesterdays
later trading considerable profit taking
induced by the TO 10 point advances
VI the pTeCtulUg week. Vii lSSucS were
supported by another advance of crude
petroleum prices the second in eight
days
Industrial shares displayed buoyancy
in the first half OF the session. gains Of
Q to points being marked up in the
cases OF American International. Allan
tic Gulf and West Indies. Crucible
steel, Mexican Petroleum Sears, Roe
luck & Co. Studebaker and others.
These names suggest that much OF the
buying occurred in groups which had
been forced downward most precipi-
lately In the fall of February and
March. but United States Steel and sew
eral additional shares of tho more stable
variety reached upward to new high
roints for this year and dealings were
.airly well diversified. Railroad stocks
were firm. without taking so prominent
place In transactions as on Saturday.
IT Is conceivable that the speculative at
nosphere OF the rails'is being controlled
by other matters than what has already
occurred in respect to the railway pay
roll and what is expected to come from
the hearings before the Labor Board In
Chicago One Of these Is the pending
1otation of the greatest single bond Is
sue. the $3.50. 900. 600 Northern Pacific
and Great Northern joint convertible
6l5. whose reception by the investing
Iublic will throw light upon the posi-
lion OF general railroad credit 1T this
time of important readjustmcnt Of rail-
way expenses.
The financial markets found reason
yesterday to pay greater attention than
before to the German reparations situa-
ton. as It was seen that the expected
offer OF new terms for allied considera-
tion might be the pivot upon which
would swing the early future of inter-
national trade. That the Germans were
growing more anxious for settlement
in advance OF additional seizures OF
their territory and industrial resources
was clear at the end of last week. The
cables told OF German willingness to
pay 200 900. .000. 900 gold marks. or the
elulNaleIt, over u lOHs ptTlOQ Ol years.
a proposal which so closely approached
the original demands of the allied COM
missioners that It looked like a decided
change of front. Sterling exchange rose
more than a cent to S.e5. the highest
\ level since last July. when the rate
marked the apex at 4.061s OF the re-
covery from the minimum level fo-
many years. 3.19 French exchange also
established a new high point for 1920
and German rates shared in the ad-
vance.
4 1t is likely that the reparations ques-
\ tion will have more OF a bearing upon
stocks in the next few weeks than 1t
has so far. And the continued heavy
Importation OF gold-some $1,000. 600 ar
rived yesterday--will receive more at
tention as an economic influence. es-
pecially IL business continues to ex-
pand. Call money was 61h per cent. for
all loans. against 6 per cent on Friday.
the frmer tone evidently reflecting
preparations for May / demands upon
n the hanks