The New York herald., 1921-04-17
FINANCIAL NEWS
AND COMMENT
Stock Market Closes Irregular,
With Oils and Kindred Is
sues Most Active.

~'e SAAS%N SeNNa'Ac H'oN'AAathNf
started on Friday as a result OF COM
bination OF constructive news develop
ments, continued throughout the first
hour OF yesterdays short session in the
New York Stock Exchange, but subse-
auently profit taking and evening of
commitments caused the list TO present
an irregular appearance at the closing.
Nevertheless the market gave good
account OF itself. and 1t could not be
said that the influence OF the construc-
tive factors had been exhausted. That
question will be determined probably
by the extent of public participation.
In the active list the only conspicu-
ously weak stock was Pullman Com
psny in which special circumstances
rule Otherwise in more active stocks
The Unexpectedly favorable news in
connection with the Labor Board an
nouncement the amelioration of the
British strike situation, and the lower
ing of the Boston Reserve Banks dis
count rate seriously hampered the bear
campaign conducted against steel is
sues, but there was renewed selling in
their department just before the final
trading. The volume was fairly large
Tor a Saturday. with most attention
paid TO oil and kindred stocks
Rail stocks were generally firm. re-
spending to advicee from Washington
indicating that the Administra ton lead
ers would get to the root of the railroad
problem this week. The news from Lon
don indicated that the miners union,
left to itself in its struggle for national
ization and higher wages. would be un-
able TO fight the mine owners for more
than few days and that development
was factor in the further rise in cot
ton and sterling exchange. In the bond
market the improvement in sentiment
was shown particularly in low priced
rail issues and United States of Mexico
IS and IS. Offerings during the last
week have been successful with an in
dication of an investment demand suf-
ficiently powerful to absorb the new
financing now known TO be in negotia-
ton. There will be offered Tomorrow
$40. 900 OF Federal Land Bank bonds
in all parts OF the country and $4,000
II certain details are sufficiently cleared
up. there should be an offering later in
the week of s25, 900, 900 OF Goodyear
Tire and Rubber first mortgage per
cent bonds. Bankers still hold the opin-
ion that the investment market and the
bond department will absorb the ma jor
attention of the financial world during
the next two or three months, the trend
bcing in the direction OF higher prices
and lower interest coupons as money and
credit conditions improve.
Information to the effect that Mexico
would resume payments within a week
was obtained from authoritative sources,
that news being corroborated by the
purchase of some $5,000000 Of cquip-
ment for Mexican requirements and the
arrival of the Charge d:Affaires at
Mexico City in Washington for a con-
ference which may lead to tho rscogni-
tion OF the present Me1ioan Govern
ment. Official confirmation or tho news
was not obtainable, but on the theory
that the tape tells the story Wall Street
looks for developments OF constructive
import in Mexico within few days.
Tho financial district dismissed as un-
important the statement OF the presI-
dent OF the Amalgamatsd Association
that another attempt to unionize workers
In the steel industry would be started
In June. Keen interest is expected 20
be shown tomorrow in the statements
of %. II. Gary, chairman OF the United
States Steel Corporation, to be made at
the annual meeting OF its stoclxholders.
The New York Clearing Hbuse state
nent rs to daily average condition dis
ciossd continuation of the contraction
and liquidation movement with a red,ic-
ton OF s25,ooo,ooo in loans, &c, and =
decrease Of s12.50o.o0o in demand de-
posits. Tho actual statement as OF FRI
day lost most OF It's significance by rea
sons of the enormous transactions nut
through in connection with State taxe.
and Federal certificate operations