The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-03-23
FINANCIAL NEWS
AND COMMENT
In Drifting Stock Market
Many Issues Show Adj
vances at Close.

The stock market passed yesterday
completely into a drifting phase. in
which transactions were limited 70 the
efforts OF professional SPECTATORS 10
gain advantage first on one side and
then on the other. IT was clear In the
PRICE movement. however, that the UNI
de{4ne Of prices was such as 10 dis
coufage any extensive attempts 10
offer stocks down. and IN the last half
hour a brisk rally of motor. petroleum.
steel and some oe the railroad issues
left the list well decorated with net
gains extending upward to ~ points.
Among stocks whose advances were
larger than the maximum mentioned
were Atlantic, Gulf and West indies,
Associated Oil. Pacific on and Stude-
baker. The only active issue to disclose
marked weakness was Sears. Roebuck
& Co, whose fan az 4 little more than
points suggested the resumption of
short sales which have appeared period
bond market remained dun, with
steady 70 firm trend of quotations.
The security markets showed clearly
the lack OF incentive for traders from
developments at home and abroad. The
fact that the cali money rate stayed
rather firmly at "a per cent for all
loans on the New York Stock Exchange,
with meagre offering at lower figures
outside, may have checked purchases OF
stocks. but there was nothing surpris-
ing In the money situation. Bank loan
accounts from week to week show forth
the stubborn resistance of credit to the
countrywide measures for liquidation
and until the commodity and merchan-
disc markets reflect much more gen.
eral reduction Of supplies than has yet
been seen, money rates are hardly likely
10 ease permanently. But liquidation Is
progressing. and il the character OF the
export trade can be improved by eco
nouic and political changes in Europe.
now Ia the making, there should be
mora speed in readjusting the domestic
credit situation as the spring months ad-
vance The indication contained Ia
Yesterdays cabled news that Germany
would refuse to meet the alaied demands
for the stipulated payment OF l,oeo,-
coo. 600 in gold marks. due to-day Is
one factor, however, which clouds the
prospect 81 an early settlement OF the
troublesome PREPARATIONS problem. NOR
can the way be seen yet how Russia is
really to reenter the group OF trading
nations.
In normal times such excellent weather
reports as have come from the spring
what regions would make cheerful the
calculations OF traders in stocks. This
year heavy supplies OF grain from the
last crop t!nges the outlook with gloom
which found reflection yesterday IN
decline OF the May wheat option to the
lowest point since 1915. and reason
Why cotton prices fail to show any reai
resiliency nlay be found in the Official
report OF exports in February. Vhe
shiprnents abroad in that month,
amounting to 493.426 bales. We're ~
per cent. lower than in the same month
of last year. With the ADMINISTRATOR
coming to the support OF an emergency
tariH measure, directed primarily TO
assist the farmers. It might be thought
curious that grain prices should recede
but economic facts are hardly likely 70
be checked by an effort which Is certain
10 run counter TO the law Of supply and
demand There are other countries with
large stocks OF wheat to sell besides the
United States. and 100000 bale
crop OF cotton speaks for itself In
neriod OF forced restriction Of sales OF
manufactured goods.
The foreign exchanges receded' Pre-
sumably affected by the uncertain out
come OF the Silesian plebiscite. Steriihg
lost about a cent to the pound, and most
Continental rates were soft.