The New York herald., 1921-03-25
FINANCIAL NEWS
AND COMMENT
Realizing Features Pre-Holi-
day Stock Market. Which
Holds Well.

4 The stock market session preceding a
holiday is usually marked by profit TAX
ing transactions on one side OF the other.
and yesterday afforded no exception to
\ that process. Shares OF most prominence
in the last fortnight had risen from to
as much as 20 points, hence there was
incentive for speculative purchasers of
recent days to lie back and see what
might happen before the markets re
Il opened on Saturday. The price list re-
\ fected selling of steel. rubber and cop
per shares and several specialties, some
declines running as high as u points,
but the main body of stocks, while highly
\ irregular at times. was by no means
weak. and certain shares. notably At
4 lantic. Gulf and West Indies and Hous-
ton Oil, scored sharp advances. Call
money lent at 61a per cent. on the
official market. with sizable supplies
offered outside at per cent.
4 There was opportunity for uncertainty
news of communist uprisings in Ger
I many. vet prices appeared to pay no
attention whatever to this development.
In speculative quarters closest TO trad
ing-and that describes about all the
\ factors at work in the market--there
was a suspicion that more than a coin
\ cidence connected the sporadic German
riots with the position of Germany in
regard TO the reparation payment But,
be that as 1t may, the foreign exchanges
indicated no disturbance In European
centres and traders in stocks took their
cue early from the steady position OF
sterling between ss.s1A and s3.s1A
Francs changed little on the day. and
moderate decline OF marks was no
more than the reaction of several days
of last week when business was little
more active. In foreign events. now
passing through almost daily changes of
great interest. the financial markets on
this side are more attracted TO happen
ings in Russia than elsewhere. Senti-
mental rather than practical considera
tions clearly must direct the attitude of
the American business man toward the
Russian situation for some time TO come.
but this alters not all the prospect for
new outlook for American goods IL the
complexion of Soviet methods is found
to be changed in genuine fashion. The
cotton market again showed the stinu
lating effect Of the Russian news, al
though a reaction in Liverpool in final
transactions there induced sales in New
York and eliminated most of the morn
ing advance. The weeks rise of 100
points or more was doubtless potent in
urging realizing sales as was the case
in stocks.
The days domestic factors Of direct
application to security values were COM
prised in railroad earnings and in addi-
tional indications OF improvement in
woollen manufacturing. The largest
unit in the woollen industry was re-
ported we'll sold up for autumn delivery,
which spoke with equal authority of the
effect OF price reductions since the first
was made last September and of reduced
SLOChS o. GloLhlIss Inc OOuIHeIH Ia
cific's statement for February was illu
minating OF success in reducing costs, as
the company was enabled to expand an
increase OF about $1,000, 900 in gross re-
ceipts into a gain Of s2,14s.000 in net
operating revenue as compared with the
same month of last year The report OF
the Union Pacific on Wednesday dis
played the same sort Of progress. al
though final results in dollars were less.
Another, the weekly statement by the
Bank of England. found the minimum
rate Of discount still at per cent A
decline of the reserve ratio, while slight
showed that money was tight over there.
situation connected with the approach
ing end of the fiscal year.