Evening star., 1921-04-06
LOWER RATES ARE
AID TO MARKET
Call Money 5 1-2 Per Cent.
Improvement Chiefly in
Certain IndustriaIs.

NEW YORK. April 6-The main de.
velopments bearing upon the nnan-
ciai markets today were q further
lowering OF local money rates. some
what more reassuring news regarding
the British labor disorders, ana the
passing altogether Of the Midvals
steel dividend. ~ :.
The renewal charged on cali funds
was again reduced. this time from 6
to sh per cent. No rate a. low n
this has been seen since the early
autumn Of 1919. just previous to the
irst marking up Of federal reserve
discounts, which was the signal for
the start Of the great decline in the
stock market.
What was stu more saxuincant. NJ.
ferinSs Of time money 20 increa.ed
that II was possible for borrower. to
secure accommodation at sx per cent
ON shost-term loans. Even At this con.
cession. however. the demand was
very light. thus rejecting the judr-
mene among users Of money that stiil
more favorable rates are in store
While the English transport wo,k.
ers were. casting their lot with the
miners. the third of the big th,.. sne
tne q, rAay men-reserved action un-
til the outcome Of the new confer-
ence between mine owners ana tha
miners Representatives, called for to
moFFoV. A0' w.
rhs willingness Of the ovn.-. =.
occsDt tho Invitation Of the Rrst,sS
premser 70 this meeting was sixn1d-
91sh second attsunpt st oomr,.,,,,..
IN the PAST has frequently rcsuitsd ir
success. At all events steriinS ~.
change continued ft0 recoye~ srd
the British security maFkats
ste:dier. These were the natnr.I
meaia 1os the redectton Of opinion IN
When Midyale Steel began cutting
two months ago 1t was eyervwhers
pointed out that this would m..e
the taking Of business at a lo.. r.
was no surprise accordingly that ths
board OF directors should have an.
eSaatee eS at '1ss 1sacIs the company had operat-
months Of the year. and that thsre .wo
10 no reason to expect thar M.SaS
would be anv better. ~fSn
onoer such circumstances, passing
o. o. .ns S dividend ought certainly to
case is not. however, altossthsr vaas We
resentative Of that Of the osSs. 10
dspemdent steels. Lackavanns .,tn.
meeting the Midvale price cutfirs ~.
q while. went back to its forms. % ~.
Bethlehem. With It's ahinhuisd;r~
plants. and operating a. It nov r. 81
IS per cent. IL in QUITE = diS-
ferent position. with Republic st.s;
the resumption Of operation ~ nmr.
eroos plants this week suggests that
the situation in it's case h SettinS
better. too. "s
Shorts Cover Freely.
A: anticipated on the theory Of IN.
market being in q narrow tradinr
poeition' further burst Of short COW.
ering In the nrst hour or so Of the
:raoins THIS morning brought prices
up 70 point where profit-taking in
quantity was induced ''
Studebaker came very near eous,
ing Its high for the year. and i'm
strength Influenced sympathetic INV.
ing In Chandler. Pierce Arrow ANA *.
tire stocks. U. s. Rubber was stiii
getting ready for the declafntion of
the regular dividend tomorrow. Oh
shares were actively bought, with sne.
cial strength in Pacific ON Sn6 CsSt.
fornta Petroleum. and . sharD run nm
In the Mexican issues, In which the
short interest had recenty hecn ccr.
sideraoly increased. Copper and
smelcng stocks. very thorouH Hhly sold
out. at length Joined in The unv1r6
drift. Their advance Was ohyion.iv
preparing for tho rise IN mstaI nriceS
which - almost certain TO come ~
fore long Is the result OF the sh,,t.
down at the mines.