The New York herald., 1921-12-29
FINANCIAL NEWS
AND COMMENT
Stock Market Turns Irregular
After Industrials Make
Years New Highs.

speculative Duying carried industrial
stocks forward during the first half or
yesterdays session. several issues at
tanning new high points for the year,
but later so much profit taking oc-
CURED that the market displayed much
irregularlty nj the close. Increased ac-
tivity within broader trading list than
that of Tuesday indicated that the con-
tinued firmness of the underlying tone
was attracting more attention among
followers Of the market as the year drew
nearer its close. In bonds there were
evidences Of stocking up by dealers in
anticipation of the traditional January
investment demand and strength of
prices quickly spread out from the
Liberty group to railroad and Industrial
issues. Several Government war bonds
advanced more than a half point. The
fact that this week has brought for
ward few large new bond offerings ev.-
IDENTIFY has enhanced the demand for old
line issues.
Although stocks left off in the midst
of reaction in several directions there
were no signs that efforts to depress
values were being pressed. The markets
action during the last fortnight has been
of sort to promote caution among bear
SPECTATORS. The manufacturing outlook
Is not altogether satisfactory In respect
to certain lines Of industry. but the
stock market plainly has been directed
Of late more by broad conditions than
by particular considerations. II such
were not the case 1t would have been
possible for operators for the fall of
prices to get some action in the last
week from the poor showing of several
railroad systems IN their November
statements. But the rails, as a whole,
have been supported by the general
showing OF the carriers in November.
which was better than expected. The
Union Pacific reported yesterday that It's
gross earnings had receded s3,s77, 900.
compared with those Of November, 1920,
while it's net income declined 81, 400, TOO
yet the company's shares were at one
time 2ls points higher than. they were
on Tuesday and their cl.slng showed a
gain Of a point. TAG Baltimore and
Ohio was able to CT its expenses heavily
In November, IS decline of more than
sI3o0.oo0 "A gross brought with it
recession <6f only 3125,70o in its net
operatiIx income.
The steel industry will enter the new
ye3>r with much of the war time infla-
Jon or prices removed and those prices
In an uncertain position. The Iron Age
notes this week that pig iron buying
Is on the increase. aided by price
cuts. while the average OF steel prices
now Is the lowest since January, 1916.
The stock market has seemed to pay
little attention to steel and iron price
trends. as advances recently recorded
have been held for the most part and
shares OF several minor companies were
strong yesterday
Cotton paused in its advance, turning
soft in the early afternoon and closing
slightly lower than It did on Tuesday.
The dip and subsequent recovery Of
wheat futures suggested a mixed trad
Ing opinion about the markets prospect.
The final report by the Government on
this year's crop was not released until
long after the market was closed, and
therefore. there was no direct response
10 the unexpectedly large yield Of
7s4,S93,0o0 bushels, or 54.S90,000 larger
than the last forecast allowed for and
more than 20.000.000 greater than mar
ket prophets had foretold. 1t Is probable
that the fiasco Of Federal cotton crop
forecasts during the autumn caused the
grain figures to be examined with
reservation, but prices for several days
have been influenced more by an en-
largement Of export buying than by crop
statistics.
Foreign exchanges went slightly lower.
Call money ranged from 4,a to 5h per
cent.