The New York herald., 1921-12-15
FINANCIAL NEWS
AND COMMENT
Industrial Stocks Strong and
Bonds Steady-Foreign
Exchanges Dull.

Professional traders had little diff
Guilty IN bidding several oil. leather, rub
Der and automobile stocks upward a
days dealings. following a procedure
which has almost become custom this
autumn. The industrial list as a whole
was strong and there were few signs of
heavy tone anywhere. But when this
is said the market session Is pretty well
described. The day contained no new
developments OF direct value to stocks,
and In bonds a steady tone prevailed.
with transactions on a moderate scale
compared with recent active sessions.
An exception was supplied by Liberty
bonds and Victory notes. the buying of
which was sufficient to establish one or
two new high records for the year. The
first-second Az per cent. issue. q rather
inactive member of the Liberty series,
reached up to par and Victory Az per
cents. changed hands at 10000, a shade
higher than their preceding maximum
of 1921.
In foreign exchange there was a
rather surprising lull In business.
Dealers found few bills in the market
and sterling advanced more than 2
cents. The fact that quotations did not
follow further the reaction of Tuesday
seemed to show that SPECTATORS were
decidedly averse to testing their luck on
the short side and had been moved to
caution by indications of altered condi-
tions In International trade. AS specu-
lation for the decline was overdone dur
ing in several markets that Germanys
further reparations payments would un-
settle the exchanges, as they did last
May. it is probable that uncertainty over
those payments Is also causing specula-
tors to hold back. The news from Lon
don and Paris for considerable time has
suggested broadly that goods are likely
to replace cash In the next few pay
ments. Furthermore, the purpose of as
sisting German industries by establish
ments OF credits In other lands for the
purchase of raw material is being
voiced more and more loudly in the
financial capitals of western Europe, a
movement which II put through would
carry its own plain significance in re-
spect to enlarged trade between the
nations.
OF more interest than happenings In
the other markets was the action Of
cotton prices after the report Of cotton
consumption in November was made
public. The total of $4,000 bales was
not only nearly go per cent. greater
than it was in November. 1920, but also
exceeded by 71a per cent. the aggre-
gate of October of 1921. The growth
of consumption, compared with that of
October, was somewhat larger than
had been expected in trading quarters
and resulted in recovery OF 10 to 80
points after uncertain backing and fill
ing prior to the receipt of the report.
The approach of the years end is
finding reflection in the steel trade.
Something of a standoff between buy
ers and dealers is reported by the Iron
good showing as possible in respect
to cash and inventories. The result is
disposition by producers to ease GER
tain prices to attract orders. but both
parties are influenced more by ex-
pectations of positive events in the new
year and are not counting on much new
business before the close Of December.
Call money eased from per cent. to
Az per cent, aided presumably by the
deposit in banks of income tax money
in advance of to-day's due date for
this years final installments.