New-York tribune., 1921-04-27
Prices Higher,
But Trading
Is Less Active
Profit Taking and Selling
ON Sustained d Rise
Beginning to Check
Advance; Steels jump

iHe momentum or advancing prices
carried further ahead at tAe Stock
Exchange yesterday, but the market
was less active and displayed increas-
ing irregularity in its fluctuations. in
dicating that profit-taking and profess
sional selling invited by the sustained
rise of several days were beginning to
check the recovery. Still the market
acted we'll throughout the session and
the days performance proved encour-
aging to the traders who have definitely
aligned themselves on the constructive
side.
New speculative leaders made their
appearance during the course Of the
session and the steels sprang into a
position of prominence, the shares of
the Steel Corporation and the leading
independent companies moving up with
much vigor in response to aggressive
buying. The forward surge Of the
steel group was strongly suggestive of
pool operations and drive against the
short interest. Steel common rose IL
points net, while more extensive gains
were registered in Crucble, Republic
Iron and Steel, Bethlehem, Midvale and
Lackawanna.
Naturally the upturn in the steels
was associated with the quarterly
earning statement of the United States
Steel Corporation, which made its ap-
pearance shortly after tho close Of
the market. The earnings Of the cor
poration were about in line with Wall
Street expectations. Net after taxes
for the three months Of January, Feb
rauary and March aggregated $32,-
286,722 against $43,877 1862 in the final
quarter of 1920. The statement was
especially interesting and significant
in that it disclosed the increasing eff
fects of the trade depression upon
earnings, month by month. For ex-
ample, the $14,387,474 earned in Jan
uary was almost cut in half in March.
The corporation did not cut its price
schedule until this month, so that the
last quarters earnings were based on
the old price level.
Sugar shares stood out as about the
only weak group in the whole market
There were special reasons for this,
chiefly the reduction yesterday in the
price of Cuban raws and unfavorable
reports from Cuba relative to the gem
eral industrial and financial situation
on the island. Fifteen grinding plants
were reported to have been closed down
since Monday, with others likely to
follow. Cuban cables also limited at
an interruption in transportation
facilities. American Sugar, Cuba
Cane Sugar, Cuban American Sugar
and American Beet Sugar were ad-
versely affected in the market.
The investment market focused its
interest upon the Great Northern
Northern Pacific $230,000,0O0 Burling-
ton collateral 61a per cent fifteen-year
convertible bond fotation, an operation
that is the largest of the kind ever
! before undertaken. The issue has had
an auspicious introduction to the in
vestment public, and indications yes
terday were that the offering would be
well taken. The public subscription
opens tomorrow, the price being 9G1a.
Sales of the new bonds were made on
the exchange yesterday at range Of
81 and 961s, closing at the latter fig
ure. Liberty bonds were lower all
around, the market in the government
issues apparently being temporarily de-
pressed by the huge railroad opera
ton.
In the foreign exchange a strik-
ing rise In rates on Paris reflected
international confidence in an early
settlement Of the German reparations
question. Francs went to 7.72 cents
for cable transfers, the highest since
last August. The closing rate was
somewhat lower at 7.69. Sterling rates
were steady.
Borrowers in the call money market
found an ample supply of funds avail
able at 61a per cent, which was also
the rate at which renewals were made.
The grain and cotton markets closed
| higher.