The New York herald., 1921-06-15
FINANCIAL NEWS
AND COMMENT
Stock Markets Tone Improves
Northern Pacific's Rally
Features Session.

Stocks were churned about a great
deal yesterday, periods OF reaction being
interviewer with intervals of marked
strength among industrial and railroad
issues. but the markets tone was meas
ureably better than It was last week.
into the control OF professional traders.
there being few signs of the persistent
and urgent liquidation which marked the
decline that was checked by the vigorous
rally Of Monday afternoon. A few issues.
including American Sugar, Mexican Pc
troleum, B. F. Goodrich preferred and
three or four rails, were singled out for
occasional attack The others closed
higher, gains extending from fractions to
more than 21s points. A feature was
a late rally of points in Northern Pa
cifc. which carried the quotation points
higher than the final price of Monday.
In the fore part of the session. however.
1t was the weakness OF that stock and
Great Northern preferred. both going 60
new low records for several years. which
unsettled the entire market for a time.
and the Street made no effort to fore
cast dividend action when directors of
those properties meet this week
There were no especial deductions to
be made from yesterdays price move
ments. Explanations for the fluctuations
of many stocks lay in conditions sur
~, lee to-
moralized state of the sugar industry
was. as It has been for some time, an
incentive for bearish ventures on the
short side Of sugar company shares. and
exports In Mexico continued to direct
trading attention toward Mexican petro-
leum stocks. Yet the market was not
altogether consistent In respect to oil
stocks. for a number of domestic COM
pany shares gained ground in the face
Of new cuts of crude petroleum prices
and appeared to ignore the very plain
inference contained In the reduction Of
Pennsylvania crude IN a few weeks from
s6.1o to $2.75 a barrel. that output is
age facilities.
Several more days will probably be
needed to determine whether this weeks
halt In n broad decline Of stocks was
more or less one Of temporary sig-
nificance. The money situation has i'm
proved considerably in the last three
days, and this has had influence upon
speculation. To-day and Tomorrow the
banks will handle the great transactions
incident to a quarterly tax date and
day for payment Of a heavy block of
Treasury notes, in preparation for
which there has been accumulation Of
funds IN New York. Call loans were
made yesterday at 81 per cent. on the
New York Stock Exchange, the lowest
rate since April 7, and lower rates were
quoted in large offerings outside, for
the bulk Of which there were no takers.
The better feeling toward stocks and
bond market an advance of nearly
quarter OF a point In a group OF repre-
sentative issues going far to replace the
attrition of recent days. Bonds acted,
furthermore, as though sales were free
OF the urgent character seen Of late
among some Of the Liberty Issues and
a few corporation funded securities.
Sterling exchange advanced in posi-
tive fashion. the net gain being cents
to the pound. Other European rates
were firm. The quiet state of this mar
ket since last Friday has suggested the
absence of new burdens on London and
Paris rates through German transfers
of reparation funds to New York. and
spectators have evidently elected to
hold off until fresh tendencies are clear
ly discernible. Sterling at the final rate
of s75M was cents above the mini
mum quotation OF last week.