The New York herald., 1921-10-25
FINANCIAL NEWS
AND COMMENT
Stocks Rise Despite Pressure
and Money Goes Up to g.
Exchanges Steady.

The principal feature about the stock
market yesterday was the scarcity OF
offerings when traders set out to test
its price tendency. An initial effort by
professional hands to force Industrial
and railroad shares lower in the first
hour met with SO little success that
thereafter speculation was almost en-
tirely for the rise. A stiffening OF the
call loan rate from to per cent. had
no apparent influence on quotations.
and although realizing sales left most
issues at the close lower than their
best prices, the lis: contained many
gains OF a point to points. Petroleum.
railroad equipment and Industrial spe-
cialty shares were prominent in the
upturn. railroad stocks accommodating
fractions for the most part.
! The stock markets course was an
extension oc the recovery which began
on last Wednesday, and was based on
the same factor which promoted last
weeks advance, namely. the dwindilng
OF apprehension over a railroad strike.
1t looks now as though the action of
certain union leaders In issuing strike
call had been decidedly III advised. as
| II has lacked support right within union
ranks from the first Gay. Nevertheless,
20 one may say that developments
might not have been different II the
voice of the people had not been clear
in its condemnation of a walkout and
;,,e t,, hof,, T. e-I .hn rnt&
States Railroad Labor Board faces a
problem TO satisfy both parties to the
controversy in the hearings to begin
tomorrow. but the stock market and
other markets appea; now to be less
concerned about what labor is TO get
than with the problemat,cal attitude OF
the board in regard to the employers
contentious. The application Of freight
rate reductions to a much wider lis.
OF products than so far announced Is
likely in the near future. The offset
for the carriers In the way Of lessened
operating expenses is not yet dis
cernible.
None OF the markets was iaciined to
get excited over the attempt Of former
King Charles TO regain the throne Of
Hungary, which shows that military
outbreaks in Central Europe have little
influence financially in these days Of
paralyzed fiscal undertakings and stag
nant trade over there. 1t will be some
the Hapsburgs begin to exert real
power In the worlds money and COM
modify markets. Sterling exchange ad-
vanced liz cents 10 the pound and.
outside cf a rather heavy tone OF marks,
European exchanges were steady. It
was worth passing attention that the
fall Of the wirth cabinet in Germany
went practically unnoticed in the foreign
exchanges, although the great disturb
ance of marks and other currencies q
fortnight ago seemed to be hinged in
part on expectation Of that event. Pre-
sumbably the change was discounted
IN the decline of marks to .52,4 cent
last week. Marks were quoted yester-
day at so.
Offerings Of grain were light and
prices advanced from III to cents a
bushel, and corn worked higher. The
clearing OF the railroad outlook was re-
fiected in the strong market for grain,
as the urgo to ship before the strike
was lessened. Cotton, too, gained
ground.
The tightening of the call loan rate
was believed to be connected with pend
ing financial transactions of considerable
magnitude. The outstanding balance Of
the United Kingdom loan, which will
mature on November 1. is to be paid
OF when due, its total running into
many millions. Funds have been ready
for that payment for considerable time
and have. Il Is understood, been lent
on call until needed. Preparations for
large payments are spread over several
days to prevent unusual money market
disturbances.