The New York herald., 1921-03-15
FINANCIAL NEWS
AND COMMENT
Stocks a Little More Resilient
and Close With Numerous.
Net Gains.

Stocks displayed little more resili-
laxed than in the second half OF last
week. 1t was only in this respect that
the market showed any change. Sharp
declines Of Atlantic, Gulf and West
Indies, Crucible Steel. Mexican Petro-
| leum and Reading reflected the aggres-
sive activities OF short sellers. but II
was noticeable that while these, together
with a number OF specialties, were re-
ceding rather easily many prominent in
dustrial and rail shares were steady.
In fact, the price list at the close con-
tanned numerous net gains, some in ex-
cess OF a point. The eve of quarterly
income and excess profits tax day found
money market conditions unchanged
and call loans were arranged at per
cent. II will be recalled that year ago
business was commanding greater
amount OF credit that at present and a
heavy volume OF stocks was being carried
on margin at much higher prices than
those now current. At that time the
call loan rate got up 10 10 per cent
three days before the taxes were due
Probably one reason why the selling
OF stocks slackened yesterday was the
completion last week of liquidation TO
/ raise cash. This was the case in the
bond market also Bond prices con
tinued rather heavy and uncertain, but
dealers reported less urgency than a
few days ago in offerings OF both estab-
lished and new securities. But the pass
ing of this temporary influence in the
security market was not accompanied
by the appearances of any constructive
factor. The market lacked an incentive
for recovering its recent losses. Several
industrial company reports which came
to the attention OF the Street including
that Of the p. +. Goodrich Company.
contained the tale or unfavorable results
| in 1920. and the railroad labor con-
| troversy was clearly in the formative
state, forecasting nothing in the way of
final adjustment of domestic problem
now more important than anything else
While the situation surrounding the
reparation has had only a slight bear
ing upon the security markets since the
II goes without saying that there will
be change sooner or later The sup
position in financial circles on this side
is that either fresh overtures will come
20 n
be concessions on the part of the Allies
News from abroad fails to indicate
what the next move will be. but It goes
without question that the infiction or
avail in settling the question unless
some medium, less military than eco
nomic, can be found to stimulate pay
ment The foreign exchanges yesterday
appeared to reflect nervousness over the
outlook because Of the delay in positive
results presumably at any rate. in
creased offerings OF French exchange
were reported In both New York and
London and sterling was unsteady.
Dealings. however, were still on too
small Scale to indicate any material
change in the market position, and
speculation remained the dominant
force
| A rather extensive fall OF grain prices
in Chicago occurred after an early rise.
The March and May options closed 4
cents lower than on Saturday. In the
absence OF new trade influences. either
domestic or export the upturn and suo-
sequent reaction bore the earmarks OF
speculative manoeuvres. The season is
OF the sort to promote quick changes OF
the price front, for unusually warm
weather in March affords the rumor
market with plenty OF material. and
genuine crop information is likely to
contain records OF exceptional changes
in the growing plant and in soil condi-
tions where planting will soon be under
way.