New-York tribune., 1921-02-05
Market Quiet,
With Signs Of
Easier Money
Stocks Irregular, Without
/ Definite Trend; Oil
! Shares Offer Greater
! Resistance to Pressure

Lacking new developments to alter
ahs aspect OF the general financial
situation, the stock market drifted
along yesterday, moving irregularly,
without special feature and almost en-
tireiy in the hands OF the professional
Element. Signs appeared of slightly
easier tendency In the money market,
indicating that the prevalence Of high
Gall money rates at this center has be-
gun to attract funds from the interior.
Nhe call rate. which had touched per
gent or two preceding days, held at
z per cent throughout the session and
Jne banks seemed 30 be somewhat more
liberal in their offerings.
The stock market presented an ex~
1remely mixed appearance in the price
range, with no clearly defined trend
sat any time. Some groups responded
for a time to special influences and
spool operations and then gave way to
sssothter issues. The oil shares, which have
lately been subjected to professional
@se!iing pressure based upon reports
sof price cutting, offered better resist
sance and as rule closed higher. At
5iantfc, Gulf & West Indies, which has
4been q target of the bears for weeks.
Ssraiiied more than 2 points. In the steel
~~P (NoStoAV sAQNC0 III GTIaClC IaSn-
Non, opening at sharp decline, but
s1nore than making up the ground lost
soefore the close. Railway equipments
were frn1er on the announcement of
sthe placing Of small amount of new
business. A growing belief in financial
Elreles that constructive developme nts
wNyiii come cut of the traction proposals
s eoi Governor Miller was reflected in a
ehigher range FOR Third Avenue and In
Tsrborough issues. Among the rails the
ssReading issues stood out prominently,
soelng bought actively in anticipation
mSt an early announcement OF the de-
Stalls OF the segregation plan.
. bond prices have exhibited somewhat t
easier tendencies this week, develop
ament that is not at all surprising In
View OF the enormous mass of new
ponds and notes the market has had
ITO absorb during the last three weeks.
The end Of the current period Of financ-
Eing is apparently not yet in sight, for
~tle coming week is expected to see the
offering of upward Of 100000 900 in
snew security issues, mainly bonds and
notes of domestic industrial and rail-
4road corporations, with one foreign
soVernmens operation, namely, the
2nuch talked about Chilean loan,
The weekly bank statements will be
ssof much interest to-day. in view of the
money stringency at this center in
srecent days. An interesting develop
ment in connection with governments
finance was the elimination of the
sditferential between the rate on mem
Sber. bank advances at the local Fed
seral Reserve institution against GER
SSihcates OF indebtedness and Liberty
bonds and notes. Up to this time the
rate. on advances against certificates
shas. been u of L per cent lower. Now
sst IS s per cent on advances against
Doth classes of government paper.
The foreign exchanges were irregular
With sterling yielding 1A cents, while
francs We're shade higher. The cot
5on market, after early weakness, when
for the movement, came back stronvlv
sat the close. Grain prices were little
changed.