The New York herald., 1921-11-16
FINANCIAL NEWS
AND COMMENT
Rails and Industrials Rally in
Steadier Market-Money
and Exchanges Easier.

S.oeks were much more steady yester-
day than they were on Monday. and.
although there were periods OF heavi-
ness. brisk rallies OF railroad and promi-
nent industrial issues established the
real tone OF prices before the final hour.
There were no more efforts in short
sighted speculative quarters to discount
tho problematical effect on steel COM
pany earnings OF 4 recess in armament
manufacture. On the contrary. steel
company shares were firm all around in
the afternoon. Railroad issues evident.
~ were carried upward by the Influence
Of a forecast of October earnings which
made better showing in net revenue
than numerous carriers reported for Sep
temoer Broadly speaking. the Indus
trial share market engaged itself in re-
pelling occasional bear attacks and In
bringing forward several specialties that
had hung back in last weeks rapid
upturn.
The days most interesting event was in
the bond market, an extraordinary total
OF subscriptions for the $4,000, 900 Of the
New York Telephone Companys G per
cent. issue supplying an insight into the
current investment demand, which was
surprising even to bankers who had
sensed rather thoroughly the effect dur.
ing the autumn OF declining money rates
Undoubtedly the applications, which
were estimated in excess Of $500, ,o00,-
900, were swelled largely by maximum
subscriptions OF investment houses that
orders filled. Eut such subscriptions
were In themselves a measure Of tho
public hunger for well secured bonds.
The bond market is going to be well
currences OF the Washington conference
unfold themselves. It IS hardly possible
that that great meeting can adjourn
without giving some attention TO the
financial needs of foreign Governments
and foreign business, and the prospect
for continued large borrowing In the
United States by foreign interests GER
tainly will not be impaired by such
programme received yesterday from rep
resentatives of foreign Powers. A surety
OF world peace naturally would increase
the confidence OF investors In loans OF
for particular undertakings which thus
far have been few. namely. the raising
Of capital on this side Of the water by
foreign manufacturing and trading Or
sanizations.
Cotton traders had difficulty fitting
quotations to information contained IN
the Census Bureaus consumption report
for October. The amount used by tho
mills at home during that month was
4e4.745 bales. an increase of about 10000
bales compared with the September total
But the trade had expected that the ex-
pansion would be in the neishborhcod OF
$4,000 bales. Exports In October.
amounting TO S74,510 bales, were $4,000
bales larger than they were In Septena-
Der and the larges. in any month since
January OF last year. Stocks In manu-.
facturers' hands on October 81 were
100000 bales larger than they wero
year before and nearly 379.000 bales
greater than on September so, which
facts had something to do with rather
rapid up and down movement Of cotton
futures, hnai prices being only a few
points higher than they were on Monday.
Call money went from per cent 10
per cent. and funds were in plentiful
supply for late borrowing. The foreign
exchanges eased off slightly, sterling re-
ceding \. cent. but not until after the
quotation had risen above Mondays nnal
figure Marks were unchanged at .3s1
cent each. The rapidty with which sew
eral Of the Central European countries
have continued to emit new currency has
begun to disturb bankers dealing in GER
tain exchanges and 1t would not be sur.
prising IL business was restricted In the
,4aar f,ttt,rc