The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
FINANCIAL NEWS
AND COMMENT
Rails Feature Stock Trading
and Most Issues Rally in
Quiet Market.

| StOcks Hdu d larry general Tdily yes
terday. although business continued re-
stricted and interest in trading was
confined to professional followers of the
market. The turnover was about on
day before. The two factors which in
cited short covering were the inclusion
of petroleum in the free list of the pro-
posed tariff act and news from WASH
ington that the Administrations plan
! for making advances to the railroads
was in shape for final consideration by
the Association of Railway Executives.
The plan, which promises to be of first
| Importance to the railroads themselves
and to corporations which sell products
and materials to them, is to be discussed
in to-days meeting of leading railway
managers in this city. Although prob
ably 1t will take considerable time for
| preparations to be made for distribute
riers-the funds have yet to be pro-
vided by the Congress by an appropria-
ton or an enabling act for extension of
the War Finance Corporations activi-
| ties as a lender OF money--it is patent
to every one familiar with the railroads
lack of cash that the business situation
will be helped by the contemplated ac-
ton of the Government
Numerous rail shares, inducing Balti-
more and Ohio, Chesapeake and Ohio,
Rock Island, New York Central and
New Haven. accumulated and retained
gains of a point or more. Reading was
really buoyant, advancing 2 points de-
spite the dragging influence of the fact
that the shares sold ex dividend. The
railway issues were the outstanding fea-
ture of the day, although there were
strong bulges of Mexican Petroleum and
one or two other stocks of companies
whose position lately had been impaired
marketwise by the possibility Of an i'm
post on oil imports. Relief because pc
troleum was exempted from a tariff was
demonstrated by an initial advance of
leum. of which all but a point remained
at the end of the session in spite of some
rather wide and abrupt fluctuations.
Steel, railroad equipment and other
manufacturing company issues gained
fractions for the most part. General
Electric halted it's decline and was IA
points up in final transactions. Call
money was again at 6 per cent. on the
New York Stock Exchanpe
A despatch from Paris Of yesterday
morning stated that the German Gov
eminent had completed arrangements to
pay 100. 100000 gold marks. an install
ment of the 1000, 600. 900 marks of repair
atoms due before the end of next month.
Quite possibly that information caused
some short covering Of European ex-
changes. as 1t could be reasoned that,
temporarily, purchases of dollars for
German account might slacken. At any
rate sterling. after opening lower than
its final price on Monday. advanced rs
cents to s.59A. Francs were better and
marks were firm. The negotiations I'M
der way for German credits In this coun-
try are probably the most interesting
factors In the current international
situation because of their bearing on
our foreign trade. But from what can
be learned progress on the larger
amounts under discussion is likely to be
directed by the way the Preparations pay
ments are handled in the next six weeks.
The firm and fairly active market for
cotton in Liverpool. which has been evil
dent for the last five or six days. final
side. one or two options gaining Is to
20 points. Wheat prices were 1 cent to
!. cent a bushel higher than they were
at the close on Monday.