The New York herald., 1921-04-21
FINANCIAL NEWS
AND COMMENT
Stock Market Continues Life.
less and Without Impor-
tant Movements.

a renewal rate or ~ per cent. for
call loans and subsequent decline 10
6 per cent. for new borrowings on the
New York Stock Exchange had no ef-
feet whatever in stimulating business in
securities yesterday even though an ad-
ditionai indication of rather free offer
ngs OF funds was supplied in a per
cent. rate for accommodation extended
in over the counter transactions. The
speculative following Of stocks evidently
has been deceived so often by temporary
money movements since last November
that the current period OF ease is to be
accepted with reservations. What went
on In the stock market was the same
indefinite and inconsequential fuctua-
tions as on Tuesday, a few groups being
selected for attack at the same time
that others were bid upward in rather
half-hearted fashion. Gains and recess
sions were pretty evenly divided at the
close of the day. fractional changes pre-
dominating. turnover in the neighbor-
hood of 100000 shares was it's own re-
hection of slight interest In the market.
The Industrial share list acted as
though the market had become calloused
TO revelations of unfavorablc business
conditions in particular lines. Thus the
passing of the Goodrich company's COM
mon stock dividend brought only half
point reaction in the shares directly af-
fected and appeared to go practically
unnoticed among the trading element.
The Republic Iron and Steel Company's
substantial deficit in the first quarter
was not known until after the market
closed. but preliminary discussion of
that expected event had fully taken the
edge off the news The results of the
initial three months of 1921 had been
made clear by trade comment and sta
tistlcs OF plant operation. What the
financial community is more anxious to
learn now is the product of recent re-
adjustments of steel prices. The Iron
Age yesterday, in its weekly survey,
noted that some business had been
, closed since the new price schedule went
into effect. the independent producers
prohting somewhat better than did
the Steel Corporation. But consumers
count on further revisions of prices as
the result OF expected reduction in
freight rates" and uncertainty over the
corporations attitude toward wages is
mentioned as an influence checking new
purchases. There evidently has been i'm
provement OF plant operations in the
Pittsburgh district, coincident with con-
traction elsewhere.
That suggestion about freight rates
has application TO the stock market as
well as to the steel industry. Proceed
In gthus far before the railroad labor
board have strengthened financial ex-
pectation of wage reductions before long.
additional to the railroad economies en-
tailed in abolition of national agreements.
but 1t is held In important quarters that
cut would hardly be imposed without
an offsotting pairing down OF freight
carrying charges. Tho contentious OF
the rail unions against proposed wage
cuts have SO FAR beon hardly OF a SO TT
to carry conviction TO the public. Tues
days charge by Mr.. Lauck, represents
Ing the economic side Of labor's ars,i-
ment, that banks conspired to force de-
fistion comes close to insulting the In
teiligence of producers and consumers
Of goods who have seen the practical
operations of defation in great fall OF
buying power which preceded the closing
OF factories and the lowering or wages
In prominent Industries. The present
situation Is so vital to the people as a
whole that demagogic tactics promise
slight results, indeed. when economic
facts are sought after everywhere.
Wheat prices again fell away but
rallied briskly near the close of trading
The foreign exchanges again washed
about without making much progress
A firm tone predominated. Cotton re-
covered part of Tuesday,s reaction