The New York herald., 1921-11-08
FINANCIAL NEWS
AND COMMENT
Stock Market Lacks Definite
Trend-Bond Trading Slows
DOwn-Marks Drop.

The force which was behind last
weeks buying OF bonds abated somewhat
yesterday and there were signs OF reaiiz-
ing sales in some Liberty and foreign
Government and domestic corporation
issues. That business should slow down
at the start OF a week containing two
holidays was not at all surprising. even
though there was no change II, the move
ment of credit costs toward lower levels
Although Liberty bonds were unsteady
all the way along and there were a few
points of heaviness elsewhere in the list
the market as a whole was no more than
uneven. and plans OF investment houses
for substantial new offerings later In the
week betokened much confidence In the
permanency of the current demand.
Stocks merely drifted about without
definite trend except in the cases OF sew
eraI Industrial preferred stocks, three or
four railroad and oil issues and several
motor company shares, which gained
ground. Gains of to poirts were
recorded by such preferred stocks as
American Car and Foundry. American
Smelling and Refining and Westinghouse
Electric and Manufacturing Company.
General Motors broke out of its long
period OF lifelessness and lead the auto
mobile group in rally. somewhat puz-
zling to the speculative fraternity mas
much as the most active part Of the
years motor car sales campaign precedes
! the, winter months. Comment In the
automobile trade, however. has indicated
| for considerable time that the results
attained during the business depression
of 1921 shows that with the return OF
conditions more nearly normal the motor
industry may expect a satisfactory de-
nand
1t was noted in railroad stock deal
ings that about the only ones to display
real strength were shares which had
made their appeal as investments in
other years. Delaware, Lackawanna
and Western, Great Northern preferred
and Northern Pacific stood In the fore
ground with advances In excess OF
point and fractional gains were record
ed by Southern Pacific and Union Pa
cihc. Most others were too sluggish to
draw attention. For the time being the
railroad situation is IN state which
prevents a clear outlook as to what may
be the influences next to shape the
course OF rail shares. The executives
appear to be going ahead with prepara-
tions for another application for re-
duced wages and rumbings from union
headquarters suggest that labor lead
ers are ready to combat any deviation
from the procedure Of the United States
Railroad Labor Board In regard to the
settlement of disputed points in work.
ing agreements before paying attention
to a new move to cut wages.
The decline of German exchange to a
now low point at "a cent mark was
merely the natural thing to be expected
under the current method which the
German Government is following in its
fiscal undertakings. But more point
was impaired to the days decline by the
latest Reichsbank statement, which
showed that S.4Oo.ooO.0oo marks cir
culation had been added to the previ-
ously unprecedented total In single
week. Since the task Of meeting rep
arations payments was undertaken In
May, the circulating notes OF the Reichs-
bank have increased nearly 100000
600 marks, or 2S per cent, and the Sc
rious aspects of Germany's financial sit
uation were reflected in yesterdays news
of the pending visit of the Reparations
Commission to Germany, presumably to
discover what is going to happen In
regard to further payments on war
cost account.
Wheat prices advanced more than .
cent a bushei In Chicago. but cotton
quotations were little changed on the
day. Call money advanced from to
per cent. for loans which hold over
until Wednesday.