The New York herald., 1921-04-09
FINANCIAL NEWS
AND COMMENT
UnfavOrable Advices Cause Lit
tie Stock Selling-Money
Returns to z Per Cent.

In view Of the accumulation OF unfa-
vcVable news and events. the feature OF
yesterdays dealings in stocks was the
absence OF really extensive selling pres
sure. Prices of active issues receded
point TO ? points. but the fact that the
turnover on the New York Stock Ex-
change was the smallest of the year for
full five hour trading period indicated
that little business was done outside OF
professional speculative transactions.
The labor situation In England as re-
ported by cable was sufficiently serious
TO have caused by itself heavy selling
had the market not been in a we'll liaui-
dated condition. In addition to the de-
pressing Influence of a. general strike call
in England, the market had to consider
per cent and the possibility OF a
lengthy Senatorial investigation of the
railroads. Inasmuch as the proposed in
quiry, sponsored by Senator Cummins,
Is certain to overlap hearings before the
Railroad Labor Board on wages, the
Street feared that complications were
approaching in a situation which needed
single line OF procedure and as much
speed as possible.
The foreign exchanges took a very
real interest in what was going on in
England, passing out of the state of
relative poise which it had maintained
since the miners stopped work. Sterling
receded more than 21a cents to the
more affected tiAan were those OF the
continent, but there was greater un-
steadness in francs. guilders, pesetas
and lire than had been seen before this
wee5A Quite likely there was reflection
in the exchanges, as we'll as among
stocks, OF the return OF demand money
to the level which ruled during most Of
last month, and the 81. and per cent
quotations of the afternoon altered most
preconceived ideas of a money market
in which quotations OF pre-war credit
conditions could prevail. Yesterdays
borrowing carries over until Monday
morning. a fact which in the past has
often tended to bring stiff rates for late
of banking opinion was that less in the
way of an urgent demand than of q
real, though probably temporary, scare
ity Of offerings caused the firmer tone.
The bank statements of to-day will come
in for great deal OF study, for the re-
ports at the end of last week seemed
TO forecast an easement Of rates which
has not been borne out.
There was no change in the quality
Of stocks affected by the days pressure
excepting a decline of more than points
in General Electric. The others to fall
back were comprised in the array OF
automobile. steel and railroad issues that
have fiuctuated rather rapidly in the last
fortnight. The significance of an ad-
vance of certain steel products by the
Republic Iron and Steel Company was
not altogether clear, although 1t VIII be
recalled that another independent pro-
ago after they had been lowered below
the Industrial Boards level OF 1919. Sup
plementing the weeks trade surveys,
which noted on Wednesday that pig iron
was turned out in March at a rate SO
per cent. less than in the active war
years, the American Iron and Steel In
stitute's record of ingot production. is
sued yesterday, showed that the March
ingot outturn was less than half the
amount made in March of last year.
Cotton held up well in the face Of
threatened Industrial paralysis in Eng
land. Wheat receded IL to cents a
bushel. AS the deterioration of the spring
wheat growth. allowed for in Govern
ment calculations on an average basis.
has evidently been less than normal this
year. the futures market will be inter
csting to examine as reports of crop con-
dition come from time to time.