New-York tribune., 1921-04-12
Days Events
Fail 10 Stir
Stock Market
Traders Calmly Await De-
velopments in Cluictest
Session of Year: Price
Changes Are Narrow

Despite the imminence OF important
news developments. the stock market
yesterday was a place OF serene mac
tivity. Changing British social and
industrial politics, the meeting of
Congress in special session, expecta-
tion of a new statement OF policy soon
by tho Steel Corporation. transitional
stage in the money MARKET these CON
ditions might ordinarily stir traders
20 heightened speculative activity. but
yesterday the prevailing disposition
was to wait patiently In five hours
Of trading only 3453oo shares were
dealt III Changes at average prices
We're slight, Thus far 1921 has been
distinguished for the series of dull
sessions in the stock market, and yes
terday was quieter than any previous
day this year. Transactions In Ave
hour session have not been 80 infre-
quent since August 80 last.
The suggestions in the cables from
trous strike situation had loomed up
supplied the motive for acquiring
stocks in a market in which floor
traders dominated. The news from
Great Britain was reflected in rising
rates for sterling exchange and senti~
mentally affected security and cotton
quotations. Unsettled trade conditions,
however, induced cotton spectators to
act cautiously and gains were re
stricted to "a to 80 points.
In the stock market frmness pre-
vailed until the final hour, when pro
fessionnl attack was launched against
the independent steel companies. led
by Republic. The selling campaign
was accompanied by q rumor relative
to reduction in the dividend of the
Company. The next dividend on the
common, already declared, is payable
on May i, and the board meets to act
on the next quarterly dividend on May
IS. 1t is unlikely that traders had any
authentic information IS to what policy
the directors will adopt at the May
meeting. There was more likely de
sire to profit from operations on the
short side. on the assumption that the
poor quarterly reports for the first
three months of this year will soon
be out and facilitate the downward
movement. The action of several Of
the independents in raising prices
after having lowered them has added
new confusion to the steel industry,
which is looking to Judge Gary for
leadership.
The rails sold lower as fresh indi-
cations regarding their position be-
came available. Comparatively few
roads during recent months of slight
traffic and depression are accumulat-
ing substantial earnings toward their
interest and their dividends. Penn
sylvania made q new low once more
Great Northern preferred and North
ern Pacific slumped as a hearing on
the Burlington refunding was resumed
at Washington.
In the Stock Exchange money market
rates we're at 7 per cent all through
the day. Apparently it is felt that a
relatively high rate will serve to
draw back funds which retired to the
interior when per cent was quoted
on the board. In the international
money mart the strength Of sterling
set the tone for the Continental ex-
changes. Lire rose out Of proportion
to the rest and climbed to 4.6012 cents
a Ira, the highest quotation since Sep
tember T. Silk purchased by Americans
in Italy have heightened the demand
for lire, and reports of better progress
toward readjustment are more remote
factors in the Improvement.