The New York herald., 1921-11-29
PINANCIALNEWS
AND COMMENT
Bond Market Still Strong and
Active - Equipments and
Coppers in Demand.


ings in bonds and smart demand for
railroad equipment, copper and certain
railway stocks supplied tho main fea-
ture OF the financial markets yesterday.
The undertone OF prices was much the
same as II was on last Friday, when
they began TO firm up and the same
scarcity OF offerings was noted, except
an.cs,.; speciaities which have enjoyed
considerable advance recently / The
power OF the bond market has appeared
10 many investors OF late to be phenoni-
email, for, despite advances which in
this yeas--mcst Of the gain being in tho
last three inonths---tbe demand has thus
iar seemed 10 be unappeased Yester-
day large blocks of Victory 4a4s changed
hands at par Victory 3sis also touched
| par and all the Liberty Issues were less
than points under par at the end of tho
session. Tho time viii come. Of course,
when spectators in the bond market
| will elect 10 convert paper profits into
cash, but the rapidity with which new
~AAN- -iiSS az 'S@is5 ap.c4 oCA eiA0 t&iC
active upbidding OF older bonds on the
market mako problcmatical the time
when u reverse price movement will bc
seen.
The action OF stocks Indicated that
SPECTATORS We're seeking TO capitalize
the news of the day. The rise Of one or
two railroad equipment shares to new
high record reflected knowledge that the
carriers were entering the market on an
/ increasing scale for new cars and rails.
Orders for some 100000 tons Of rails
have been entered on nnanufacturers'
books, of which three-quarters have
been taken by the Steel corporation. AS
! other s.zeabic contracts are known to be
under consideration, the outlook is FOR
fairly active business 10y rail mills and
also by some OF the car builders in the
! first quarter OF 1922.
The number OF railroad reports for
! October. issued yesterday, was large, and
! In nearly all OF them the product OF
reduced maintenance costs was seen ~
increased net operating income as conn
pared with that OF October, 1920. But
receipts were lower, and until there is q
real growth IN gross business It can
hardly be said that the roads are getting
their heads above water. Tho fact that
they are preparing for large outlays on
their roadbeds when open weather per-
mits suggests that the business Of sav-
ing net revenue through maintenance
cuts will slow down little later on.
4 downward tendency in prices OF
finished cotton goods was effective in
causing pressure against cotton futures,
but there was a fairly extensive rally
near the end of the day and quotations
were merely irregular in final dealings.
Wheat futures went forward again,
helped by the unusually poor condition
OF the winter crop in Kansas The re-
port by the State agricultural author
tiles put the condition at $50 per cent,
figure 2s.4 per cent. lower than the
ten year average for the season. Clos
ing prices in Chicago were 2 cents
bushel higher than they were on Satur-
day.
Outside of a brief squirt in French
exchange, following news that the
Reparations Commission was planning
conference on the European exchanges,
the market was dull and heavy. The
Street thought that the German repara-
tions situation was the reason for the
proposed meeting, but no information
about it was obtainabie here.