The New York herald., 1922-04-21
FINANCIAL NEWS
AND COMMENT
U. S. Steel Jumps Over Par
Easier Money Reflected in
Rise of Bonds.

The action of bonds in yesterdays
transactions was more interesting than
stock market fluctuations because the
influences working for higher prices
and great breadth of funded securities
were easy to be seen. The relaxed
plainly than before in fractional de-
cline of bankers acceptances to 35s
per cent. in the bid quotation, a rate
nearly ~ per cent. less than the Re-
serve Banks rediscount figure and the
lowest recorded in several years. Com
mercial paper also was a shade easier
than on Wednesday and no more than
Az per cent. was bid for collateral
time loans of all maturities. The con-
tinuance OF Sh per cent call loan
rate, with 8 per cent. paid for
moderate amount Of loans made out
side the New York Stock Exchange.
emphasized the great accumulation OF
funds in New York at present. In
view of those facts it was not sur
prising that Wednesdays reaction of
Liberty bonds found plenty of bids
ready when business began yesterday,
while investment purchases carried
numerous foreign and domestic issues
to new high levels. The quick sub
scription for some s5oooo.Ooo new bonds
of foreign and home corporate classi-
fications showed that absorption was
fully in keeping with the money sup
ply.
The outstanding feature OF stocks was
the rise OF United States Steel through
par. The aL<antage Of early bidding
was lost quickly, but the maxim6m
quotation Of 1Co1s stood, nevertheless,
as landmark on the road to business
recovery as reflected by the market.
The progress of steel was paralleled
by rapid advances OF American Loco
motive. Studebaker, Consolidated Gas.
Railway Steel Spring. Rock Island. New
Haven. Pere Marquette and several
mail order and tobacco stocks to their
best points of this year. But when
steel was carried back under 100 by a
heavy flow of profit taking sales be-
fore noon the whole Industrial list
quieted down. Speculation remained
favorable to the constructive side and
realizing in the afternoon was easily
absorbed. more active members of the
rail and industrial groups displaying
gains for the most part at the close.
Industrial news with a bearing on the
stock market was less in quantity than
IN earlier days of the week and much
that did appear was reminiscent of
the unfavorable events OF 1921, vested
chiefly In copper company reports. The
markets evidently took the stand that
the significant results OF the Genoa
Conference are not to be determined
until later. when complete view of
German and Russian relations to the
outside economic world shall be OBJ
tanned. Yesterdays dispatches wers
altogether confusing because, coinciAent
with statements that the Russian dele.
gates were beligerent on several mat
ters. including their refusal to promise
payment of the Czarist and the Kor-
ensky Governments debts, came a re-
port from London that the Soviet au-
thorities had approved proposals made
a considerable time ago for the re-
sumption OF trade relations between
England and Russia. The foreign ex-
changes were as little influenced by
European events as were stocks and
bonds. although they were easier at
times than on Wednesday.