The New York herald., 1922-03-21
FINANCIAL NEWS
AND COMMENT
Market Receivers After Check
by Realizing - Victories
43-4s at New High.

Tne same great volume OF realizing
sales that made Saturdays business in
stocks so large appeared at the start of
yesterdays trading, and for a time
caused industrial shares to lose ground.
Some of those isues which had been bid
upward most actively earlier in the
month receded a point to points be-
fore noon, but diversion caused BY new
tuying of New York Central Atchison,
placed rails ultimately steadied the en-
tire list, and before the close many
sharp recoveries were recorded. The
market could be described as one tenn
porarily checked by profit-taking sales.
There were no developments during the
day Of an unfavorable character and
monetary ease was almost as pro-
nounced as it was in the closing days Of
last week. With the market largely
under professional speculative aomi-
nance. it could be said that money
situation, which made the cost of credit
for carrying securities unusually low,
offset various economic factors not al
together conducive to the rise Of secur-
ity prices. Call money was ga per
cent for all borrowing.
Again low money rates stimulated
bonds, Victory ANS going to new
high point coincident with a firm tone
of Liberty bonds. French Government
issues also established new maximum
records, but reaction in sterling ex-
change caused United Kingdom bonds
to pause. 1t is possible that the next
lately attached to the stock market CEN
ter In bonds. With collateral time loans
commanding no more than 4 to Al per
cent, there is incentive for large
amounts of idle capital to flow into Sc
curities, particularly issues which enjoy
ready market. AS March in past
years frequently has been a period of
rising instead of falling loan rates, the
accumulation of idle funds promises to
make bond market of unusually large
scope and further many new financing
projects of home and foreign origin.
The monthly record of price move
ments comprised in the Bureau Of Labor
Statistics index number shows that
advanced per cent. in February the
quotations of metals and metal products
declined slightly from their January
figures. This calls attention to recent
offnrt ~ adyanoa rarfa IN ctnaI ,,ricce
As whole metal quotations are only
] ) per cent. above their 1918 level while
the composite price of goods covered
by the index number is 81 per cert. In
excess OF the average of 1913. The posi-
tion of the metals suggests pointedly
that. with appreciable increase OF con-
sumption price, increases may b. cx-
pected and that situation has not been
lost sight of in the stock market The
upturn late yesterday Of several steel
company shares. which helped to stiffen
the entire stock list, was accompanied
I by observations in trading quarters
about the possibility OF higher steel
quotations soon.
Conicident with downward ciD of
about cents in sterling exchange the
rate for German exchange went 10 a
new low point under "a cent The
Reparations Commission, according to
dispatches of yesterday, will seek to
have further cash payments made
through an internal loan, instead OF
the easy method of printing more and
more Reichsbank notes, but the latest
weekly bank statement shows an in
crease of nearly 200.000.000 marks in
circulation. enough to depress exchange
to .S3ss, whence 1t recovered to 1874
cent.