The New York herald., 1922-04-06
FINANCIAL NEWS
AND COMMENT
Larger Steel Operations Stir
Big Market in Stocks to
Many New Highs.

The upward sweep Of stocks yesterday
differed in character from their move
nents on Monday and the big days OF
last week only in tho way in which
area than 1t had before. Speculative
fancy passed quickly from one group to
another, leaving new high price records
In its wake. Tho steel, the railroad
equipment. tho copper. the electric and
the automobile departments were found
to be responsive to purchases and SO
sensitive to current information about
business Improvement that It was clear
that the check of the day before had
merely made the markets understruc-
ture more ready to support fresh oper-
ations for the rise. Net gains among
particularly active issues ran from 2
to more than 3 points and the closing
hour was marked by a demonstration of
strength in General Motors which indi-
Gated that at last that ponderous stock
had been reused from its long con-
tnued lethargy by news OF expanding
production in the motor car trade.
Prior to the last three weeks the stock
market had been carried upward by
professional SPECTATORS seeking to dis
count expectations about business con-
ditions more than actual facts. But in
yesterdays dealings. although profess
sional handiwork was still much in the
foreground, there was concrete material
in news from iron and steel centers and
from railroad car and locomotive build
tion was making rapid strides forward.
March iron making exceeded the output
In every other month back to January.
1921, crossing the 100000 ton mark
for the first since that month. Current
production, according to the Iron Age,
is running at rate which in full
year would turn out so per cent. more
than was made in 1921. No question
that the steel makers knew exactly
what they were doing when the first
increase Of prices was made year ago
exists now as new orders were stimu-
lated in March enabling mill operations
to be advanced from 65 per cent. to
about 20 per cent. on the average, cer-
tain plants OF the Steel Corporation run
ming up to rs per cent. The New York
Central's first rail order for this years
delivery was originally for $4,000 tons
and later increased to 10000 tons.
Now 10000 tons more have been added.
That program typifies what trade re-
ports show has been going on lately In
the railroad field. orders reaching into
a more diversified group of supplies and
season at the end of 1921.
Liberty bonds were less vigorous than
they were on Tuesday, but one issue
reached a new high point for the year
and all gained ground. The outstand-
ing feature of bonds was further I'm
provement of United Kingdom issues,
which appeared to disclose feeling
among buyers that the position of
sterling exchange, a factor in establish
ing prices of the two series of closest
maturity. was such as to maintain con-
fidence in current quotations. Several
other foreign government and municipal
bonds bettered their Tuesday prices and
there was more evidence of speculative
buying of lower priced rail issues. An
offering of s14.Oo0.Oo0 of Czecho-Slo-
vakian bonds, scheduled for to-day coz
incident with sales in London and Am
sterdam. will supply an interesting ex-
perience for the syndicate.
Call money was in good supply at "a
col