Evening star., 1922-03-16
F|RMNESS SHOWN
DESHTEPRESSURE

NEW YORK, March 16.-Selling OF
the Hill issues, which gave a sharp
setback to yesterdays dealings. was
resumed at the opening of today's
stock market, Great Northern and
northern Pacific reacting almost L
point each.
Crucible Steel. another recent weak
feature. fell 1 point and American
Ice yielded moderately under profit
taking
There were no early dealings in
local utilities. despite the more un-
favorable aspects of the traction sit
uation. American Tobacco gained
lHs on Its very good annual report
ana Sumatra Tobacco also strength
ened- Foreign oils and the metal
group were firm.
Ihe money market was distinctly
fayorable to constructive operations.
Call loans soon fell from their OPEN
ing rate of per cent to 3k.
Money Rates Favorable.
In many instances. however. early
losses We're extended. Great Northern
and Northern Pacific reflected in
creased pressure, with several of the
motors and Crucible Steel.
Directors of the Crucible company
meet after the close of today's mar
ket for dividend action.
Oils and sugars were strongest of
the prominent individual groups. and
Baldwin Locomotive, Corn Products
and several other food specialties
made appreciable gains.
American Ice recovered the greater
part of its 12-point decline, but
changes among other favorites were
moderate.
Heavy Buying Resumed.
With the sustained strength in the
share list went heavy buying again
all through the bond market. buylnS
which kept prices slowly pushing
ahead, in many instances to new high
levels for the year. In both markets
the pressure of an idle money supply
was governing influence.
Call money dropped down 10 3 per
cent before the day was half over.
Bankers who have vainly been trying
to hold the time money market up to
5 per cent We're finally compelled 10
acknowledge that this was imposSi-
BILE. and today the prevailing rate on
sixty and ninety day loans was Al
per cent, while money for thirty DAYS
was obtainable at IL.
Lowest Rates of Season.
/ These were the lowest rates of the
season, and while they foreshadowed
the expected reduction in the federal
reserve discount rate, they pointed on
the other hand. TO the logic of fur
ther upward revision in investment
values:
After the exciting fluctuations of
the previous days. the foreign ex-
change market was inclined to quiet
down. 1t started in higher, III IN re!l
back. but the essential point WAS
that the check to the reaction proved
to be lasting check.
No Essential Change.
tThere was no essential change in
either the stock market or in the
bond market today The same char
acteristics~ held good that have been
noted all along for the last month
and half. Speculative syndicates
and professional operators continued
to dominate the situation on the
stock exchange. There was no indi-
cation whatever that they We're los
ing their grip in efforts to advance
prices.
The only difference from the trad
ing of other days was in the selec-
tion of the particular stocks designed
for leadership. Some of these were
comparatively new comers in the
borne their share in the upward
movement of February and March.
Shifting to Favorites.
There was the usual amount of shift
ing into these newly selected favorites
of the day of profits accumulated in
other quarters. and the stocks ef-
fected by this profit taking were
somewhat heavy or at least did not
join in the rising tide.
Rail stocks were still effected un-
favorably by the developments in the
Great Northern-Northern Pacific sit
uation, despite the insistence that
the postponement of action on the
Great Nor hern division. followed by
today's announcement that decision
on the Northern Pacific dividend had
| been withheld until Wednesday next,
had no adverse significance.