The New York herald., 1922-01-24
FINANCIAL NEWS
AND COMMENT
Stocks Generally React - Call
Money Up to 5 1-2 Per Cent.
Bonds Easier.

The speculative enthusiasm of last
week failed to carry over into yester-
days stock market, and. With the excep-
ton Of a half dozen specialties. the
active shares lost ground. Selling pres
sure. however. was not pronounced. The
action OF the market indicated that the
extravagant movements Of a few issues
on Thursday and Friday had caused
most traders to hold aloof until opinion
about real values and prospects had dis
covered q new basis. A slackenlng in
business carried q special hint to pool
operators. namely. that the public was
not inclined to be carried off Its feet by
radical campaigns In shares which could
be moved about easily by an onslaught
Of buying orders. Several public utility
stocks did well. but dullness and incon-
sequential price changes. mostly In the
way of fractional reactions. marked the
more prominent steel. oil and railroad
issues. Call money advanced from per
cent to 5hs per cent. after most Of the
days loans had been arranged.
AS much OF the edge OF speculative
sentiment about pending Industrial COM
pany consultations had worn off. the
market lacked influences to shape the
course Of quotations. The season when
the plans of manufacturers for the
years business are ready for discussion
has not arrived. and the known current
Of general business continues as sluggish
as 1t was In December. The large at
tendance and active buying at the Amer
lean Woolen Company's sale Of material
for tutumn use was indicative OF q
healthy condition of primary merchan-
disc demand. The fact that prices were
though an increase had been looked for
in certain quarters, suggests that the
| leading producer of woolens brought its
| cost accounts under control during the
| last few months Of unsettled markets.
| Probably depletion of stocks Of finished
clothing played It's part in bringing
buyers forward. and 1t is worth noting
in that connection that the steel trade
| is hoping that that condition will have
beneficial influence on its activities
when spring shall arrive.
| Bonds eased off slightly. evidently
affected by the substantial amount of
| new offerings, several Of which carried
high coupon rates. at the opening Of the
week. An increase In sales Of French
Government issues seemed to show re-
| fiexes of study of the new French Min
| istry's attitude toward German repara-
tions. The forthcoming financial confer
ence In Genoa Is looming larger and
| larger in it's possibilities for improved
conditions in Europe, but 1t is noted In
editorial comment on both sides of the
water that the position which France Is
likely to take on important questions is
troubling the leaders Of many countries
1t is difficult to see how the reparations
matter can be submerged In a meeting
! In which the Germans are to have a say.
and the heaviness Of French bonds and
French exchange In the last few days
has recorded in New York feeling Of
uncertainty about the pending exchange
of view and plans.
Developments of interest to two Of the
commodity markets yesterday were a
rise of Cuban raw sugar to IA cents
pound, a figure nearly half cent more
than its recent minimum level. and in
the cotton ginning report as Of January
16. In the fortnight preceding that date
10000 bales were prepared for market,
in contrast to $1,000 In the two preced-
ing weeks.