Omaha daily bee., 1922-04-14
Financial
Chr Mem nork Eimes.
By ALEXANDER DANA MOVES
Dmana H. t~.s.a Mt..

New York. April iJ.-Today's q,
naneial markets were crowded with
news OF various sorts. which hap,
psned 10 be altogether OF a favorable
character, The eountfy's foreign
trade returns Tor March showed in.
crease Of exports TO the largest total
since October. excess OF exports be-
iHg the largest thus far ia 1922.
The railway car ioadings reported
for the week ended April /. although
reduced from the week preceding be.
cause OF smaller coal shipments.
nevertheless showed . business ex.
eeeded only twice since last Noyem.
Der and running in5.s+0 ears or "a
per cent beyond the corresponding
week last year. In spite Of the tex.
tile strike. last months takings OF
cotton by the American spinning
industry were reported by the cen-
sps bureau as the largest OF any
month but two since trade reaction
began in 1920.
Abroad, the Bank Of England re.
dueed its discount rate below any
figure established since the war be.
gan and the Bank OF France re-
ported li7.9l8,000 francs OF its pa
per currency called in during the
week.
Foreign Bonds Higher.
Several OF these announcements were
not made until sftsr the close Of bust.
ness in markets friee for tn. war loans
sal fzA fA1a I..s a
Ssnc. occurred In foreign government
securities. A number were In high ground
ana there was n series OF rapid advances
IN railway bonds. The business done In
unusually large. Transaetlons In s,oek
also ran considerably above a million
shares for ia. tenth CONSECUTIVE. occasion.
movement % prices being moro conris-
tenily upward than Wednesday. no,with-
standing the strong exchange holiday to-
morrow and tho impending weekend.
Reduction nf the Bank OF Englands
rate IN not an event OF such paramount
financial Importance rs before the war:
London itself admits frankly that change
in the New York reserve bank rate ia
the larger indication OF conditions In
world finance. Nevertheless today's low
erinx OF the London rate from ~ to
per cent wss matter Of real interest.
not only because II fixed the lowest per-
csntage since tho prewar week. but be-
cause. except for Switzerland. II is now
the lowest bank rate In tho world. Even
the Swiss -, per cent Is generally rec
ognlzed as symptom Of local and
abnormal conditions: arising. like the
solitary premium on Swiss exchange at
New York. from the crowding OF CEN
trsl Europc's capital In Switzerland for
refuge and ssfekeerinE.
Discount Rates Lower.
The really striking fact at London is
not that the bank rate has come down
the previous rate was hopelessly out OF
touch with the open London money mar
ket-but that private discount rates on
Lombard street should be ruling at ga
to .S per cent while our own stand ct
Az This disparity is the one respect
In which the mutual position OF London
and New York resembles that which
existed before the war. The explanation
Ia not entirely obvious. The relatively
greater severity OF trade depression in
England may account for part OF 1t. but
Il also must indicate that London ID
rcgaining rather rapidly its facilities as
a central money market.
weekly statement one would not get the
impression of expanding trade for redis-
counts are down S5o.3o0,00o. Foreign ex-
change rates did not change to any great
extent though the rate on Paris reached
new high level. Perhaps the most
striking OF the statement was its showing
of gold imports. Although we received
no gold at all last month from England
(as against $s.30o.000 delivered for Its
account in February our total gold i'm
ports during March were $1,000. 600
beyond those Of February and $s'soo,ooo
beyond January. - -.'