The New York herald. [volume] (New York, N.Y.) 1920-1924, 1922-04-27
FINANCIAL NEWS
AND COMMENT
Stocks Fall Back Under Profit
Taking-Libertys Gain in
Active Market.


yesterday and the quickening of sales
in the afternoon suggested that new IN
fiuences OF unsettling import had risen
above the speculative horizon. II was
possible to ascribe some trading doubts
OF the future course Of prices to the days
news from Genoa, especially as the Lon
den market evidently was depressed by
apprehension lest the conference drift
debates. But the moro probable force
of moment behind the reaction of steel,
oil, automobile. copper and railroad is
sues lay in the desire OF spectators
with large paper profits to turn them
into cash. The hcsitant character of
business on Monday and Tuesday, rs
well az in the closing days OF last week,
suggested that fairly widespread distri-
button was under way. Tho public
buyers. recently SO active among the
rails and steele, were patiently unwilling
to bid for stocks yesterday. Tho final
price list saw several active issues 2
points lower than they were on Tues
day, while wide selection was down
point to y points.
Bonds were quite dissImilar from
stocks. being decidedly active without
bringing forward evidences OF weakness.
rather striking commentary on the
investment position or Liberty bonds--a
position emphasized by the high price
paid by bankers on Tuesday for s45, 00o,-
600 of the cIty's 4i4s--came through the
sale at par OF 100000 of Fourth al
in single block. A good sized lot of
Third AIS also went ut par for the
first time that that level had been at
tanned since the bulge of a fortnight
ago. Bonds, OF course, arc not COM
parable to stocks as far as their market
movements are concerned, especially at
the present stage OF money rates and
supplies. Considerable realizing In stocks
this week undoubtedly has been pro-
noted by the belief Of holders that prices
In February and March had discounted
the business Improvement which now
can be recorded In statistics Further
more, the time has arrived when the coal
strike needs to be examined from several
angles There has been no extensive
slowing of steel production, although pig
iron output has been reduced In certain
localities and prices have advanced. The
IRON Age noted yesterday that some
Pittsburgh and Youngstown steel plants
had been forced to buy coal In Southern
fields and freight charges from Virginia
and Kentucky mines must be added into
the cost of making steel.
The local Reserve bank did the cx-
pected in making no change In Its re-
discount rate, and, with spring demands
for credit likely to expand from now on.
It is thought unlikely in banking circles
that the quotation will be lowered for
several months. Call money remained
in large supply and the 80 per cent
rate was lower than that quoted for late
borrowing on Monday and Tuesday. Tine
relaxation of demand and time money
has been emphasized, especially this
week, through the offering or s20V,ooo,ooo
new securities. Evidently new bonds are
rapidly going to ultimate holders and
cash IS flowing steadily to this city.
The coal strike has thrown out of line
calculations of business growth. based
on car loadings. A decline OF 1858 IN
the week Of April ID compared with
those of the week before. supplemented
the large falling off in the week OF
ap,il S. But loadlngs continue to run
we'll ahead of those OF a year ago.
and. eliminating coal movements. other
freights are evidently moro than holding
their own.