The New York herald., 1922-04-14
FINANCIAL NEWS
AND COMMENT
Stocks Continue to Gain i'm All
Departments - Bank Of
England Rate Cnt.

As the explanation for the continued
advance Of stocks and very heavy deal
ings in securities or all classes lay yes
terday in several important events and
economic records, 1t is worth while nam
ing several OF them before discussing
the trend Of the markets. The Bank of
England's minimum rate OF discount
was marked down from Az per cent.
to per cent. putting it back on the
basis prevailing under normal condi-
tions before the war: the report on
our foreign trade in March showed
that the tendency of the five or six
preceding months had been reversed,
imports and exports showing substantial
increases over the February totals: the
consumption of cotton. reported by the
Census Bureau, amounted to 51S,450
bales in March. an increase OF per
cent, compared with the amount used in
the shorter month Of February the Gov
eminent opened TO development by pri-
vate interests a large acreage of its rich
petroleum reserves in Wyoming and the
call loan market disclosed the presence
Of large supplies despite undoubted en-
larsement OF stock market loans this
week, by retaining a per cent. rate.
OF those influences on speculation the
one with the most direct application to
stocks was the Wyoming oil news, as
petroleum company shares were carried
forward in thei,. most prn,,oppnad dam,
onstration Of the year. On the New
York Stock Exchange and in the curb
the more prominent issues rose to 10
points or more. Probably professional
hands were the busiest in the oil share
market. but the powerful impetus i'm
parted to prices reached out to rails and
a. fairly broad list OF manufacturing
company stocks. Once again the most
insistent buying was in the final hour.
removing all traces of the reactionary
tendency which had marked the closing
hour of the preceding session.
The Bank of England's action supp.e-
mented the evidence of unusually easy
money conditions supplied this week by
The British bank could have reduced its
charge several weeks ago. just as the
New York Reserve Bank could have
done. without bringing il to as low a
point as open market discounts, but 1t
Is probable that the authorities in Lon
don held back to study domestic and in
ternational problems, delay which had
it's counterpart i'm the Reserve Boards
Il ous. .I<< .: a. o,.I
of business demands for credit could be
sized up. In the several reductions of
rates on both sides of the water in the
last year it was usually the New York
bank which acted first. The conven-
tional day for change here, which will
be next Wednesday,, will be awaited
with much interest in banking circles.
Exports OF merchandise valued at
S332, 600. 900 in March were 80 per cent.
larger than they We're in February, and
the $25S,O00.0 900 of imports showed a
growth of 20 per cent. Furthermore.
imports were $4,000, 900 larger than they
were in March. 1921. while exports were
no more than $4,000. 900. or II per cent.
less than in that month. The record
of shipments Of agricultural products
especially wheat and cotton, indicates a
department In which March did better
than February. but it is likely, in view
of increased steel production, that ex-
ports OF railroad supplies, machinery,
&C.. had considerable to do with the
months increase. The statement paral-
leled the British Board of Trade figures
for March IN respect to enlargement of
imports and exports.
Liberty bonds not unexpectedly
sagged a trifle after Wednesdays sharp
rise. The market as whole, however.
reached unusually large dimensions. and
accumulation of railroad bonds was
again much In evidence on a rising scale
OF prices. Wheat gained ground brisk,y.
but there was very little movement In
cotton and foreign exchanges