New-York tribune., 1922-03-19
Profit Takino
Halts Stocks
Rise Slightly
irregularity Not Sufficien,
to Indicate a Escfesz,ite
check; Industrial Shares
Draw Special Attention

impetus of the forward movement -.
STOCK prices wes dissipated in a do.
gree yesterday by profit taking so,ss
and while the gneral undcrtono Woo
urn, the net results Of thc short s,.
sion were indctcrminate in cb.rno,.m
e"''S oeing balanced BY losses dis
VF'outed pretty literally throughout
the list. irregularity was not su,rci-
entity pronounced to indicate p definite
cnock and was not associated with
other than technical market considera
u0Ns' Nothing appeared in the nows
ouuRo- TO impair the bases upon which
the advancing trend has been cstab-
''shed. namely, growing confidence rc-
Tarc'ng thc business outlook and
cheaper money. and the course Of other
financial markets was constructive
rather than otherwise.
Stocks Of the industrial companies
were subject to heavier turnover than
railroad shares and drew moro attcn-
uon from tho professional clement
whlch continues largely to direct thc
movement of the market in spite Of IN
creased public participation. The out
come OF operations in this class OF
stocks, Influenced By pool needs or de-
Sircs, was less satisfactory from the
standpoint Of rising prices than was
the performance of the rails. Steel.
copper and motor company stocks an
peared in best demand Of the standard
shares. \ touch of tho spcculator was
lent 70 the days trading by the run
up Of 3i2 points in BrooAlyn Rapid
Transit and of 52s points in this COM
pany's certificates. cHavy buying in
this quarter was unexplained other
than by rumors of important pending
developments.
The number Of issues dealt in was
curtailed in comparison with Fridays
record. but reached the healthy total
Of 3SA. The volume of transactions.
amounting to more than 650,oOO shares.
was on the same scale Is recently.
Bonds were also active. the trend in
this division Of securities trading be
ing strong.
In the foreign exchange market the
renewed advance was extended al
though some uncertainty developed be
fore the close which reduced gains
The forward swing was inspired from
London ard carried sterling cables
within fraction of SAL. The reac-
tiontion IN this market has been fairly
complete and the recovery is. in tho
opinion Of International bankers, pretty
firmly grounded. The resistance Of
quotations TO the decline and its short
duration is in sharp contrast to the
experience OF q year ago, when the
gains OF the first SIX weeks 10 two
months were quickly wiped out and
recovery was q slow process. This is
accounted for chify by the smaller
volume of commercial bill offerings
currently than in the spring Of 1921.
Trade has declined and proceeds of
foreign loans Aoated here and other
items figuring in the so-called invisible
balance arc contributing III important
measure to financing foreign pur-
chasos IN this country.
Surface uncertainty was evident in
the principal commodity morkcts, but
the tone at bottom was firm. being sup
ported by the improved position of the
exchanges. Furthermore. such news as
bore upon the markets was moderately
gain of p to is cents. while cotton
was $ to Is points higher than the
final prices of Friday.