The New York herald., 1922-06-15
FINANCIAL NEWS
AND COMMEN!
Stocks Move Forward Again
as Business Improvement
Is Indicated.

The additional recovery which stocks
scored yesterday from the low levels
of Mondays abrupt reaction was ac-
companied by a little of the specula-
tive gossip and predictions that helped
the market along in March and April.
The emphasis laid on motor company
earnings, the expansion or steel mill
operations in the last week, the prob
able advance OF certain steel prices In
the near future and the likelihood of
money rates being decidedly easy for
some weeks to come. all savored or
those cheerful days when the spring
advance was gathering force. This be-
ing so. it was difficult to decide whether
the days improvement of a point to
2Is points among active industrial
shares and nearly as much among rail-
road issues represented merely the re-
bound from the recent setback or was
really the resumption OF the rising
movement. Such events as the declara-
ton of the initial dividend on Sinclair
Consolidated Oil stock and news that
the Steel Corporations plants were
working at so per cent. of capacity In
the Pittsburgh territory, with indepen-
dents close to rs per cent, were indic-
ative OF no adverse changes In the
business situation. whatever the cause
of the stock market break had BEEN
In view of to-day's large transactions
incident to income tax payments. old
Treasury certificate retirements and
new certificate sales, interest payments.
&C. involving a money turnover of
around 81, 200, ,000, 900 throughout the coun-
try, much interest was attached yes
tcrday to the money market. and, In
collateral way to the market for bonds.
Neither supplied any startling FEATURES.
The advance of the call loan rate IRON
3 to per cent. certainly stamped the
local money situation as easy, for the
higher rate was a half per cent. less
than had been quoted frequently THIS
wear for days on end when there was
no especial cause for stress.
Outside of q brisk advance OF Mexl-
can Government issues, the bond
market contained few features But the
Mexican As and 5s made up FOR slug
gishness elsewhere, advancing and
points, respectively. in their initial
Their above Tuesdays last figures The
explanation lay in announcements by
both parties that the Mexican envoy's
discussions with bankers in New York
were evolving basis for readjustlng
the debt problems. The work Is by no
means completed, and similar negotia-
tions in the past have disclosed loop
holes whence a final agreement could
could slip away, but successful out
a. nlzf 30 fA rR faHn
offset the delays of past years and be
yalua BILE for the business relations of the
United States and Mexico.
Allowing for the Memorial Day holl-
day, car oadinss in the week which
extended from May into June ran well
ahead of the corresponding period of
last year. indicating that spring traffic
was holding up. The steel mills plainly
are doing their share In the movement
of products, the high rate of manufac-
| turing, despite the coal strike, being
sufficient TO bear the Iron Ages des-
scription of the weekly marvel" The
reason why the industry in seeking for
more hands in skilled lines than are Of
fered Is vested In the urge of consumers
.or early delivery.
While cotton futures receded to "a
points under what looked like realizing
sales, the Census Bureaus consumption
report for May was decidedly encourag-
ing, especially in view of the protracted
textile strike in New England. The 1885,
674 total of bales consumed was IL per
cent. larger than in April and more
than IL per cent. in excess of the cot
ton used in May, 1921. The statement
! that 31,653,0 061 spindles were active on
May 81, less than 4 per cent. under the
aggregate year before. suggests that
Southern mill growth has helped make
up for the idle plants In the north.