The Washington herald., 1922-03-18
nDUSTRIALS CLAIM
MANY PURCHASES
In STOCK EXCHANGE
Continued Ease i'm Money
Results in Turning
Mart Firmer.
RAILS IRREGULAR
Report Copper and Gas Stocks
Stronghold Gains
Recorded.

NEW YORK. March I7.-Good
buying Of Industrial shares. espe-
cialiy low-priced issues. with sign,
of libersT public participation per
sisted on the Stock Exchange today.
Rails were disregsrded and were
Irregular. and oils were Indifferent.
but coppers and gas stocks were
strong and numerous gains Of from
TO > points were again recorded
throughout the industrial list
Bonds also were active and strong
One factor in market strength was
continued ease In money, call moeny
opening at az per cent and being
reduced to 3 per cent at the close
OF the first hour. with a supply 70.
ported outside the exchange al ~
Time money loaned at az per cent
and the rate on bankers' accent
ances declined another X 70 80
bid and az asked How much OF
this greater ease will continue after
tax checks come back TO the banks
remains to be seen.
Rumors that the merger plans in
volving Cuban-Ameriean Sugar ana
other companies controlled by IN.
same interests were proRressinr
well. combined with decided strength
in the markets for raw and refined
sugar, were responsible for some
good buying or the sugar stocks
and for more talk about the pros
poets before the industry.
A renewal rate Of 3 ~ per cent To-
call loans on the exchange was fol-
lowed by a rate OF ; per cent, at
testing to at least temporary con-
ditions of very easy money while
a lowering Of the rate on bankers
acceptances to 3xa3z indicated
that this condition may be expected
TO continue. While there is muth
talk OF better business in this n
dustry and in that, the amount OF
loanable funds which cannot b.
profitably employed in business is
still increasing. with the result that
the supply OF money available for
speculative operations is mounting
week by week. There are many
persons in the financial district
who have held for some time tbat
any marked revival in business
must necessarily be preceded by
period OF marked ease in money
rates.
Sterling meanwhile was quietly
bought and with offerings scanty
advanced rather steadily. At
StSels the gain on the day
amounted to - cent. and the re-
covery from Tuesdays low TO .
cents. Most OF the other European
eurrencies behaved similarly. francs
picking up points at 500 cents
and lire S points at 5.ll cents.
Dutch and Swiss exchange moved
back 70 previous high levels and the
Scandinavians were firm Portu-
Euese escUdos jumped Z OF a cent
to sk on the basis OF a $4,000, 900
loan at London, and =umors of the
possibility OF a similar loan on this
side of the water. Austrian kronen
rallied to o.o1h Of a cent. but Ger
man marks. which were pressed for
sale at London. touched a new low
for the year Of O.35S OF a cent and
after recovering y were still of I
point on the day.
Wheat prices again reflected thu
improvement in foreign exchange
rates and in addition were helped
by the government report. showing
small stocks in country elevators
and mills and by private reports
of crop damage. The May delivery
rose to 1893 and after -ecedinE =
of cent was still up 4 cents on the
day. This delivery has now re-
gained about half Of what was lost
in the recent reaction.