The New York herald., 1922-02-07
FINANCIAL NEWS
AND COMMENT
Many Issues, Including Rails,
Go to Years High-Grain
Prices Advance.

Tho measure of the stock market in
yesterdays dealings can best be de-
scribed in the statement that more than
forty issues, including railroads. estab-
lished new high records for this year.
The handiworll of professional crafts
men was seen in many quarters of the
Industrial list but it looked as though a
fairly large amount of public buying
also occurred, and it was perceived
among rails and manufacturing and
petroleum shares. Tho turnover in
creased as compared with the closing
slightly easier than 1t was on Friday. as
loans were reported arranged outside the
New York Stock Exchange at ~ per
cent, in contrast to 5ia and per cent.
quotations on the board. While Liberty
bonds softencd, the general run OF cor
poration securities were steady or firm,
and the quick subscription of $4,000, 100
OF the Great Northern Railways bonds
on 5.75 per cent. interest basis dis
closed a strong undertone In the invest
ment market.
In examining the markets for signifi-
cant developments OF sort likely to
have an important influence In shaping
business now and later in the year
there is noteworthy material in the
course of grain prices. May wheat at
S1.2Sh a bushel yesterday. price
az cents higher than that of Satur-
day. was IL cents bushel more than
its price OF ten days ago. July wheat
has advanced nearly cents in the same
period. and corn futures 12 to IA cents.
An explanation for that Improvement is
found in a strong statistical position OF
stocks in this country and in gradual
expansion OF export purchases since
sterling exchange advanced above the
4.2S level. But it is in respect to what
those large price Increases mean to the
farmer. the railroads and general con-
ditions Of internal trade that the position
of the grain markets is Of greatest value.
1t was not improbable that a connection
existed yesterday between the movement
of grain and the upbdding of several
whole observed the rise OF wheat and
corn with satisfaction. Much has been
written and spoken in recent months to
the effect that a broad Improvement OF
business could hardly be experienced
without a closer gap between what the
farmer gets for his product and the
amount he has to pay for the goods he
consumes. SO extensive an advance IN
grain as has been seen since the last
week of January helps TO solve that
problem. and Incidentally IT'S rcrexes in
certain political phenomena are not un-
likely TO appear sooner or later AL
though activities of the agricultural bloc
have sent shivers along the Wall street
spine at times. yesterdays opposition OF
a representative OF the Farmers Ma
tional Council to n sales tax for soldier
bonus purposes before the House Ways
and Means Committee was not found to
be disturbing.
Sterling was subjected to considerable
pressure In the morning, presumably in
the line of realizing. which carried the
check rate down to 4.31h. But as soon
as those offerings were absorbed the rate
snapped back to 4.33M, close TO this
years best level and a full cent higher
than 1t was on Saturday. Francs went
to new high point at S.41 cents, and at
the end of the session hrmness prevailed
in nearly all European rates except Ger
man exchange.