New-York tribune., 1922-03-25
Steel Stocks
Strong; Market
Is Irregular
News of Increased Produc-
tion and Judge Cary's An
nouncement of Price Pol
icy Serves as Impetus

Absence Of uniform or specific trend
and a measure of inertia, commonly
associated with the trading position
we're fundamental characteristics OF
yesterdays principal financial markets
tho movement OF stock prices in par
ticular being without apparent plan
Bonds gave the best account of them
selves for the day in that they con-
tiuued active, with atendency to ad-
vance. Liberty bonds, which were ex-
petccd 10 reflect most strongly any eff
fect r1arkctwise OF the adoption OF
bonus legislation by the House. main
tanned their position firmly. small gains
being recorded in one of two issues
Constructive news regarding the steel
industry furnished the basis for the only
important movement of the session in
stocks. Following uDon the report that
tho plants of the United States Steel
Corporation were operating at better
than 20 per cent Of capacity came word
Of impending price advances by the
Independents and the intimation, sub
sequently confirmed by the statement
Of Judge Gary, that the Steel Corpora
tion would conform to their leadership
% the steel. companies have recently
been in receipt of orders on steadily
rising scale and an adjustment Of
prices. designed to eliminate losses on
ho ec6o ALL
bocn below cost of production, will be
OF material benefit to earnings. There
was good buying of steel stocks gen
orally on this news, United States
Steel netting gain Of q points and
advances in other issues ranging from
TO more than points.
Normally, these developments bear
Ing upon the position of steel might
rave been expected to supply the i'm
pulse for an advance Of the entire list,
but under conditions existing yester-
day they we're effective only with re
spcct to the particular stocks con-
ccrned. Some of the speculative
favorites, as Studebakcr, which touched
q new high for the year, were strong
and higher, serving with the rise IN
steel shares to advance the average
price Of thirty industrial shares, but
weakness in spots and irrexularity pre-
vailed elsewhere. Railroad stocks
lacked support pending further light
on recent earnings and lost ground
fractionally.
Ratification Of the Four-Power
Treaty did not occur until we'll after
the markets had closed, but comprised
an event regarded in the financial dis
trict as of commanding Importance.
Judge Gary made specific reference to
its effect upon the business outlook,
apart from which it was felt to estab-
llsh the United States on much
sounder basis in international affairs.
It's significance as a demonstration that
solidarity and leadership is not alto
gether lacking in the administration
st n Washington was also the subject of
comment.
The foreign exchanges we're dull in
the extreme, transactions being slight
and fluctuations narrow. Marks re-
covered trife, but sterling and the
other currencies did not quite hold up
TO the preceding close Prospects Of
export business and bullish reports
from some crop sections gave d more
settled tone to wheat, prices closing
y to Is cent higher. Cotton moved
irregularly and the changes shown at
The finish were unimportant,