The New York herald., 1922-04-23
FINANCIAL NEWS
AND COMMENT
Heavy Dealings Garry Up
Steel StOcks-Crissinger
Warns About Money.

The Trading pace IN stocks swung for
ward yesterday with almost the great
rapidity OF last Mondays 1000 900 share
turnover. and TN the short session sew
erai steel issues were carried UP to their
best quotations Of this year. Specula,
ttcn centered in them and In q fairly
broad list OF railroad. rail- equipment
and petroleum stocks. numerous net
gains Of IN TO more than points being
marked up at the close. 1t was plain
that the market had pronted by the eau.
tious dealings Of Thursday and. Friday,
and the outlook evidently had been
found by study OF underlying factors to
be encouraging to sentiment News that
conferences looking toward q big steel
company merger were under way un-
dcubtedly stimulated buying Of Lacka.
wanna Steel Republic Iron and Steel
and Midvaie Steel and Ordnance United
States Steel common came within n
shade Of touching par again. but inter.
est In that Issue was less than 1t was
among others. The second hour saw
business conducted on scale which
would have involved much more than
100000 shares IL maintained for a
full five hour session. x.atr
Last week showed pretty Clearly that
the public believed business conditions
to be sufficiently favorable to warrant
buying and holding stocks. Otherwise.
an extensive reaction might have fox
lowed Mondays reverse. II professional
hands and large speculative interests
outside the Street disposed of long lines
Of stocks acquired at low prices of
1921. their offerings were absorbed
easily. But In comparatively few cases
was demand sufficiently excited ia
cause abrupt price advances and in the
generally orderly trading lay susges-
tion that the public was exercising dis
cretion In It's purchases.
Money rates wero exceptionally easv
throughout the week. but such events
as the warning 81 D. r. Crissinger,
Comptroller of the Currency. in a
Southern bankers meeting against ex-
cesslve speculation showed that Gov
ernment financial authorities desired a
conservation of credit until the extent
of the present business growth could be
measured. II Wall street loans had not
been as low as they were last January.
concern about the large expansion Gin
percentaEe) which has occurred since
might be felt. AS It -, brokerage bor-
rowings are probably not half what
they were at the peak OF the 1919 boom
and bank reports thus far in the Spring
period have displayed contraction In
stead Of expansion of commercial loans
The foreign exchanges were firm yes
terday. although It was doubtful IL the
market could Judge economic possibiii-
ties of the Genoa conference. A brisk
demand for May wheat carried it's pf,cc
to new high point In the current rise.
The New York Clearing House Bank
statement showed the expected at the
end of week Of large dealings in secur-
tiles. including the fiotAtion OF close to
$l50.0o0.000 of new bonds and notes.
Tho report OF actual condition contained
an increase Of s2s.oo0.ooo in loans.
which aided 10 but did not explain
fully an ENLARGEMENT OF sS2 2.ooo, 900 IN
demand deposits. An increase Of $i1,-
100000 in reserve credits In the Reserve
Bank helped to increase excess reserves
nearly 100000. compared with the pro-
ceding weeks total.