The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1922-05-27

NEW YORK. May 21.-Hc-
sumption OF nctive trading on the
stock Exchange Is due to the al
moot complete reversal OF scnti-
ment that has resulted from the
favorable developments In busi-
ness ana finance. Following the
onward rush In security prices
which reached ~ climax ON April
nth. at which time the statistical
average touched the highest point
for the year. n period OF iiquida-
ton set In which csta biisned a
new level considerably lower than
this new peak. end. for sumo OF
the speculative leaders. n reduce
ton Of from 10 to IS points rom
the records attained on that date.
The reaction was but a tempe
rary profit taking period. and
Though during the past three
weeks n distinctly upward tend
oncy has been evident In the stock
market, Il rcmaincd for the fret
day of The week 10 cSfablish a
new high level for the whole mar
he. for the current year.
The features which have bocn
most prominent In influencing the
heavy absorption OF securItirs In
the st0cE market have been the
improved outlook for tho trans
portation compadisS based upon
the expanding traffic returns OF
tho country's carrier systems. tho
favorable condition Of the grow
ing crops and the Indications OF
a hpuntcoua yield, the steady M
vance In the rehabilitation % the
leading Industries 81 the country
aud the evident swing Of the pcn-
duium In commodity prices. indi-
eating the Sterilization Of n num-
hcr % the important branches OF
domestic and foreign trade.
Prizes
Most % the reliubic stntistgcians
report a rising tendency In their
price index figurca. The index
number OF tho Federal lteserve
Heard. complied from ono hun
dred price quotations for custom
ers goods In March. stands at fbs
against $50 In January for raw
materials tf7 against isf In jan
uary; for exports l44 against f39
In January: for imports III against
10 In January. and for the en-
tire group n figure OF if7 against
ii2 in January.
The same authority worked out
the British prlcrs by the "A me pro-
cess, based upon % whoicsaie price
quotations In April producing a
British index number nf iss for
consumer godda' IN April ~
against ISL IN january and Feb
rnary.
TOR France the statistical bureau
OF that country places the index
number. bnHed upun wholesale
prices of a largo number Of articles.
At 3g2.G In April against abf.e In
February for Ccrnnny the index
number % the Frank furter Ieitune
stands NJ $50 for May az against
81 In January and sss In Fcbru-
ary.
In Netherlands tho wholesale
prices AZ supplied By the American
consul in Rotterdam rhow an in-
dcx number OF iG2 In March rs
against ISL In January.
These statements showing nd
vanecs In prices Ia a dozen prin-
clpal countries VI the world - re-
ported 10y their respective statistical
cxperts. are confirmed In some dc.
Bree By another ana entirely diff.
fercut process. namely, the price.
In the country of production Of ths
articles now entering the United
States. The valuations OF the mor.
chahdisc are BY Law ~ selling
price or wholesale prices In this
country from which the mcrchan.
disc b. shipped 20 the United States
and when we find that two-thfrdi
of the articles for which the aver
g Import price ID named by tn,
department OF commerce r high.
or FOR March than In the immediat,
preceding month or months. u
rccma 10 confirm the impression
that there II a clearly defined up
ward movement IN prices the work
over
OF the ~ articles In which IN.
department OF commerce states tn
average import price month by
month. 80 ARE higher In Mnrcl
than In the preceding month N
months.
Money
Perhaps the most important de
velopmcnts In the financial situa
tion have 10 DO with money sup
plies aud money ratos. The grad
ual reducing Of redisconnts IN M