The New York herald., 1922-02-24
FINANCIAL NEWS
AND COMMENT
Stock Prices Swing Upward in
Heavy Trading-Close Ir-
regular-Call Rate Up.

The third million share day OF this
year brought yesterday a strong up
ward swing of quotations. but it was
clear before noon that the establish
ment of new high records for many
Industrial and rail stocks was the sig
nal for profit taking. Selling Of that
character grew in volume in the after
noon and the marking UP of the call
| loan rate to per cent. caused pressure
to increase in the final hour of busi-
| ness. The result was a decidedly irreg-
| ular price list at the close, which. while
not indicating plainly that distribution
had gone far. was suggestive of grow
| ing caution among spectators. Steel
| common. after rising to esk, point
higher than had been seen before on
the present movement, was driven back
to its final price of Tuesday. French
Government bonds were decidedly
strong, aided by fresh strength of ex-
change on Paris, and the French 7h
per cents sold at par for the first time.
| In most markets dealings In the af-
| ternoon were Of highly feverish sort,
! reflective, apparently. of a condition OF
the speculative mind which has often
been experienced in periods when prices
have gone forward under influences not
explained by actual events In industry
The desire to corral profits was noted
in cotton and grain as we'll as in stocks.
ffJft1 IN ar1tr
were half cent a pound higher than
they were on Tuesday. but before the
close fell back to levels which showed
unimportant changes. May wheat went
to its recent maximum Nnd In its final
transactions sold at SLABS bushel,
| three-quarters of a cent below Tuesdays
last quotation.
The day brought additional evidences
of the unsatisfactory business results in
1921, vested chiefly in the report of the
Republic Iron and Steel Companys
deficit in excess Of s7s6o,ooo, which
caused its preferred stock dividend to
be passed. and the large loss and passed
common stock dividend Of the National
Enameling and Stamping Company. The
Republic company's dividend action
was not known until after the markets
closed and it is likely that to-day the
news will be digested in dealings in
steel stocks. The history of last year,
however. has been pretty well read.
There Is little of a disturbing nature
txt, lob oh
has become quite philosophical about
what has happened in the last thirteen
months, even about the dubious methods
Of certain forms of the brokerage busi-
ures of the last fortnight. The markets
will be all the better for thorough
cleaning away of the irresponsible, the
shyster and the plain thief from the
of prices of itself has forwarded in no
small degree.
Sterling went higher, reaching 4.41H
for sight drafts before reacting in the
afternoon. The demand was in excess
of the days meager offerings and in the
case of French exchange a glance at
the weekly Bank of France statement
showed a supporting factor of moment.
The French banks circulation was re-
duced 400,000,000 francs, the tenth de-
cline reported in the last twelve weeks.
The note issue is now IL per cent.
lower than 1t was a year ago. The
Bank of England's statement indicated
that forces working for ease in the
money market were still at work. a
sharp fall of loans and deposits carry
ing the reserve ratio nearly per cent
higher than 1t was for the week before.