The New York herald., 1922-02-08
FINANCIAL NEWS
AND COMMENT
Stocks Show Uneven Trend and
Advances Less General
Sterling at 4.35 IA.

An uneven trend OF stock market quo
tations yesterday was ascribed to the
collision between further professional
operations for the rise and an extensive
flow of realizing sales. The momentum
OF the recent general advance was
checked. and although a dozen issues
gained a point or more the tendency
was somewhat reactionary in late busi-
ness. That condition prevailed in foreign
exchanges, sterling receding after adj
vancing 2 cents from Mondays final
quotation. and in grain bulge which
carried wheat and corn futures to new
high levels on the current movement
was followed by a reverse swing to
practically Mondays closing figures.
Cotton declined 10 to IL points, still un-
der the influence Of disturbed sentiment
In British centers concerning market
prospects for cotton goods
AS the market movements were not
hitched up with any new Developments.
it looked as though what Wall Street
conventionally calls technical conditions
affected prices. Traders had some fair
sized profits TO convert from bookkeep-
ing records into cash, and an event Ike
tho receivership proceedings for tho
United States Food Products usually
tends to hasten realizing sales. although
that happening had been expected be-
fore the next interest payment date ar
rived. The railroad shares we're rather
more firm than the rank and file OF In
dustrials during the morning, put
softened later. Sentiment toward the
railway situation has been aided in a
speculative sense by several statements
OF 1921 earnings received In the last
week and including the Northern Pa
cific's report that its dividend had been
earned with a good margin, THANKS 70
the large extra disbursement on BurlinS-
ton shares In the Northern Pacific treas
ury and the Erie's relatively favorab'e
showing. It is likely that some improve
ment I'm steel orders will be disclosed In
discussions of the trade later in the
week due in part to buying OF railway
cars and supplies, but it is known thae
steel prices remain decidedly Irregular
with many products edging downward
under stress of present competition.
The foreign exchange and bond mar
kets were on the whole more INTEREST
ing than were stocks. Sterling reached
IN To 4.35A before selling pressure
became pronounced, and parallel to that
swing went an upturn of francs 10 S'ao'
while lire were decidedly firm In con-
nection with efforts by certain foreign
Governments to balance their budgets
significance is attached to news that
taxes collected by Italy in the last SIX
months of 1921 we're L2oo,Ooo,ooo lire
greater than they were in the corre-
Esponding 1920 period, imposts. corre-
snondiny broadly to our excess prohts
and corporation taxes, supplying third
of that growth despite unfavorable Dusi-
ness conditions in Europe. AS France
has made much headway in reducing
outstanding currency in the last four
teen months and England has cut down
her floating debt heavily, IL Is not ii"-
probable that when fuller information
OF fiscal results in western Europe dur
ing 1921 shall come more light VIII be
thrown on causes OF the recent rise OF
the exchanges.
Liberty bonds recorded in some
what firmer price tone the lessening oil
apprehension lest a soldiers bonus law
providing for new issue Of Govern
mcnt securities. be enacted. Some rail-
road and public utility bonds went
higher than they did on Monday, and
foreign Government and municipal is-
sues were firm, especially those United
Kingdom bonds affected by the rise OF
sterling. Call money was quoted at
) per cent. for all loans.