The Washington herald., 1922-04-07
PROFIT TAKING AND.
HIGHER CALL RATE
BRINGS HEAVINESs
Stocks Display Extreme
Buoyance During
Early Hours.

NEW YORK. April s.-Pront-tsk-
ing sales combined with a higher
rate for call money during the last
hour resulted in some heaviness after
the extreme buoyence which the
stock market displayed during the
early hours OF trading. Trsnsac-
tons until noon were in volume un-
approached during any day this year
with prices in all groups Of stocks
showing substantial gains above
wednesdays closing figures Mo-
tors, oils, equipment, and some OF
the rails resisted the afternoon sell
ing and preserved the greater part
Of the days gains. Call money.
after opening and renewing at az
per cent. was marked up 10 5 per
cent in the last hour of trading.
MANY New Highs made.
Many stocks registered new highs
for the year on the initial transaeL
lions in this mornings market, and
a rush during the first hour OF
trading. The volume OF sales DUR
ing that period was even greater
than on Tuesday Of this week. when
transactions were more numerous
than during any single hour OF trad
ing since April 81. 1920. Sales to
noon today were well in excess OF
soc. 900 shares. II was nearly noon
before the tickers paused for an In
slant in their work OF attempting
to keep abreast OF the food of or
ders executed.
The one completely absorbing topic
OF conversation throughout the finsn-
cial district IL the source OF the trc-
mendous volume of buying which has
been coming into the market with
cumulative force during the past two
weeks with only an occasional
slight let-up. Is the public in the
market, or is IL still a professional
affair. reinforced. perhaps, by subj
stantial buying on the part Of the
the subject Of innumerable debate
staged in customers rooms and
wherever these interested in the
market. practically or otherwise.
congregate.
There is a substantial minority
however, who assert that the action
Of the market during the past two
weeks furnishes almost indisputabIc
evidence that trading is still large
ly in the hands Of the professional
element, despite a somewhat =. in
creased public participation and
considerable camoufiage by pool op-
! orators. According to this view.
IL is inconceivable that the market
should have resumed its upward
movement after the periods OF hes
itancy which have appeared with
| great regularity about every three
days. Any extended public inter
est say the proponents of this the
DRY. would have resulted inevitably
in sufficient volume OF panicky
selling TO have produced a real re-
action, whereas IL has been the
outstanding fact OF recent market
history that nothing OF the sort has
happened. in spite of warnings
! broadcasted by the wire and com
mission houses on several occa-
sions that something Of the sor3
was TO be expected.
German Circulation Gain.
An increase in the circulation Of
the German Reischbsnk amounting
| to 1857. 100000 marks is indicated
| in the latest weekly statement for
that institution. This is the larg-
est increase on record. There was
also an increase in the holdings q
treasury bills Of 1l.47l 900. O0O
marks. In the absence of news ~
any new developments with regard
to reparations payments this infs-
tion is attributed to government