The New York herald. [volume] (New York, N.Y.) 1920-1924, 1922-06-09
FINANCIAL NEWS
AND COMMENT
Stocks Dull Exchange Sell
ing Halted - Sugars Are
Bid Up.

Most market movements Of yesterday
were in direct response to influences OF
rather narrow application to securities.
cotton. grain and the exchanges. Bush
ness was too dull to display any general
speculative forces at work. Definite
news that the bankers conference in
Paris had despaired of making genuine
progress toward German loan, thwarted
by French determination that repara-
tons terms be modified In no way,
caused selling of sterling, francs and
marks. 1t was clear. however, that the
output was small, and what might have
been real anxiety concerning the lack
of agreement between France and her
allies doubtless was lessened marketwise
by the forecast in morning newspapers
Of what happened in the conference later
in the day. Sterling paused after draw.
ing back from around 4.50 to 4.491a.
Practically the only stocks to show
any animation were in the sugar group.
and they were bid upward In desultory
fash ion on the advance of raw sugar to
3 cents pound and the marking up of
the refined product by several companies
to s cents. Those prices were u cents
a pound higher than the lowest quoted
last December and suggested that sur
plus stocks OF 1921 had been pretty well
eliminated before this years large Cuban
production came on the market. Under
light business the general run of indus
trial and railroad shares were listless,
fractional gains and losses being abou:
equally divided among them. The rise
of cotton futures. amounting to a half
cent to nearly three-quarters of cent
pound. in the morning quite naturally
brought forward realizing sales. but even
with that to overcome, the market at the
close was a quarter cent higher all
around than it was on Wednesday. A
spot price of slightly more than % cents
a pound was the best for this season.
The deduction to be made from the
Governments crop figures as Of the end
Pof June must always be tentative be-
cause difficult periods of growth still lie
ahead. But the statement issued yes
and current weather reports indicated
that the grain outlook was good In
many localities. The wheat condition
of S4.3 per cent. was 2.3 per cent. higher
though " per cent. less than the ten
year average, the estimated yield OF
S34 100000 bushels came close to fore
casts and If realized would surpass the
actual outturn of 1921 by Ss,1Oo.OOo. or
approximately per cent. The hay and
oats crops have satisfactory outlook,
all records being suggestive of enlarged
buying power in agricultural territory
next autumn.
The establishment of a new high
record by the Third "A per cent. Lib
erty bonds emphasized the ease OF
money rates. which was also recorded in
renewal rate of 3H per cent. for
standing call loans, the lowest quotation
| in longer than four years. Rumor indi-
Gates that several Reserve banks are
considering a reduction of their redis-
count rate below Az per cent. This
weeks report of the Reserve system dis
closes no reasons why a hardening OF
rates should occur for considerable time.
Rediscounts and other bill holdings
were reduced by s330oO,000. A s3.5Oo,-
900 increase of reserves helped to neu-
| tralize a s26.750.000 enlargement Of de-
posts and a small expansion of circula-
ton, the ratio of cash to deposit and
note liabilities sagging from rs per cent.
to 77.6 per cent.