The New York herald., 1922-04-12
FINANCIAL NEWS
AND COMMENT
Stocks Hit New Highs in Broad
Market of Heavy Trading
Call Rate Lower.

i Ad4htdtnAllg tnc same great SCdio OF
transactions as on Monday and every
day last week. the stock market yester-
day swept forward TO a new high posi-
tion, and the number OF different issues
dealt In was tho second largest OF this
year. Ut was the eighth consecutive day
I'm which the turnover exceeded 1900. 900
shares, counting in last Saturday with
| It's two hour session at the rate OF
nearly 100000 shares for q full period.
and naturally many less confident spec
ulators were busy turning paper profits
into cash. Realizing sales. however.
were effective merely in holding back
several Industrial shares which had
been most buoyant in recent days, and
irregularity among them was much
more than offset by strong bulges In
petroleum, automobile, automobile ac-
cessory and copper issues. Speculation
among OIL shares evidently was stimu-
lated by an increase gasoline price In
New York territory, but that was only
q surface factor OF momentary effect on
stock market trading. The most irnpor-
tant single development of the 6ay. with
bearing on stocks and bonds. was ad-
ditional relaxation In the money mar
ket The net advance OF to 35a points
among oil shares was the outstanding
feature OF stocks. Outside OF brisk
upturn OF point in Rock Island the
rails. did very little.
The money situation becomes moro
and more. interesting as the spring sea-
son advances. In years Of active in
dustry. particularly before the Reserve
system was formed. the farm planting
period necessitated movement of
funds away from New York and a con-
sequent stiffening OF rates here. This
year. however. that process not only
has not been in evidence at any time.
but actually has been reversed. The
decline OF the call loan rate to 4 per
cent. on the New York Stock Exchange
was followed in the early afternoon by
315 per cent. rate for outside offer
ings. and to ciinch the impression OF a
decidedly easy undertone came news
after the close of business that the
Forthcoming six months Treasury GER
tificate issue would be s150,000.000 at
~ per cent. A rate 80 low was un-
expected In banking circles not familiar
with Treasury plans. and. being full
/ per cent. lower than the minimum OF
Reserve rediscount rates, indicated that
tho Treasury officials believed invest
ment funds to be so plentiful that
rate substantially lower than that CT
the $3.50, ,Ooo. 900 in such notes OF March
Is would meet with a good reception.
AS a matter OF fact. study of current
prices for outstanding certificates would
have removed the surprise element from
Yesterdays announcement, as the. high
est Yields made by issues maturing IN
this year were $40 and s.24 per ceat.,
and those of the shortest life have SOLD
his week to yield little more than per
cent
Sterling exchange went a ceat lower
than Mondays last quotation in the
roorninr and then gradually advanced
"a 4.41ik, a price half cent less than
AIouday's final. Francs and marks
were steady. The market acted as
though it had settled down to wait for
new developments in Genoa. Bonis
were active, but gave no special demon
strations of strength. 1t VIII be inter-
csttng 10 trace the course OF Liberty
bonds during the next few days, and the
newly established investment basis Tor
treasury certificates should also infiu-
e,,ce short dated corporation paper.