Evening star., 1922-03-17
WALL STREETL|ST
ACTIVE AND HIGHER
Money at Low Rate for 1922.
Pound Sterling Higher.
News.
BY STUART r. WEST.

NEW YORK, March I7.-NothinS in
tie financial situation today was OF as
iiuch Importance as the continued buoy-
aicy OF the security markets.
mere lay the ciearest expression Of
judgment regarding the general bust.
ness outlook.
1.eSoseiJ went farther in the foreign
enaise' with sterling nearly 10 cents
IN uie pound above ils extreme low of
inns movement was highly i,nnor,ant
100, as settnng Whatever n,,sriyInpS
we're Iet That The February rise was
speculative ana unlikely 10 last,
INC wheat market, likewise, gave eyi.
oehce tndt II mad reached IN. bottom
VI lts reaction, wnen on "Wednesday ir
eno"eo icss OF over 20 cents III tha
ouehei from the scason nlgn
more testimony was given as to the
super-apun"ance tine money sup
ply ana tho Increasing onucuIty ia
oola'hihS pfohtaDic employment for
Uanh IunuS.
Ine can loan renewal was dropped
10 3 =: per cent, when was the pre-
'louS minimum OF the year III Janu-
airy, ana the lowest IevcI wncu The
wall otreet marRct has seen IN nearly
iour years.
Even TINS concession did not sufTi-
-
money conditions now favor the por-
rover, Tor OUTSIDE the stock en-
chanSe cail loans were freely made
at :n per cent.
inevitably these money deyelop-
nentS were having the effect OF di-
VertinS INTO the bond market and
iAto the hlShcr ranges of the stock
market great deal of capital that
"ould nave ordinarily been occupied
IN loans on security collateral.
Inc attracuveness of the invest
inent market as a source OF employ
ment increased as that of the loan
market diminished. Great activity,
win generally rising prices, marked
the bond trading of the day. In
STOCKS 1t was perhaps the broadest
market yet seen this year in respect
to the number OF individual stocks
which were traded in.
Action in CrucibIc Steel.
Some selling of CrucibIc Steel came
al the opening on the overnight an,
nouncement of The passing of the
dividend. but il was very small. and
the stock soon rallied.
Evidently Crucible shareholders
were ready 10 follow tn. advice o.
tne chairman not to sacrifice their
STOCK and TO accept his statement tha,
last october and November saw the
bottom of the depression; that since
then business has been slowly pick
ing up. and that as soon as justified
dividends would be resumed.
Inc most interesting part of the cir
cular to Crucible stockholders is the
reference to the low selling price of
the preferred. which has long been a.
puzzle. II now appears that the
liquidation of some large blocks by
persons formerly connected with the
mana cement, who, on severing this
connection. were withdrawing their
investment from the company, caused
the weakness. This selling is gradu-
ally being absorbed by small invest
ors. ana the point is made that the
efucfble assets are s100, 100000, as
against only $4,000, 900 par value of
preferred stock.
Other Steel shares.
Steel common made a new high
record, allowing for the dividend
winch recently came on0the price.
Inc Independent steel Stockg were
equally strong. The sugars were
quick to respond to another advance
IN refined sugar prices-the third sue
cess1ve rise in little more than
naontn. and an unquestionable proof
mat the turn which came in the
sugar trade at the beginning of 1922
was a real turn. Some of the coppers
also got into new high ground for the
year, while the motors. the motor ac-
cessory stocks, the rubber and tire
issues, the feathers and the couip-
ment all came in for their share,