The Washington herald., 1921-09-09
UNCERTAIN PRICE
TREND DISPLAYED
In LIMITED TRADE
Pr0fit-T aking Prevails,
But Few Issues Show 4.
Strength.
LIST CLOSES LOWER
Motors and Oils Suffer MOST
Call Money Drops TO 5
Per Cent. -
LIST CLOSES LOWER

NEW YORK. Sept S.-Tradine on
the stock exchange was again less
active and prices displayed a ten
doncy toward uncertainty. 4 few
leaders showed early strength nun
nrofit-takinR held the upper hand
for the most part. Motors and ellis
showed the result Of this Influence
most clearly. The condition. how
ever. extended over the whole list.
Toward the close rails were frac-
tionally lower while declines OF this
magnitude predominated among the
nevertheless. lost from one 10 three
points. Call money opened at 5is
per cent. but was lowered 20 5 be-
fore the end of the first hour.
Exchange.
Sterling continued TO rally in the
carly trading and showed a gain OF
IL cents at s373z. In the later
trading. however. the advance vas
reduced to u of a cent. The con-
tinentu exchanges moved in a gen
orally smaller manner. although
French francs showed a loss Of liS
points at 7.6Iiz cents. Altogether
the recent behavior Of these ex-
changes IL not inconsistent with
some recent British buying or
American cotton and continental
buying both here and in England.
In a number Of instances during the
last year. furthermore. continental
countries have arranged their remit
tances TO America through London.
SD that sterling has suffered on this
account.
Further pronounced weakness IN
German marks was the feature OF
the exchange market and carried
the price down 20 1905 ccats.
which = close 20 the low Of -
cents recorded in February. I72-.
Selling on account OF the German
Governmca was rumored and IL
must be admitted that such weak
ness coming after the completion %
the first instsllment OF reparatien
paymenJs gives hasIs 20 doubts as
10 whether Germany can in Fact
meet tho program Of future pay
'nent> laid out by tho commission.
l'iSruSsi"n on this point has been
cNC"edin Ely active in London during
the last few weeks and the prC~euG
weakness taken'in conjunction witt
the fac that the Germans W@Tr
forced 1" give M part OF thcir
Rcichsbank gold reserve 10 meet the
last payment. certainly does not ar
que for much i@ the way Of for
ci.-n resources. To have Germany
forced TO continue initiation in ~
attempt TO meet her ohHSat'or-
would he unfortunate for all con
Cerncd
EREIaRd'> Reserve Ratio.
Another considerable decline -
shown by the Bank Vf EnEl4 7d's
reserve ratio this weeks figure e.
lS.l per cont comparing with li.V
per cent last wcck. Circulation -
smaller by Iso.OoO pounds hat &c
Dnsits are -reatcr hv - 700. oG"
MOUNDS. TIE chang" "rG"uh'0dll B.
related to tho heavy borrow iu- f-"rI
the hank t. which thc government
recently has rcSortcd - {" moot
interest payments. PROBABLY tN'
governments need has BEEN a"""D-
tuatcd by the tie-Up in tho German
rcparation funds. Owing to the d.
Du.e among the allies as the th" a
location OF the recent bil'i"n mark
payment. tho reparation commission
has retained control of the funds
temporary embarrassment in ~.
cash position of the CEpccta1t al
lies consequently arises. while at tie
same time the commissions cmploI
rnent Of the funds in the open mar
ket temporarily increases the glDt
in money already existing at Ion
dor. when a settlement finally -
reached both conditions naturally
will be corrected.