The New York herald., 1921-10-05
FINANCIAL NEWS
AND COMMENT
Stock Market Movements Are
Irregular While Grain and
Cotton Go Downward.

break OF 8 to ah cents a bushel in
wheat futures and a reaction Of 50 to
50 bale in cotton quotations yesterday
Indicated an unsettled condition in those
markets. which seemed to result less
| from conditions of speculative senti-
ment than from the movement Of COM
modities into consumptive channels. The
downward course Of grain and cotton
evidently found some reflection In
stocks. although the strivings Of profess
sional traders for advantage on the bear
side were outlined clearly In the changes
OF particular industrial issues Tho
wheat market Is becoming more and
moro interesting. The news from Cana
dian centres shows that producers north
Of the border are hurrying their wheat
to market with q speed that taxes
transportation and storage facilities.
and this II having a natural result in
prices over the entire continent Tho
export demand at the moment Is indif-
ferent. which throws the burden Of alb
sorption on the domestic markets. As
time passes the fluctuations Of cotton
are being directed to a greater degree
by consideration Of the attitude OF spin
ners when tho recently established level
OF prices for raw material comes into
collision with q market for finished
goods. the ability Of which to accept .
possible advance Of prices cannot yet
be measured.
The stock market was difficult to size
up. Although the tone Of some shares.
especially In the petroleum and rail
groups. was nrm at times their influence
on the market as a whole was sub
merged by distinct weakness Of several
sugar. tobacco and railroad equipment
issues. American Sugar Refining stocks
went TO. new low levels, movement
which persuaded the Street that new
financing was imminent. The comment
OF commission houses indicated that
more than a few traders who had been
Impressed with the vigorous upturn Of
the frst half of September had become
discouraged because later movements
had not followed through tho maximum
range of prices then established. It is
becoming evident that stocks are not
receiving tho support which many hoped
business. the reason being that the Au-
gust and September rise went far IN
discountins the growth of manufacturing
that began two months ago and has not
found fresh Incentive since then.
Cail money remained at per cent.
for loans arranged on the New York
Stock Exchange. The foreign exchanges
generally were frm with tho exception
Of Scandinavian rates. Tho output Of
grain and cotton bills In sterling. francs
the other European exchange II re-
ported to have declined In tho last
fortnight. a process probably caused
by a siackening In exports In some lines
and because substantial part Of cur
rent shipments OF goods abroad Is being
financed through private credit arrange
ments. Sterling advanced ~ cents to
the pound.
The bond market appears to have be-
come oivioeo INTO Two main oivisions'
The heavy output of new corporation.
municipal and foreign government is
sues OF the last ten days gradually has
been bearing down on the older bonds
OF those classes and prices for several
days have been irregular. On the other
hand the demand for United States
Government war bonds has continued
unabated. all Liberty issues except 35ss
reaching pew high points on the move
ment yesterday. The recovery Of Liberty
issues from the years lowest prices is In
the neishborhood OF 6 points. q fact
which carries considerable comfort for
many patriotic buyers In the war years
who sftcrward saw depreciation of -
TO nearly Is per cent. in their invest
ments.