Evening star., 1921-09-20
SLOW,
PRICES IRREGULAR
Pool Operations Seen at an
End-specuIation Greatly
Restricted d-Notes.
BY STUART p. WEST.

NEW YORK. September 2O.-There
were very few noteworthy incidents
in the general financial situation to-
day.
The violent renewal late yesterday
of the rise in the cotton market had
evidently made its impression upon
the English spinning trade overnight.
There was not the same scare about
possible acute shortage that ap-
peared in the first big speculation Of
three weeks ago. Representatives of
the English cotton manufacturers
suddenly began to realize what il
would mean if the October govern
ment report revealed a further sem
sational drop in the condition of the
opening this morning there was a
rush of foreign buying which lifted
cotton options another so points and
on top of yesterdays advance. re-
stored more than half the ground
lost from the highest prices OF ten
days ago.
The wheat market, following close
ly in the steps of the cotton mar
ket, as it has been doing right along.
moved forward also. although the
crop in the northwest. having vir-
tually been all made. there is not
the same speculative incentive that
there is in the case of cotton.
stocks Very Slow.
1t was quite the least interesting
day which the stock market has had
in more than a month. Yesterday
had seen the cessation of the pool ac-
tivities which furnished the main
initiative last week and the week be-
fore.
Finding that prices could not be
easily pushed any further ahead.
some Of these speculative holdings
were hastily thrown over and this
nights close.
While interest was just dying out
of the speculative market. things
were very different in the invest:neI:
market.
Business there was on the increase,
with prices moving upward again.
The strength of liberty bonds WAS
the main feature-a natural enough
deyelopn.ent I'm view of the wonderful
success of the latest Offering of three
year Treasury notes and the subse-
Quent premium which these notes
have attained.
But principally the renewed for
ward tendency in bond prices appear
ed to be due to the knowledge that
the authorities were discussing a FUR
ther reduction in federal reserve rates
and that such action was not likely
to be much longer delayed.
Pool Members Fall Out.
The story going around the street
today was that the pool which had
been most active last week and the
week before. had had a falling out
among its members. Somebody, SO it
was said, had sold out on the others.
and it was this selling which spoiled
Saturday and yesterday what remain
ing chances there were for success
ful continuance of the bull campaign.
Coca Cola.
1t is considered extremely likely
that Coca Cola will be put on -
dividend basis when the directors meet
the latter part Of this month. This
payment, however. will not be made
until later in the year, as it is expected
that the company will be free OF Its
bank loans by the first of November.
The preferred has been put back on a
dividend basis. the 31s per cent which
was deferred at the previous meeting
having been declared last month.
The company has cash on hand Of
s1,f0O,000. as compared with slightly
over 81 500. 900 on May 8. while bank
loans in the same time have been re-
duced considerably.