The Washington herald., 1921-08-28
IRREGULAR MOVES II
FEATURE ACTIONS
ONSTOCK CHANGE !.
Market Registers Efforts
Of Two Opposing
Factions. -
INTEREST MANIFEST
Transactions Indicate Evi.
dence of Professional Oper- :
ations on Short Side. .

NEW YORK. Aug. 25.-The con-
fusing movement in stocks thitn
morning registered the efforts OF
the two opposing market factions
to even up commitments over the
trading holiday. Owing to the severe
decline early in the week ana the
sharp recovery yesterday, Interest
in trading was more keen than M
any Saturday session for a long
time. The result Of activity during
the first hour was a general advance
running up to about a point. Dur
ing this period. however. there was
evidence that professionals Operat-
ing on the short side had not abari-
doned their plans to depress fur.
ther a few Of the specialties whose
declines were interrupted by yes
terday's strong upward movement
United States Rubber. American
Sumtra. American woolen and a
half dozen other stocks declired
point or two. Hesitating for q
brief period around the end Of tfsB
first hour, the entire list suddenly
became reactionary. The earlier
gains were forfeited and net lassef
Of running up TO points were
sustained Traders who had bought
stocks prior TO the turn on Thurs
day were evidently taking profltsl
The last half hour brought some r4E-
covery. but the whole industrial iist
was irregular al the close. A sharr
decline in New Haven was the only
notable feature among the rails
Exchange.
Trading in foreign exchange was
dull and without important effect
upon sterling and French francs.
Italian lire. however, were in large
supply. selling down IL points %
425. Scandinavian rates advanced
On heavy offerings German marks
declined TO ll3&, as compared with
IlTlE at the close yesterday. There
was little change in the commodity
markets. Cotton advanced 80
points in the early trading but
later reacted. Wheat sold down
z OF a cent to 12oE.
4 decrease Of sIll,les,o9o in the
surplus reserve of the clearing
house banks during the week bring
the total of this item down &c
IS. sos $50 There was a decrease o.
s27.yI6, OOO OF loans and discounts
and a gain Of SS7.7e7.O00 in de
posits Reserve deposits at the
Federal Reserve Bank decreasea
s3.7IS.oOO.
The Past Week.
Though the past week has ben
characterized by the Quietness COM
mon to this season Of the year, prac-
tically all the recent development
in the fields Of finance and trad
must be entered on the credit sid
Of the ledger. The progress toward
recovery is not yet sufficient l."
Justify a belief that prosperity ~
Immediately at hand. but the cNi-
dences Of Improvement are ."
longer open TO question. And IN
change for the better may be note
not only on the material side. hut
also from the viewpoint OF buslnsss
morale.
IL is in the natural order thai
recovery should come earliest ~
those lines Of business which wers
the first to feel the effects OF dCna
ton. Such a development is not"u
in the textile and clothing indus
tries, which were among the earliest
10 experience depression, and nov
are nearersthan almost any others
to maintaining a normal volume OF
production. On the other hand, the
steel industry, which has been
notably slew making its readJust.
ments. has only recently passed the
acute stage Of depression.