The Washington herald., 1921-10-09
WEEKS FEATURES
DOMINATE SESSION
In NCLOSING PERIOD
Oils Command Major At
tention, and Prices
Rise Slightly.
MARKET is LISTLESS
Industrials, In General, Move
In Narrow Range, Losses
Offsetting Gains.
MARKET is LISTLESS

NEW YORK, Oct. S.-The little
business that was done in the
stock market during today's short
session was confined to those
Sroups and particular issues which
au SHOWN up best during the first
i've days of the week. Trading
vas In small volume. but enough
"I IL was directed to the oil stocks
70 carry prices up fractionally and
thereby permit that group to end
a momentous week looking particu-
larIy strong. Further steps were
taken 10 complete the second crude
OIL price adjustment of the week.
apart from the continued activity
OF this group, there was nothing
notable about the market. With
rev exceptions the rank and file of
ihoustrials moved within an ex-
tremely narrow range. closing with
fractional net gains and losses.
Altogether it was a typical, unim-
portant preholiday market.
Had the stock market community
heen eager for an incentive for CIV
ing stocks a better appearance pre-
paratory to a resumption of bullish
operations next week it might have
found one in the material improve
ment in foreign exchange. Led by
sterling, which advanced 2 3-4
cents to a new high level for the
week at S3.S1, rates on the more
important continental centers
moved higher. The buying of sterl-
ing came through Canadian bank
ing Institutions and was reported
to be for the account of the British.
French francs were 4 IA points
higher at 1928: Italian lire 3 points
higher at 4.02 and the so-caIled
neutral rates 5 to II points higher
United states steel.
Special interest was attached to
the showing that will be made on
Monday in the statement of untitled
orders of the United States Steel
Corporation For over a year that
record of tonnage has been one OF
constant declines but the impress
sin prevails in some quarters in the
trade that business has been COM
ing to the corporation in larger
volue and that the decrease in
orders will be either very small or
changed into a moderate increase
This view was held by some Of the
other interests in the steel trade.
officials Of Gulf States Steel which
.-'rrlies much of the trade in the
South and the Pacific Coast stated
s,-.,l their nail plant which had
been closed down is now running
10 full capacity and that they eN-
pcCt to open other plants before
the end of the coming week. The
steel trade in the South was
especially helped by the changed
conditions in the market for cotton
as result of the advance which fol-
lowed the publication of the last
cotton report.
Money.
Time money was comparatively
uJiiet all through the past week
about the only business transacted
being a few renewals at 3-4 per
cent and some new loans at 1-2
per cent. There was little money
Offering and the demand was also
Iirht. Call money was easier from
the beginning of the week until
Yesterday. ranging from 1-2 to
- Dsr cent on the Stock EX-
chance and loaning at per cent
outside Of the Exchange. On We'd
nesday there was en- excessive sup
DIy pI call money, over SIO,UVO.pOO
bainr left unloaned on the stock
F.xrhang at the close. The daily
loans on Wall street collateral have
again fallen to extremely small
,9iume. ranging from SS.00O.0OO to
$40 600 900 on each day of the past
,resk compared with an average OF
.round 100000. 900 in the period OF
stork market activity. The ad-
yance in call money yesterday from
1-2 per cent to f-2 per cent
vas due to calling Of loans on
rar.- scale supply first half OF the
dav by out of town banks who
.'-nnIied nearly all the call money
in the Wall Street district. When
rau money falls below the bank
-. these out Of town banks with
d~avn their supply, causing tempor-
~, tension. Continued reference in
tho Wall street district to the con-
5ftfans prevailing in the sugar
+r,de and reports of financial neees-
- Of leading sugar companies
~.,g.-d a good deal of conjecture
-r,rf the prospects of those com
....-f = whose stocks have been at
,..,.. Fs, prominent features of the
market.