The Washington herald., 1921-07-14
PROFESSIONALS
RULE UNCHANGED
LIVESTOCK MARKET
Motor and Steel Stocks
Are Sold Off; Oils
Strong.
DRIFTING TENDENCY
Rails @Fractionally Lower at
Close While Industrial
Changes Are Irregular.

NEW. YORK. July 13.-No change
in trading conditions was apparent
on the stock exchange today, bust
ness continuing small and being
chiefly on professional account. Au-
tomobile and steel shares were sold
on at times. and oil stocks, Mexi-
can Petroleum in particular, dis
played strength. Taken as a whole
however, the market was a driftins
one. and toward the close rails we're
fractionally lower. while the changes
among fndustrials were for the most
part small and were irregularly dis
tributed. Call money ruled at per
cent throughout.
Exchange.
Sterling, after moving up to 1856
in the later trading hour. opened
in London this morning at s3.6S. BY
the close of the day, however, II
had gained cents. On this side
of the water a similar movement
occurred. but trading was light and
the price was sensitive to relatively
small transactions. German marks
again showed strength. being as
high as 1851 cents and even reach
ing III points still registered a net
advance of 3 points. Dispatches
from Berlin meanwhile have fur
nished the explanation for yester-
days sudden movement IT appears
that the Reichsbank announced the
arrangement for a loan for 100000
- 900 gold marks in Amsterdam and
referred specifically to the govern
ment's ability to meet its August
repaFation obligations. At the same
time. reports were circulated re-
in America. Under the circumstances
traders were quick to take advan-
tage of the previous days lower
price for marks, whil il is not i'm
probable that the German govern
ment'- intended that it's announce
ment should have a bracinE effect
on the market. Most of the other
European exchanges followed ster-
7.ssH- cents.
steel Industry.
Last weeks formal notice of low
er steel prices has. according to the
Iron Age. been followed by less
rather than more buying, so that
the unprecedented depression in the
industry continues uninterrupted.
The trade meanwhile is hopeful that
OF the ram OduS uCOl "
the govern ment may result in goou
purchasing later on and a better
interest is displayed in pig iron.
The more interesting development
of tbs- situation is the good prog
ressI Ihetng made in thereadjustment
Of wage rates. Extra pay for over
time has not disappeared from the
industry, az the principal imports
are saying common labor 80 cents |
an hour. which is 35 per cent below |
the maximum reached last year and |
compares with 19 cents below. The |
Steel Corporation still pays 81 cents.
but this is likely to be- shaded BE- |
fore long, and 25 cents an hour |
is talked of as the final price to
which the Independent mills will !
come.
Such a revision of an important |
factor in costs is the more valuable |
as holding forth prospects for at
tractive prices by the time re-
vivaI IN demand begins to show it.
itself. That lower production costs
are essential to the export trade \
may readily be seen from the fact
that on a recent piece of Argentine
rail- business the successful Belgian
mill quoted a price equivalent to
s3s a ton. including insurance and
freight. as against the best Amer
ican bid of s62.15.