Omaha daily bee., 1921-08-04
Financial
Chr New nork Gimes.
By ALEXANDER DANA MOVES
Chicago Tribune Omaha Bee Leased Wire.


Chicago Tribune Omaha Bee Leased Wire.
New York, Aug. 3.-Although the
money market remained in dis
tinctly easy condition today, prices
or the stocks, as rule, went frac-
t'onally lower. The decline did not
occur until after another substan-
tial advance of both railways and
industrials. The later reaction was
sales by professional spectators
who bought stock a week or more
ago and who were now disposed
tc test the staying power of the
market. Business was we'll distrib-
uted throughout the day, with es-
pecially active trading in railway
shares.
In other markets there were some
movements of special interests. The
investment bond market, as whole
was a somewhat more irregular than
of late, but Victory ANS OF 1923
went above the previous highest
price of 1921, reaching a price not
touched since the middle of Janu-
ary 1920. The cotton market re-
sumed the advance which was inter-
rupted by today's skepticism over
the government crop estimate of
Mo- .ay.
South Heavy Seller.
1t is not without interest to observe
that each successive recovt.y In that
southern selling The south. with it's
mass of unsold cotton and its long list Of
unpaid debts Is necessarily a seller at
each inviting opportunity; the real Ques
tion of the cotton market is how readily
and how rapidly its sales will be absorbed
by buyers who see ahead Of them a pos
sble readjustment of actual supplies and
trade demand.
production In July emphasizes in rather
extraordinary way. the condition of that
industry. The output, as compiled by the
Iron Age, shows decrease of no less than
20 per cent as compared with June; it
was lower by CA per cent even than in
January. and nearly "a per cent below
October. the best month of last autumn.
Such a fall in the rate of production in
so short period Is quite unprecedented.
The immediate after-war reaction brought
the iron output of May, 1919, only 40
per cent below the September maximum
Of lsds l.. and 1l |, the war panic" cut it
record of 1914. that of March. to the
worst of the period in the following De-
cember. The Iron Age points out that
last months iron production Is, in fact.
actually the smallest since December Of
1908. which was itself a month Of pro-
found depression in the steel trade, fol-
lowed by suspension of dividends on the
steel corporations common shorts.
July Average Higher.
In the old days of the Iron Age regime
the policy used to be pursued of lowering
prices rapidly until the buyer was at
tracted back. Whether that would meet
the necessities of the present occasion
with foreign trade in its present dis
organized condition, Is at least debatable
The first of the August compilations Of
average commodity prices, that of Dun's
Review, shows an advance Of 2B per cent
during Jul, making that the first
month since April of last year in which
the average has not gone lower. The
comparison by groups of commodities
shows that last months advance was
confined to food products The average
price of textiles is hardly changed while
metals and miscellaneous commodities are
considerably lower.
Even with the increase reckoned for
July, the general average by this calcula-
tion shows a decline of BIN per cent
from the periods high level of May /,
1920 and indicates that present prices are
only 35l4 per cent above August, 1914
New York Sugar.
New York, Aug. 3.-The raw sugar mar