The New York herald., 1921-07-02
FINANCIAL NEWS
AND COMMENT
Trading for Quick Profits Fea'
lures Dull Stock Market in
Which Oils Decline.

Price movements of stocks yesterday
disclosed nothing except the jockeyine
by professional traders for quick prof
its. The final trading session before the
markets double holiday found compara-
lively few persons IN brokerage offices
and the attendance on the floor of the
New York Stock Exchange was con-
siderably below normal. Shares of oil
companies, affected in sentimental
way by proposals for taxation in the
Fordney tariff bill, continued TO work
lower, Mexican Petroleum losing rs
points and General Asphalt little more
than a point, but other groups were
merely irregular. Bethlehem Steel, Re-
pubic Iron and Steel and one or two
others of the steel and related issues
receded. evidently influenced by the be-
ond general reduction OF wages and
prices. United States Rubber was sub
jected to heavy selling as dividend pros
poets came up for further discussion in
the Street In the railroad department
some issues ware higher, others frac-
tionally lower at the close than they
were on Thursday. Call money was al
per cent. throughout the day. which
showed that whatever pressure devel-
oped in the shape of demands for ac-
commodation until next Tuesday morn
ing was met by fairly liberal supplies.
Early in the week it was expected In
some quarters that the July 1 require
ments might entail a rise of the call
loan rate to 7 per cent.
The Mexican petroleum situation i:
becoming more and more interesting
Dispatches from Mexican centres during
the day indicated that foreign companies
had begun to reduce to a minimum theii
exports of oil. being unwilling to con.
tinue deliveries under the extra ia,
which went into effect yesterday. Il
remains to be seen whether a deadlock
between the oil producers and the Mex
lean Government can be maintained fol
a lengthy period. inasmuch as contracts
in force require steady deliveries o
fuel and crude oil in many parts o.
the world. the Mexican product being
the main source of supply. The staying
power of producers seems likely to bt
determined by their ability or failure tc
acquire petroleum outside of Mexico or
satisfactory price basis to meet The
current demand. AS far as the proposed
imports into the United States is con
cerned, it was evident in comment of tn,
financial district that the outlook wa:
not so unsettling as on Thursday. 4
great deal of opposition is arising toward
the oil schedule, not the least of which
is the contention that so heavy a duty
would tend to deplete domestic oil re
sources at a pace more rapid thar
before.
The cotton market took notice oi
yesterdays Government report on con-
dition. which indicated the smallest croI
in quarter of century. The options
advanced 10 to 20 points after a period
of rather Indifferent fluctuations. IL is
too early, of course, to build permanent
calculations on an estimated yield OF
S,433,000 bales at this date, as the croI
has long way to go to its maturity
Last year, between the July estimate ol
11,450,000 bales and the actual amount
gathered. there was difference of more
than 100000 bales, which was an in
crease. The growing plant gained 81
per cent. in condition between the June
and the July reports, the Department oi
Agriculture reporting yesterday 6s.2 pei
cent Of normal. The improvement in
the month was slightly greater thar
that of the same period last year.
The foreign exchanges moved forward
a gain in marks being more significant
than a fractional improvement of ster-
ling. German rates seemed to find en-
coura cement in news that the Repara.
tions Commission hereafter would &C.
cept goods for part payment Of funds
due
-A--yrxv r--rvr a nyr~