The New York herald., 1921-01-26
FINANCIAL NEWS
AND COMMENT
Stocks Move Irregularly in
Dull Day - Exchanges on
Western Europe React.

The market in stocks yesterday was
/ typical Of the day in which few new in
/ fluences come forward to direct the
course of prices and old ones are found
J to have lost much Of their significance.
Professional traders bid upward several
( oil. steel and railroad equipment issues
! and sold others down under n light vol
ume of business. About all the specu-
lative community had to consider was
additional announcements OF crude
petroleum price reductions, while infor-
nation concerning reopened plants in
certain industrial communities was
what had been reported last week. It
was noticeable. however, that as soon as
pressure was removed from industrial
shares they had little trouble in recov-
ering, and the irregularity of final
prices carried few suggestions as to the
probable course OF stocks in the imme-
| date future. Call money stayed at Z
per cent.
/ For the first time in three weeks the
! foreign exchange market experienced a
! fairly extensive reaction. referring to
British, French and Belgian rates parti-
cularly. Evidently. enough of the ad-
vance had been caused by speculative
operations TO make quotations melt
rather easily when realizing sales ap-
peared. 1t was possible also that the
official announcement of the French
Government that a new loan In the
United States was not planned for the
present had effect on French francs
The rate receded from I'll cents to TAO
downward from I'll cents to 7.29 cents
a franc. But the exchanges were not
all carried lower by the reaction of
those of important western European
countries. Marks held UP until a mod
crate decline occurred at the close of
business. and Swedish, Dutch, Spanish
! and Greek quotations gained a little
ground. The premium on Canadian ex-
change declined again. Sterling, which
all along has been the most consistent
fraction to 3.79%. Although the ad-
vance was halted, it could not be said
that this market disclosed real weak
ness in any direction. and the underly-
ing position is not to be Judged by the
action Of a single session.
From the summary of quarterly state
ments it was possible to see yesterday
what the Steel Corporation had accom-
plished in 1920. The fact that the full
years net earnings of s177,174,126 We're
about s33,3oo.ooo greater than they were
in the preceding year brought no sur
prise because the tendency had been in
dicated not only in the results OF the
first three quarters but also by the ex-
/ perience of many other producers of
goods. The point of chief interest was
contained in the showing of the last
! three months. when trade unsettlement
had had a decidedly adverse influence
on the profits of leather. rubber and
automobile companies. The net income
of s12,099.0o0 In December was $1,000
600 and s4,60o.000 less than it was in
November and October. respectively. but
could not be considered unusually low
as the month Is one of inventory taking
and reduced production. Whether or not
the net earnings &c the last month of
the old year were IN earnest of 81 1rply
falling business to appear in January re-
mains to be disclosed. but reports of mill
operations have seemed to forecast a
fairly good month to start off the new
| year.
! Receipts of corn in Chicago on Mon
day were reported as the heaviest for
any day since 1914. Corn futures de-
clined cent and drop of more than 3
cents a bushel in wheat continued the
tale of liquidation in those markets.
Cotton fell away rather abruptly. the
decline amounting to about a half cent
a pound.