The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-08-26
MEX, PETE. MOVE
UPSETS RISING
STOCK EXCHANGE
Publication of Erroneous
Report Responsible
For Sensation.
PQISE is ERASED
Trend Is Definitely Downward
At Close, After Day of
Uncertainties.

NEW YORK. Aug. 25.-Stocks
made q slow but steady recovery
today until the market was upset
by another sensational movement in
Mexican Petroleum following the
publication of an erroneous report
bearing on the quarterly dividend.
Despite the almost instant recovery
in that particular issue the market
as a whole did not regain its potse,
moving uncertainty until the last
hour when the trend became defi-
nitely downward. Petroleum and
shipping shares reacted most toward
the close. In the standard list, now
ever, there were as many net gains
as losses when trading ended IA
natural consequence of several days
during which call money was avail
able outside the stock exchange at
a price lower than the official rate
the charge for accommodations de-
cIined to per cent before noon to-
day.
Exchange.
The exchanges continued to reg
lister Improvement. the quotations
for the leading countries reaching
the highest levels within the past
fortnight. Some of the recent ad-
Tances was attributed to covering
|by shorts against the end OF the
|month. Sterling at S369S was up
. u cents. Francs were up 4points
at 7.77 cents. and Tires up points
1 at 4.27. Marks moved down a point
to sI19E cents. Dutch and Scan
|dinavian currencies continued TO
lead the advance, with gains rang
ling from to 20 points. Exchange
on South America was virtually un-
changed The drop of % points IN
the rupee recorded yesterday. was
checked today. the prize remaining
UNCHANGED from yesterdays closing.
ICable dispatches from London attrf-
|buted the previous weakness to the
| riots in Malahar. The recent i'm
|provernent in exchange on India
should he interpreted as a sign Of
iecorornic recovery in the Far East.
and this Improvement may he
Checked IL the roIitical disturbances
are not soon suppressed.
Commodities.
The final enactment of the bill
20 promote the export Of farm prod
{ucts appears to have been fully dis
irounte6~by the grain trade. Numer-
1ous reports from Washington of ap-
lpIicatinns to the War Finance Cor
Iporation for financing exports OF
u heat-among them being the re-
ported plan OF a single associa-
lion to seek credit for exporting
900 900 bushels-failed to arouse
ny great interest or to stimulate
rices appreriably. The wheat mar
Il continued narrow. and though
prices were slightly higher the
situations were of no special sig
lcance. December futures opened
Hs119k. a quarter Of a cent above
thu previous close. attained a high
of s1.22k and closed at $1-21k.
Cotton continued its steady climb.
contracts for December opening "a
points up at 14.72 cents. selling as
high as 15.40. and closing at 1888.
Bank of England.
Improvement in the reserve posi-
ton Of the Bank Of England Is noted
in this weeks statement. the proper
tion OF reserve liability being Is so
per cent, as compared with 14.75 per
cent a week ago. Holdings of gov
eminent securities declined $685.
90, as contrasted with an in
crease last week of f7,625.000.
There was a slight gain in public
deposits, but a decrease of over
&c. 0Do.ooD in other deposits The
statement of the Bank of France
shows that the government has re-
paid an additional 100000 francs
on account Of the war advances
There was a further decrease in
circulation amounting to 100000, 900
francs. Discounts and general depos-
It's showed sight increases.