The New York herald., 1921-09-18
FINANCIAL NEWS
AND COMMENT
After Early Advance Of Steels
Stock Market Is Inactive
and Irregular.

Under small and rather Indifferent
trading stocks displayed yesterday a
few points OF weakness without show
ing any definite change OF speculative
conditions Short sellers sought 10 de-
press some OF the oil issues. the foil to
which was rise OF the steel group in
the first ho1r and thereafter little was
done. Near the close realizing sales at
the week end gave the share list an
irregular appearance and in that pro-
cess steel stocks. notably Republic Iron
and Steel. with net recession of
slightly more than a point, were more
prominent than others. In summarize
ing the week in stocks II could be said
that traders were more cautious than
they were in the preceding week, evil
IDENTIFY waiting to see whether the re-
cent recovery had gone far in discount
ing known improvement in business. An
attitude Of that sort is conducive to
slaekened transactions but mono Of the
weeks movements indicated that pur-
chasers in the first few days Of the
September rise had been moved to sell
out on a broad scale.
In cotton. on the oeher hand, it was
plain that spectators for the rise dur
Ing the excited markets Of last week and
the preceding week were taking their
profits. Yesterdays recession Of nearly
a half cent a pound eft the December
option, as an example. at practically 3
cents pound less than the weeks best
quotation. The speculative outlook for
OF late by the inclination of Southern
growers and interests. with cotton in
storage to liquidate their holdings at a
talrly rapid rate, which was quite natu-
raj in view Of the position of bank loans.
The borrower In agricultural commune
ties is anxious to reduce his obligations
and in that desire he IS being urged by
the lender. But the tendency speaks for
an 'rregular course OF cotton prices until
spinning reaches larger totals than have
been noted in monthly reports.
! The report by the Department Of Com
merce yesterday on August exports by
commodity groups showed the great ex-
tent to which agricultural products had
contributed to the totals in that month.
The value Of cotton shipped from the
country was s30.361 .045. total actually
per cent. greater than that OF August.
1920. Because of the vast difference
which existed between the prices Of the
staple in August. 1920. and this year
that aggregate value told of a big ex-
pansion Of the tonnage exports. The
money worth OF the August movement
this year was based on q spot cotton
price between 15H and about II cents
pound In contrast to a range between
40 cents and Soh cents in the preceding
August. Thus the per cent. growth In
value Of August exports In 1921 was
made In the face OF prices more than
so per cent. lower on tho average than
those which cotton commanded In that
month In 1920.
Wheat exports also made an excellent
comparison. The $113.Ss1. 900 Of ex-
ports last month were only about S2,-
100000 less than In August, 1920, al
though No. red wheat for cash ranged
between s1.30 and s1.35 bushel in Au-
gust this year. in contrast to S2.49 and
$3.50 in August, 1920.
The weekly bank statement Of the
New York Clearing House reflected the
large transactions of the week in Gov
ernment finance. The report of actual
condition at the weekend showed an
increase of s77.ooO.ooo in loans. which
brought a resultant expansion OF de-
mand deposit of nearly s53. 900, 900.
Excess reserve increased S3s,256.000 as
compared with that of the preceding
week.