The Washington herald., 1921-07-28
STEELS FIRM AID
RAILS UNCHANGED
In FASTER TRADING
United Drug Drops 20
Points But Fractional
Gains Predominate.
CALL MONEY AT NE
Rate Drops 10 Lowest Point
Since November,
1919.
CALL MONEY AT 4Izq4

NEW YORK. July 27.--With trad
ing more active, though still pre-
dominantly of a professional chsr-
acter. the general tone of the stock
market was firm. while a number
OF individual issues showed rather
wide variations. Steel stocks were
firm and rails showed very ifttis
change. A further spectscuisr
break of 20 points in United Drus
was also associated with the pri-
vate difhculties of q large stock
holder of the company. Breaks Of
and 8 points occurred also in
Railway Steel Spring and Pressed
Steel Car. Stocks Of the local trsc-
tion companies on the other hand
were strong. Toward the close frac--
tional gains predominateo. Call
Money. which opened at s per cent.
was lowered TO AZ shortly before
O'Clock. This is the lowest price
since November Z. 1919.
italian Lire weak
Weakness in italian lire was
again a feature OF the foreign eS-
change market Their price in Lon
don ruled at a figure equivalent to-
t.os cents here and the opening a. i
this side was at that same figure.
This represents a loss Of 81 points
overnight and OF a whole cent tn
little more than a month. weak
ness in Dutch guilders also con
tinued, the quotation dropping tn
30.sS cents. or by about one cent
in a week. and here again the weak
ness developed primarily in Louts
don. Cables from that center mean
while attribute the break in guiidi =
ers TO heavy continental buying of
sterling through Holland. Thus the
guiIder Is suffering from Amstsr-
dams Importance as a money mar
ket in somewhat the same fashion.
rs sterling suffers from London's
primacy.
The price OF sterling at New York
was little affected, being \ cent
were OF points at 1904 cents ana
German marks were y point lower
at l.27 cents. The Scandinavian eN-
changes were Irregular.
wheat Rallies
Wheat rallied sharply probably
as a result Of short covering IA The
July option, which expires Seon
At Si.2S the recovery in the Septem-
Der future amounted TO 4 cents the
price subsequently rescting 90 st.e7.
Receipts continue 20 bs heavy. ara
export demand at the moment is not
large. Cotton huctusJed over a 20
point range after recent burst Of
liquidation. The October delivery
sold at ll.so cents, but later at le.03
cents showed a gain OF points. T'
Increasingly aggressive competi-
Iicn with regard 70 prices in the
/ face OF somewhat better inquiry.
/ characterizes the past week in the
steel market. Iron Age reports that
each producer is meeting il as lt
develops and that no approach te
price staDilization is % be expected
under existing conditions. Tna
Journal. incidentally. attributes the
fact that the Steel Corporation = d
earnings for the second quarter
were rather larger than expected.
TO the corporations ownersh!p of
railroads. 5Ss ability tc sell the
Pittsburgh base. and Lake naV'ga-.
tion and cement earnings. heah-
while the corporation has again -rs-
duced wages in So Lake Superior
mines. the latest cut e 10 Ter r>nt
| following one OF 20 reg cent m May.
Z The more encouraging aspect Cf
I the steel situation is tre appearance
l of more numerous inquiries on le
[ half of railroads, not only from
here but abroad. Favorable acii',u
/ bv Congress on President Hard-
inC's recommendations for scttlipr
the claims OF the carriers undCubi-1
/ to this kind Of business.