The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-09-11
CONTINUATION OF
STRENGTH SHOWN
IN STOCK MARKET
Steel Equipment, and Of.
Shares Are Con-
spicuous. -ss3E
RAIL STOCKS QUIET
Industrials, After Much Re
cession, Show Gains. Of l x.
To 8 Points at Close. ,f-
RAIL STOCKS QUIET

NEW YORK, Sept Io.-Tester-
days strong market for stocks was.
continued on the stock exchange
this morning. trading being. in
fact, rather more active. Steel
equipment and oil shares were pan
ticularly strong and the same tee
dency TO favor certain Industrial
leaders was still in evidence. Rslfs
were comparatively quiet and were
fractionally higher toward ''thes
close. Among industrials esins 6f p
j 70 . points were common. even az
ter q considerable recession from
the best prices as a result Of prom
taking. Cotton again moved ahead
sharply as q result OF the Texas
floods. the December delivery BE-
ing up III points at a late price ~
2l.e2 cents. Wheat was firm WIN
December at t1.sek. Among the
foreign exchanges sterEng al
vanced IL cents TO s3.f7lE, BrN'
touching new low for all time. st
o.sSIs cents. $50
Reserve Surplus.
A surplus Of fl6,4OO.0OO in ~
serves Is shown by banks, this cor.
responding to a gain in this item o.
sl6,sO0.0oo. Reserve deposits AZ.
the Federal Reserve bank mean
while are sl7.4Oo. 900 higher. wbil.
deposits with the banks themselves
are fll,2Oo.OOo higher. Loans. 90
the other hand. are less by SS,sOG.-
600 and government deposits ara
lower by 100000. o..
The Week. -..ar
Cotton's sensational rise has he'd
the center OF the financial sts.tr
during the past week and. undo.
properly. A development whTci
increases the prospective worth -
one Of the country's great stapi-
crops by as much as 80 per cehI
naturally deserves close scrutin,
with a view to discovering its nit
mate significance That the elfect
on the banking and business situ:
ton in the South is highly impor-
tant goes without saying. IL s.
also fairly obvious that the raIIy.
II maintained. will tend to increes -.
the purchasing power OF an iApog-.
tant part Of the population. anu
thus have a bearing on business
I'AiNANAOAS
1t is just as well 10 realize. how
ever, that its beneficial effects 'srD
in some respects limited. The raHs
In the raw material. for examnFe.'
undoubtedly will result in 4 cs--
tain amount OF buying for stoct-
by manufacturers and to a smaller
amount OF cloth buying by jobbers.
j cannot. however. have marked
or sudden effect on buying by the
ultimate consumer. The latter.
whether in India or America. stu!
feels pretty poor. and Is likely T..
continue his efforts at economy To-
some time 20 come. 4 rapid rise
in textile and clothing prices. IN
fact. is likely 90 stiffen his rests,
lance rather than to lessen g. Tr-
employment is stlll WIDESPREAD
and to expect any considerable re-
duction Of its volume during -
coming winter surely wouli d"
optimistic. Similarly. Il would ~
intudicious 20 expect too much In 80.
way OF sympa thetic rallies In u'hs-
raw materials. wheat certaiu'v
has shown 4 tendency 90 re1~c'
cotton's strength during the Dns'
week. but the effect WAS limitaa
and other bullish influences pccr'-
liar 20 wheat were also active. A.
an offset. furthermore. the price
OF sugar showed a complete disre-
gard for the strong advance Ia III
other commodity. falling at tn,
time Of cotton's greatest strength