The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-08-21
|TOCKSFURNlSH
| FITTING CLIMAX
TOWEEK'STRADE
Pullness Keeps Pace With
Listlessness in Other
Exchanges.
Trade RESTRICTED
Weakness Most Pronounced
In Motor and Tire Stocks.
Exchange Dull.
FRADE RESTRICTED

NEW YORK. Aug. 2o.-Dullness
Fss no more or less pronounced In
tocks than in any of the other
nancial markets during the two
our session this morning. The
rading in securities furnished a
bttiug climax to a week of up
Important professional operations,
he only apparent result Of which
vas a correction Of the technical
position of the market. With trans
kctionx confined entirely to the
transfer of stocks from one Moor
trader to another. the market
arifted along during the first half
hour without materially changing
the price of any group of stocks.
The attack on motor stocks which
then ensued might have been loca'-
zed but for the lack Of support
in other directions when profess
sional shorts offered the steel ana
allied Industrial shares. Weakness
was most pronounced in Pierce Ar
Row, Chandler and Studebailer and
iu certain tire stocks. Steel COM
mon did little in either direction
to reveal the speculative commu-
nity's mental reaction to the cor
&noration's announcement OF another
Wage cut Losses IN other motor
and tire stocks averaged a point
NE rail market made practically
no response to the Railway Labor
Boards decision in favor of the
brotherhoods in the matter of'over-
time rates of pay.
Exchange.
Trading in foreign exchange was
dull and uninteresting. There was
not enough activity on either side
Ito change rates more than slight
fractions. The same condition pre-
,ailed in the market for cotton
and grains. After opening up =
nuints and advancing a smaller
amount to 1850. cotton reacted to
IS.41c around the end OF the nrsi
hour. Still later il recovered to
Yesterdays closing price. Decem-
her wheat advanced a full cent to
.1.1Ss.. and then reacted to S1.1S.
Reserve Bank Statements.
The reserve bank statements
prove that. the banking position Is
stiu improving despite the arrival
Of crop burdens. and there is not
re highest reason for doubling
that the country's banking re-
sources will he easy adequate for
any burdens the. year max develop.
As between regions. another equal
izinr movement of funds has taken
n e. n
York has attracted back a portion
~ the money which went to the
West at. re time Eastern rates
Softened.
Clearing House Report.
An increase of st.171.72e in the
~Irplus reserve of the clearing
rouse banks during the past week
brings the total of this item to
SIG.975,F7O. Loans and discounts are
risher than last week by S3,04s,O0O
\ gain of S2144.0O0 in time depos-
its and a loss of s1.sS7,o00 in net
.amand deposits brings a net ad-
.litlon If S257 900 to the deposits
item. Reserve deposits at the Fed
craI Reserve Bank are s544.0OO less.
and government deposits decreased
10 the extent of ss1.177,ooo.
While the chief speculative mar
Eets have continued reactionary
during the past week. the signs re-
veaIed of the general economic
trend have been by no means dis
couraging The stock has. to oe
sure, remained dull and heavy, but
this circumstance merely reflects
the lack of public interest and the
ability OF professional operators 70
ind weak spots in the industrial
. list. Dividends continue to be
Nnassed, and we much expect to hear
Of further endorsements in the
case Of individual traders and COM
ranies. especially with another tax
date approaching. These events.
however. reflected business condi-
lions Of the past, and while trouble
some and sometimes disturbing.
have little relation TO the condi-
tons under which business will be
done In coming months.
Foreign Exchange.
Uncertainty among the foreign
exchanges also continues. This is
bound to be the case so long as the
reparations payments are con-
duCIeu dlOuB pEcSchI ilHcS. ocE-
many apparently, found IL necessary
TO make direct purchases of ster-
ling, using her own marks for the
purpose. and this resulted in q
sharp decline. in the quotation for
marks. The operation undoubtedly
led TO concurrent selling Of marks
for private account. and also was
the cause Of quite an extraordinary
outburst OF speculation on the Ber-
lin Bourse. with marks depreciat-
ing sharply in the exchange rela-
ton, German spectators naturally
anticipated a corresponding rise in
the mark value of German COM
modities and securities, and were
anxious to profit by the movement
, The episode illustrates. the I'M
settling effect of business Of ar
tiflcial fnacial arrangements. which
cannot. of course, always, be
avoided. Bearing in mind the ma
ture of the disturbing forces. It -
evident, however, that from a broad
standpoint the exchange situation
promises no fresh difficulties, in. the
way of profitable business.