The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-09-29
FINANCIAL NEWS
AND COMMENT
Stock Market Irregular and
Awaiting New Influences,
While Grains Recede.

kets yesterday were irregular and quite
meaningless as far as economic influ-
| ences were concerned, except in grain
Wheat futures receded to 2L cents a
bushel, and one or two corn options
drew back to levels not seen before since
pre-war days. The weakness in that
market. which has been noticeable for
week, is evidently explainable by the
rapidity with which wheat is being mar
xeted and because of the outlook Of a
close TO the record production OF corn
in a year in which the extent of foreign
consumption cannot be measured The
grain market movements, like those of
cotton, are worthy OF attention Just now
because OF the effect which continued
liquidation of farm products is having
on bank loans and general business In
the agricultural communities. Cotton
continued its rising tendency Of Tues
day for time. but soon headed into a
heavy flow Of realizing sales. and at the
close the options were little changed
from their position OF Tuesday.
Stocks acted as though SPECTATORS
were waiting to see whether the recent
recovery could be maintained without
the appearance of concrete evidence Of
fresh growth in industry and trade. The
hesitant character Of the price move
Dient for several days has indicated that
the first flush OF improved sentiment.
noticeable In the second half OF August,
was fading away. What the market has
been hoping for was signs Of expansion
in manufacturing. Such signs have ap-
peared this week, but they are rather
OF sort supplemental to earlier ones
instead OF new extension Of business
activities. Thus, the weekly surveys Of
the steel trade confirm previous reports
Of price advances OF plates and struc-
tural shapes by large producers and re-
count the prospects Of larger mill opera
tions in the last quarter Of this year,
but it is not clear yet that the strength
ened position Of light products in the
last month will extend throughout the
industry for considerable time to come.
The stock market recorded yesterday
the waiting attitude Of spectators
through aimless fluctuations of indus
trial issues as professional traders tried
for small profits. For time Oil stocks
were bid Inward on support afforded by
increases of crude petroleum prices in
several important fields, but it looked
as though the familiar hammering tao
tics against Mexican Petroleum worked
to halt the rise, although that issue was
carried forward / "a points in covering
movement at the close. Rails ignored
the favorable earnings statements Of the
Atchison, New York Central and several
other. prominent roads, quotations NOV
ing over a narrower range than they
had for considerable time. Bonds Of all
classes acted in much differenet way
to stocks, although the moderate reaction
Of many issues, including Liberty bonds.
was well explained by the fact that
prices had been rising for the larger
part OF six weeks without a setback Of
eShJ S<NsSh@ AhO ohoStaheiaA OuhPuS VI
new securities Of late naturally has
crowded the market and it would not be
surprising II the rising trend Of quota
tons was slowed down for a while.
Sterling exchange in its decline Of
! Is cents to the pound seemed finally to
record the influence which the constant
melting down of central European rates
had been forecasting. The German rate
went from .S1h Of a cent a mark to
1874, new low figure. and a late rally
was sufficient to carry 1t only to 10.
It is plain in comment coming from
London that British bankers are feeling
concern over the demoralized state OF
the German exchange market, especially
as the sinking Of the mark enlarges the
problem OF future reparations payments
Certainly, the currency issue of the
Reichsbank holds little promise of sup
port for the mark through curtailment
Of outstanding notes. The current weeks
statement Of the Reichsbank shows an
expansion OF 700.o00.000 marks and a
gain OF more than 5000. 600. 900 marks
in circulation since the end Of July.