The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-08-25
STOCKS DECLINE -
STEADILY AFTER 7:
STRONG OPENING
Issues Resisting Short
Selling Pressure Are
Diminished.
RAIL STOCKS BREAK :
Call Money Renews at 51sec, .
And Lower Rate Obtains
Outside Exchange.

NEW YORK, Aug. 24.-As the
volume Of trading on the stock ex-
change increased today the number
Of issues which successfully re-
sisted the pressure OF short sales
diminished The result Of persistent
offerings originatint in professional
ranks and q not inconsiderabls
spreading OF the tendency TO liqui-
date weak industrials was the loss
OF 70 Z points spread over q broad
list Of stocks. A brief display Of
strength at the opening was fol-
lowed by q steady decline which
continued almost without Interrupt
ton up to the closing. In the early
afternoon the railroad shares. which
had held fairly well during the
morning. were brought under at
tack and sustained losses ranging
up to IL points Call money re-
newed at 5lk percent but was OBJ
tainable at a lower rate outside the
exchange.
Exchange.
The exchanges continued 60 show
Improvement. with prices generally
higher than yesterday. though trad
ing was again light. In the early
afternoon sterling at f5.674 showed
an advance of Ia cents over thu.
previous close; francs at 7.7S cents
were up , points: lire at AS cents
were up Il q point, and marks at
l.coS cents were up AZ points. TIL"
Scandinavian and Dutch echanEes
were again conspicuously stronger.
Swedish kroner registering a gain
of 30 points. Danish kroner a gain
of 20 and gilders a gain OF IL. In
the South American list Argentine
pesos registered the greatest gain.
advancing from 2s.SS cents on yes
terday to $3.50. Rupees. which on
the previous day attained their
highest price for the year. were
down today IS points at 20 cents.
Commodities
After a fairly active opening.
with prices slightly below yester-
days closing. wheat gained addi-
tional strength with further buying
for export. December futures were
down y 4 cent in the first hour at
SllSS, and after fiuctuating be-
tween Sl.1Siz and sl.2l closed at
Sl2ok. Cotton opened frm. with
prices for the active trading months
up from 10 to IL points, and De-
cember futures at one time sold at
1888 cents, or 81 points above the
previous close. This strength was
partly lost later in the day, how
ever. as a result Of technical op-
erations. but the market closed with
net gains over yesterday.
steel Industry.
Increasing orders for some forms
of finished steel coupled with a
more urgent call for early delivery.
afford a basis OF hope for notice
able improvement IN the steel trade
during the fall, according 10 the
Iron Age. Signs are multiplying
that the large stocks Of steel prod
ucts that have so long stood in the
way of anything more than hand
to-mouth operation by producers
are being used up. and this is IN
terpreted as being favorable to bay
ing in larger Volvrne. with con-
seuuent decline in the scale 81
losses by the operators. me ract
that the steel corporation followed
the independent companies more
promptly in ma king it's last wage
reduction than in those made earlier
in the year is regarded as indica-
ton OF recent competition. I'm
movement has been noted during
- Of q
'ngots. sheets and fabricated steel,
Nut orders for railway bridge and
building work were negligible
factor. The Improvement in the pig
IRON market. noted last week. con
tinues. with prices generally show
ing more tendency toward frmness.