Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-05-31

a more active demand for American
The money market continues firm
Naturally, this hns an influence oil
the bond market. Not a few observers
are looking for money TO become easier
and to remain SO for some time. IT this
expectation Is realized. investors will
be disposed to put still more money into
bonds
Violent Variation in Exchange
The foreign exchange market last
week was one OF violent variation. In
tone and wide fluctuation in rates but
with general result being the cStab-
lishmcnt of exchanges on leading points
ut materially below the high levels
established in,-thc preceding week In
short. demand sterling, which sold as
high as AZ in the preceding week,
Yielded to 3.SS in the week lust ended
Although there were intervals Of strength
aud sharp advances including n rally
from 3.g2 to 3.0I. the rate quickly
yielded again Lddcr a renewal of heavy
offerings. There was good deal of
conjecture about the cause Of this reac-
tion in sterling after hcng held firm
for so long period. but no definite OK
planation was obtainabc cN""pt thnt
one interest had in a few days sold
f12.OOO 900 sterling.
This unscttlement in sterling cX
change naturally influenced the position
of many continental exchanges. in
Guiding Holland switzerland. Scandin-
avia and Spain. hut il was insisted in
International banking circles that the
exchange position of those countries
has not been essentially changed Con
lectures that the heavy selling Of ster-
ling might have been FOR the account
of the English Wheat Commission were
denied by-agents Of that body. who
stated that the commission had not been
in the market as seller Of bills for
some time. one factor. however, reason
ably Influenced the foreign exchange
situation. and that was the heavy buying
Of dollars in London by representatives
nf oil interests. who always nre in the
market at the end of the month to make
rcmittnnces to this country.
Copper Buyers Driven From Market
Attempts by the copper sellers to
get higher prices for their product has
resulted in causing the withdrawal OF
consumers from the market. At least
that j. the only opinion that can he
given when il is conSdc'cd that users
have shown little or no interest in the
red metal during the last week.
The leading selling agencies have
advanced their quotations to 1874 cents
for nearby shipments and l3@ cents
for late June and early July deliveries.
but these prices are merely nominal, be-
cause it is stated in the trade that
about the only business done has been
by the small dealers who have been
shading these prices.
Export business also dwinded to
negligible quantities. and the lack of
foreign demand il attributed to the
fart that the Copper Export Assoria q
tion announced an advance to l3ai
cents per pound. g. l. {. Hamburg or
Ilavre during tn" last week.
Inquiries from abroad hP"o come into
the market. hut the rep 'cS. natives OF
the foreign buyers have shown little
interest when the higher prices were
named and found little difficulty in
rlaring their business AT lower levels
with individual dealers who urn not
members Of the Export Association.
There is absolutely no stability t0
the ma ket nt present. but thi" is not
new for copper For n basic industry
cnnpcr is forced through more irregular
periods than any other and the compc e
tition for business always is keen. the
various sellers doing all in their power
to hold their regular customers.
Market Opinion