The Washington herald., 1921-04-21
IRREGULAR TONE
AGAIN PREVALENT
ONSTOCK'CHANGE
Pronounced Weakness in
Traction Shares Is
Only Feature.
CALL MONEY LOWER
Price Changes Irregular Near
Close; for Most Part
Fractional.

NEW YORK. April 2O.-Dullness
and irreguIarity characterized the
stock market today. Call money
opened at sh per cent and was low
cred to 6 per cent during the noon
hour with a supply reported out
side the exchange at S per cent. but
this had a negligible effect on prices.
Aside from pronounced weakness in
certain OF the New York City trsc-
tion issues on suggestions that the
Manhattan Elevated contract might
be cancelled and strength in GER
tain Of the oil stocks. the market
was featureless, Toward the close
price changes were irregular and
for the most part fractional.
ForeIEn Exchange.
Activity among the foreign ex-
changes centered in sterling. French
francs and Italian lire. In all Of
these q good business was done with
a strong tone prevailing. Sterling
gained - Of a cent at s3.s2x, while
francs were Up 13 points at 1885
cents and lire gained s points al
i.ss cents. Aside from nrmness in
Canadian dollars which advanced Z
cent TO IS cents and further weak
ness in German marks. the quota
tion for which declined 70 l.Ss CENTS,
the rest Of the market was feature
less.
CenmodIties.
Short covering appeared in the
commodity markets as a sequel To-
yesterdays declines. wheat rallied
sharply after early weakness, the
May delivery closing with a gain
Of 3L cents at l.z5h. while the
July delivery advanced "a cents to
Sl.O5k. More reports Of adverse
weather were received but most Of
the gain may be attributed to nerv-
business on the part of the shorts
Heavy covering also occurred In
corn and oats. resulting in gains
of better than ? cents. Cotton's
advance likewise cannot be at
tributed 10 the entrance Of any new
factor in the situation. After a
slightly lower opening the MAJ
future rallied to lls2 cents, at
which price it showed a gain Of Is
points
Price EqasIIrstien
Last weeks equalization Of prices
as between the Steel Corporation
and the independent manufacturer
has. according TO Iron Age. had lit
tie effect on the volume Of new bus
iness. Buyers continue TO hold OF.
q irt
of prospective reductions in railroad
rates. and also showing a disposi-
tion to believe that the corporations
cuts are but a temporary measure
and that the more basic resdjust-
ment will be accompanied by reduce
tions in wages. The recent equali-
zstion dii bring the corporation re-
instStement Of some orders which
had gone OF its books. The chief
effect, however, was TO enable the
independents to book corn business
in anticipation OF their increase IN
prices. II now seems that estimates
. of the rates at which the indepsn-
dents and the corporation have been
operating during the past month or
two have been too severe on the for
mer and too favorable TO the latte
Instead OF 4 20 per cent operation
for the independents il is doubtful
whether they ever dropped below 80.
while last week they probably were
working at a IS per cent rate. with
the corporations mills 90 per rent
active. The leading interests and
its competitors had. accordingly
come to much nearer a parity than
generally had been believed. This
circumstance doubtless contributed
to the corporations Willingness to
equslize prices, even n the step were
to be a temporary expedient