Omaha daily bee., 1921-06-04
financial
Ebe New nork Gimes.
BY ALEXANDER DANA MOVES


oy AAGAAND6N DANA W. Ed
Chicago Tribune-Omaha Bee Leased Wire
New York, June 3.-The course of
today's market seemed to indicate
| that the more violent movements of
the week had partly spent their force.
On the stock exchange the pressure
in industrial shares continued and
| the reduction or omission of divid-
end payments by three companies
the international Harvester, the
Armour Leather and the Cuban
Cane Sugar-were as usual, made
the basis for aggressive speculative
selling, though none of the an
nouncements actuallS caused sur
prise.
But the wheat market after going
to the highest price OF the present
upward movement, price 404 cents
above Aprils lowest, ended consid-
erably below Thursdays. In for
eign exchange the days Quotations
were narrower, with sterling l13c
up, then down 23sc, and call money
failed to repeat the per cent rate
Of the day before.
ADVANCE safes OF bteIliuH.
1t was reported in the cables that some
OF the sales Of sterling today and the day
before were for accounts of Germany and
represented transfer Of funds of New York.
with view of the coming maturity OF
the three months German treasury bills
for $40. 900. 900 marks, or 100000, 900. In
which the bulk of the recent cash INSTALL
ment on the indemnity was paid TO the
reparations commission.
There may easily have been such ad-
vance sales OF exchange, for II Germany
means to meet the maturity In dollar
credits her bankers would naturally ac.
cumuiate the requisite balances by sale OF
European exchange from time to time IN
the New York .inarket whenever the rate
made selling advisable. The statement or
an English newspaper that only SS0.0oO,-
600 of these 90-day bills were drawn for
payment in New York, proves nothing one
way or the other as to the total amount
which will be deposited in America Ex-
change on Berlin went higher in today's
Decreases General.
Full details Of Thursdays reserve bank
returns add emphasis to the remarkable
movement Of reserve money to New York
AS against the weeks sharp rise IN the
New York reserve ratio, the percentage
decreased at every other reserve bank ex-
cept Dallas. Minneapolis and Kansas City.
The s47,900,000 increase in loans for
the system as a whole, occurred wholly
the reserve banks of Boston. New York.
Philadelphia, Cleveland and St. Louis ana
it was at those five reserve banks lex
eept that Boston was in this replaced by
Chicago) that all of the weeks $l6,40o,000
increase in note circulation occurred. IL
would seem to be a reasonable lnference
that employment Is increasing in the
manufacturing sections, but that the rest
Of the country has had repayments TO
make to the New York district.
Boston Wool.
Boston, June 3.-The Commercial Buiie-
tin tomorrow will say:
The wool market Is quieter, many
manufacturers apparently having covered
their immediate requirements and find
ing no necessity. for further buying OF
moment although the goods market is
reported In healthy condition and the
mills are we'll occupied Buying is rather
more general in the west and values are
very firm on about the levels OF a week
ago Comparatively little Is being done
in the bright wool states"
Secured basis:
months. S0955c.
California: Northern, 7o@75c; middle
county, G5@6Sc; southern, 50@55c,
Oregon: Eastern No. l staple. rs q SOC;
eastern clothing, 63@6sc; Valley NO. J.
Territory: Fine staple choice. .so@s5;
u blood conbing, 70072c; y blood comb
ing, 4S@ SIC: Il blood combing, $50 42c.
Pulled: Delaine. sS@soc; supers' 6o
@70c.
carding, 22@25c.