The Washington herald., 1921-02-11
E. H. GARY'S WORD
And COPPER DEAL
ARE MARKET AIDS
U. S. Steel Corporations
Statement Imparts Firm
Undertone.
TRADING is LIGHT
Copper Shares Higher Because
OF S5O,OOO,OOO Note
Offering.

NEW YORK, Feb 10. - judge
Gary's statement that the United
States Steel Corporation did not con-
template reducing wages or cutting
prices, together with the announce
ment Of the financing Of the 400
100000 pounds Of copper metal 70 be
held for export impaired a firm un-
dertone to the stock market today.
Trading was on an unusually ugrr
scale, the total turnover being one
Of the smallest for many months
Dealings continued TO be almOs, en-
tirely for the account OF proysl-
sionals, and persons who had gvh-
stanual orders in the market for
some OF the standard issues de-
clared that offerings were scarce. p
Copper shares were higher ~
cause OF the offerings Of the y-N
OOO.OC OF copper export asg0rfstflfg
notes, which will remove from M
domestic market a depressing lnFu-
ence. Steel shares moved within d
narrow range. Notwithstandfnr the
utterances made by Judge GARY. the
financial district persists in brIev-
ing that an open market Will do
velOp for steel prices. and that there
VIII be substantial concessions made
in prices. Dispatches from Young
town, Ohio, stated that independer 4
producers in that district were
breaking away from the prices ~
the L. ). Steel Corporation Cr-s rr
quotations "f as much as s. q ton
Tor galvanized products were read
The deCreasr Of slightly less than
100000 tons in the untitled business
on the books OF the United Sfars,
Steel Corporation as q JanLa-, 81
last. was in line with what Tho.
street had expected.
Money rates are expected .n r,-
main firm owing TO IN. faal. -a-
quIrements that must Le fI.sH With
in the next week. These total shov.
5000, 100000. OF this total 500 600 -
600 constitutes the new rc-ff.af,a
Of Indebtedness issue just arnoun,-
ed. S25. 100000 for the Chilean gov
ernment: $4,000. 600 Conner Evno-t
Association notes, and several other
smaller issues about 10 b. an
nounced.
As a result of the largo amour.
NJ new bond and note issues ha-Ls-
expect that the discounts and 7r.r !
Of the hanks and trust ror~rar. y
will continue TO show contraction \
the burden Of carving tr, lrG->
trial companies is transferred to f.-
individual investor. Call money held
steady al per cent an day and .r--
eign exchange did little or r-.rn-.-
anCe. Wherever possible larL. --,
are inducing industrial c0urar..s
to float new securities 10 rr01 rr
for their floating debts. ha' ,rc-.
arc quite a number 0g rr~tar.,s
where loans arc being rntsrf..
This procedure usually 'aEr~ ula..
where the credit Of tho ..-rrrar.0r,
in question has prartiga'r no star.-
ing s0 far as the sn..-.'E mark. IS
are concerned.
Railroad shares a.rgF ind Te-srr'r
TO the announcement that IN, Labor
Board has refused o. permit thr .--
sociaiion Of railvar executives -n
abbrogate the present wage aC-o0-
, ments This decision failed fota.s-
even a ripple oi speculative sCN'~r
In railroads. thus refe,lrr aDrar, MT
absence Of interest IN that depart
meut
Pool operations were DECLARED rr-
sponsiblc for tho activity and adj
vance Of CaIitornra T,'r.', .w n'
four points TO new high Ur'.. t'
this movement. Tho "a h." aw
munition that tho ANIMAL r'00 4
would show earning equal '0 81"
share was taken of fM0 srsl' an.
made TO do active srrNI.o and r.
ports stated that "rrw d'vc.0r
r1entS- would nur an r~fr-f.. now
ssnert on The comDary's affairs