The Washington herald., 1921-08-04
RAILSSHOW Loss a.
/ ONPROFIT TAKING
AFTER COODSTAR
Opening Strong, Market
Relapses to Regular
Dizziness.
EXCHANGE FIRMER.
Initiative Comes From Bid
ders Instead of Sell
ers.
EXCHANGE FIRMER.

NEW YORK. Aug. 3.-Trading on
the stock exchange started on an
active basis. with prices generally.
higher and with strength among the :
rails ana steel stocks the feature.s
subsequently,, however. profit TAXI,
ing appeared, and certain individual
issues, among which American Su--
gar was conspicuous. developed
marked weakness. In the after
noon duIiness again ruled. and the
total saIesfor the day approximsted
SOC. 200. Rails showed some
losses Of about point toward the
close, while industrisls were irreg-
ulsr. Call money was At 81 per
cent throughout
Exchange Fir--
A irrner tone was apparentamong
the foreign exchanges, the inltia-
tive coming from bidders instead Of
from sellers, as has recently been
the case. Sterling was unchanged
at s35sK, while French francs, az
ter slight heaviness at the start.
showed an advance OF ! u points at
7s4 cents. Bidding for German
marks started at l.al cents, but ran
up to 1.22 cents TO produce actual
the price was unchanged The Scan
dinayian exchanges were irregular,
with Swedish kroner weak. Alto
gether a moderate amount of busi-
ness was Gone.
wheat reacted as a result OF
profit taking and disappointment
over the lack OF insistent export
demand. After being as high as
sl15L, the September deliyerv
broke TO sL23h, at which price the
net loss was 1s cents. Cotton
trading was lacking in novel fea-
lures, with prices generally higher
October touched l3-o7 cents, and
after reacting TO 1890 was still UP
IL points on the day. a
Prices Increase.
I An increase in Dun's index OF
wholesale commodity prices during
July amounts to approximately fisr
per cent and Is the FIRST interruR-r
tion TO a decline which began
in Nav, 1890. -Four Of the seven
groups making UP the index are
concerned with foods OF one kind
or another. and T. is to increases in
the price Of these commodities that
change in trend Of the index as a
whole is due. or the other three
groups clothing shows an advance
OF less than ] per cent, while the
miscellaneous groups is unchanged.
and metals have fallen again ov
slightly more than per cent IL
would appear. accordingly. that
agricultural produ ITS. which had
i fallen nearest to prewar prices. are
showing tie greatest signs OF rally
ing power. At the same time IL
must be admitted that all available
/ evidence points to a distinct slack
eninC in the rateNat which the gen
eral level of commodity prices have
been falling.
l. steel Prices on.
A somewhat better sentiment
based on the greater number OF in
tuuiries~recently in evidence, exists
in the steel trade. Prices neverthe-
( less show no tendency TO rally. On
I the contrary. the leading companies
are anxious 10 obtain any siEable
/ piece Of new business. and as re-
suit will quote figures even below
certain of the low prices estab-
lIshed during the past week or two.
I More railroad repair orders havs
encouraged car builders 20 believs
that a turn has come in this kind-
of buying, but the belief is. accord
ing to Iron Age. that the increase
in the volume of this business will
( he gradual for some time.
The depth Of the impression into
which the steel industry has fallen g.
NAV be judged. meanwhile, by the
rcountry's pig-iron production I'm
July.