The Washington herald., 1921-09-08
STOCKS net GAINS
In TRADE FEATURED
BY PROFTT-TAKING
Decreased Volume Still
Considerably Above Re,
cent Averages.
CALL MONEY LOWER
Rate Drops TO SO at Noon,
After Opening at SISTER
ling Reversed. r"

NEW YORK. Sept. Trading on
the stock exchange was less ac-
tive. although the total sales were
considerably above recent averages.
firm start was succeeded by
profit-taking during the first hour.
after which considerable Irregular
ity existed In the afternoon. how
ever. prices were again higher and
toward the close fractional gains
predominated among the rails. while
advances OF from fractions TO two
points were common among indus
trials. II was evident that short
covering was mixed with profit-tak-
ing. Call money opened at So pcr
cent and was lowered 20 S per cent
at noon.
Exchange.
Sterling was again IN demand
this morning and the market for
this exchange reversed yesterday
position. At a late price Of ss.,s
the gain for the day amounted TO
two cents. Most OF the continental
currcncics were also improved but
not all in proportion to the better
ment in sterling. This was notice
ably the case with reference 20
French francs and cables from Lon
don attribute the weakness shown
recently in this quarter to French
buying of American cotton. German
marks were again heavy. being off
2+i points {" l.oG7s cents.
Commodities.
- a1Ns
er prices characterized the carly cot
ton market With Liverpool again
exceptionally strong. prices here
were up sharply at the opening Dc
cember showing a gain Of l4O points
at 2l.6O cents. Subsequently heavy
profit-taking brought wide ructua-
tions in prices. but altogether such
selling was absorbed remarkably
well until the last hour. A sensa-
tional break then carried December
down nearly two cents 20 1880
cents. Just how long the rush Uf
European buying and the covering
Of shorts will last is extremely dif-
iicult TO foresee. but today's events
obviously are distinctly significant
Wheat also rallied strongly after an
early reaction as a result OF profit
taking. The December future went
as r!gh at Sl.34i, and after a L.
cent reaction still showed a gain o.
3aI cents. Reports OF smaller for
eign crops and Secretary Hoover's
statement regarding over-market-
ing were factors in the rise.
steel Industry.
In the steel industry Il is beccm-
4 ing apparent that the rally in pig
iron prices which occurred last
month had a fairly substantial f!Ic-
tuation Production during August
averaged 80. So6 tons a day as com
pared with $500 in JHly and ac-
cordinC to the Iron Age. additional
furnaces have gone into blast s!n""
the first oC Scntember. The output
Of finished steel products meanwhile
shows no improvement and prices
continue to be lower rather than
higher. Tho situation a. between
the two branches Of the industry j.
not. however inrcnsistCnt. Stree 0.E
/ iron had already been subject ["
much moro severe dcflation than the
( finished products and since a rally
in the raw material hot unnatural.
nrCcede that in the final products
Of the industry. To conclude that
. Wig iron production has passed i'S
low point would not he undUiy opt
mjstir. While i, = likely also that
tho fall will 500 some Improvement
in the demand for steel. From -.
indications. however. the improve
mcnt is likely to he modest one.