The Washington herald., 1921-06-01
STOCK EXCHANGE
RESUMES TRADING
s-r,oa
=. ON QUIET BASIS
fs~feh
General Weakness Shown
LIN List During En-
tire Session.
MOTORS ARE HEAVY
Oils and Sugars, Likewise
Dull, Later Joined by Steels
And Coppers.
MOTORS ARE HEAVY

NEW YORK, May 31-with trad
ihkl on q distinctly quiet basis until
the last hour the stock market
showed general weakness through
out the day. Motors, oils and
sugars were heavy from the start
and pronounced weakness in steels
and coppers developed during the
afternoon Toward the close, with
the rate on call money raised from
7toTH per cent. industrials showed
many losses of one and two points,
while rails were irregular.
Yesterdays holiday, which remov-
ed our bidding from the foreign ex-
change market resulted in lower
quotations in foreign centers, sterl-
ing being quoted as low as s3.s4%
in London yesterday. Opening prices
at New York showed the influence
of these quotations but as trading
developed prices rallied. Thus steri-
ing opened at sassy. which Is
cent? below Saturdays close. and
then advanced to s3.7sh. A similar
movement in francs brought the price
to s.52 cents, or only "a points be-
>
above the mornings low. Most of
the other European exchanges NOV
ed similarly. marks being down two
points at 1.5s cents and Dutch. gull
dets recovering about half of an
early loss of half a cent Polish
marks declined to a new low and
Canadian dollars were again weaker
At .ssx cents.
Grains.
with the option expiring the be-
hsYior OF May wheat epitomized the
recent sharp speculative movements
which have characterized this COM
modify Opening firm at s1.71, the
price bounded up lax cents as the
shorts covered, fell back to s1.71 on
reports of increased receipts, and
then jumped back to s1-S4. The July
delivery meanwhile gave a much
truer picture of the actual condition,
going as high as s1.31k and later at
s1.2s. showing net gain of y of
cent for the day, Trading in cotton
was dull. with prices moving within
a narrow range. At 1898 cents. the
July futures showed a loss of two
poipts-
Foreign Trade.
Detailed figures for our April
foreign trade by countries shed
light on the sharp contraction
which has taken place during the
past year. April's exports were
s344. 900. 900 less than those in the
same month a year ago. and of this
difference a fall of s1S9, 900, 900 in
the value of shipments to Europe
is the outstanding feature. The
value of goods taken by the United
Kingdom is s50.0O0.O00 less. but
the decline in the case of France is
proportionately greater amounting
to over three-fourths. when stated
in proportion to last years total
and to $4,000. 10000 when stated in
absolute figures. Most of the
other European countries also show
striking reductions, the outstand-
ing exception being Germany
which took $4,000. 900 worth of
our goods during last April, as
compared with s5.O00,000 year
ago.
1t must not be assumed, how
ever. that the important losses IN
our export are limited to the con-
tinent of Europe Shipments to
North American countries. chiefly
Cuba, are s6S,000. 900 less. while
those to Asia are s57.OOO.OO0 small
er. AS 1t is to the latter regions
that we send our manufactures.
while our raw materials are taken
chiefly by Europe ii is clear that
the restoration of prosperity in
these less developed area is of par
tieular Importance to our own In
dustry.
The decrease in imports from
Europe is much smaller than IN
exports to that continent, so that
the--excess of exports has been re-
duced from s253.0O0, 900 to $685.
0OO.00 In the case of France the
excess has been cut from $4,000
900 to $4,000 These reductions
obviously furnish the basis for the
firm tone shown by the principal
European exchanges during the
O. past few months.