The Washington herald., 1921-08-11
PASSAGE OF SUGARS
DIVIDEND RESULTS:
IN HEAVY MARKET;
Disappointed Long Aid. I
( With Further Heavy
Selling.
TRADE MORE ACTIVE,
Rails FractionaIly Lower, :,
While Active Industrials
Suffer Greater Declines.

NEW YORK, Aug. I0-Further
selling by disappointed longs and
the shorts, REINFORCED by the
passing OF the common dividend
on American Sugar. gave the stock
market a distinctly heavy appear
ahce. Trading was more active.
Both rails and industrials felt the,
pressure, oil and sugar-stocks be-
ing particularly weak. Toward the
close rails were fractionally lower
while losses among active induss-
trials ranged between / and
points. Reaction extended TO the
bond market also, trading being
lighter and prices being slightly
lower. Call money ruled at per
sent throughout.
Exchange. IS
After the sharp fluctuations and
active buainess Of the last few
daysl the exchange market showed
a disposition to settle down. Trad
ing was quiet and prices. relatively
speaking, were little changed
Sterling opening a half cent higher
at $3.65k and then reacted 1 cent.
while German marks were u OF
a point lower at 1.23E cents.
French francs. on the other hand
were firm. gaining points at
7.sll2 cents and this frmness wos
shared by Italian lire and Swiss
francs. Exchange on Spain,
Sweden ard Norway however. went
lower. Further strength appear ID
in the Uruguayan peso. a price Of
'6slz Sents comparing with 66'
cents yesterday and 5siz a week
ago. Canadian dollars are also
showing a firm tendency. the pres
ent price hsing S9L cents.
That the government crop re-
port had been pretty thorough
discounted was shown b. events
in the wheat market. After
brief show of strength at ths
opening. during which the DE
cember future touched S1.29 prices
broke December went to s12J
and even after a half cent rccov-
cry was of IL cents on the dsy.
Corn lost approximately. cents
and oats were OF / cent in sym
pathy. Cotton also started well
on the basis of a good Liverpool
market and reports Of crop dam
age. During this phase the De
cember delivery went to 1894 cents
Later. however. when lower prices
appeared in the stock market. liq-
uidatiOl brought the future back
to 1851 cents for a net loss OF
IL points
UanIIed Steel Tonnage.
A decrease Of eSS.OOe tons dur
ing July in the steel corporation's
untitled orders is substantially in
accord with expectations and brings
the total amount Of business on
hand down to 4.S3O0OO tons. Tn"
latter compares with lI.llS.oo0 tons
= year ago. when the post arnis-
lice peak was reached That the
corporation should retain such
considers bio volume Of business
would seem impressive. but the
figures must be taken in conjUnc-
ton with the fact that the corpo-
ration's mills are now operating at
only about 30 per cent of capacity
as compared with something like
90 per cert during most Of last
wear. It obviously is true that II
the cornoration's unfinished busi-
ness vas such as to call for prompt
delivery the decline in the amount
On hand would be considerably
moro rapid.
yidwcek reviews OF the stool
trade meanwhile show little change
in the situation. The slightly bet
ter inquiry recently manifest IS
hcinC maintained but the size "t
the prospective riders is not su'h-
lent TO cause sharp breaks below
recently established price l"v"tS-