The New York herald., 1921-09-03
FINANCIAL NEWS
AND COMMENT
Stocks Advance Fraction to 3
Points on Short Covering
and Pool Operations.

Vigorous advances. resulting in net
Cured yesterday in the last session Of
this week in the New York Stock Ex-
change, and, although the movement
may continue for day or so next week.
holiday trend is reversed early in the
post holiday sessions. or the entire
volume of $50 900 shares the business in
rails was only 50,0oo although gains of
fraction to more than a point were
made in that department. Mexican
Petroleum. after a weak opening and
dip to 101, was the days feature and
rose to 107 n and closed at 106, with a
net gain of y points. Pool operations
were seen in Mexican and such other
stocks at Baldwin, Crucible, American
Sumatra Tobacco, General Electric,
Studebaker, American woolen and To-
bacco Products. In all of those issues
shorts ran to cover or decided to even
their commitments pending week end
Developments Spectators for the rise,
however, were helped by moderate
amount OF fresh buying and by op-
timistic sentiment engendered by the
interests, who considered the situation
sufficiently propitious to attempt bullish
demonstrations in certain issues. AT the
same time many new short lines were
put out and thus next Tuesdays mar
ket will possess unusual interest
There was little in the days news to
affect quotations for stocks outside Of
the further influence of the bul,ish cot
ton crop report and the continued i'm
provement of the Reserve banks re-
serve position. The Federal Reserve
statement showed that early fall de-
mands for credit were being handled
without reducing reserve ratios as a
whole, indicating favorable money pros
poets as soon as the September in
stallment of Federal income ana excess
profits taxes would be out of the way
In the cotton market. despite a reac-
tionary and profit taking tone during
part of the day. net gains OF 80 to s.
points were achieved. The chief ad-
vances were scored late in the session,
October contracts reaching the IS cent
level and December touching 49, 80 cents.
The wheat market. however. showed
an opposite tendency
In the bond market the volume was
much smaller. but prices were well
maintained and Hill road bonds made
a new high at 1925. The reaction in
the foreign exchange market. which
had been expected, owing to its steady
rise for several days, appeared, sterling
ranging from high of $3.74at to low
of S70%. No new feature appeared
other than renewed offerings of grain
and cotton bills. and the experts at
ton. Call money loaned all day at
51a per cent, the pool supplying be-
tween 100000 and $4,000. 900 at that rate.
The trade reviews for the week were
ume of job trading for nearby fall ac-
count being reported. Several import
ant cities note a reduction of unempIoy-
ment and there was an upward surge
in prices OF raw cotton and cotton
goods. Grain marketing was free. with
exports heavy. and. except for cotton.
there was a better trend to late crop
reports. Taken as n whole. a much
better tone was visible and there was
somewhat more doing. but it could not
be determined whether these develop
ments were a mere seasonal squirt or
something more substantial.