The Washington herald., 1921-05-26
N.Y.STOCK MARKET
LETLESS In TRADE
LACKING FEATURES
Rail Shares Well Bought
At Prices Ranging
Slightly Higher.
CALL MONEY AT 10
Commitments Shortened by In
dustrial Traders in View of
Three-Day Holiday.
CALL MONEY AT 7%o

NEW YORK; May Zo.-ln INC
sence of any news of general I'M
port, apart from a forecast OF the
extent to which railroad wages VIII
BE reduced in accordance witp the
decision to be announced by the
railway labor board week hence'
today's stock market retained lts
purely professional aspect. Railroad
shares were we'll supported at prices
ranging from small fractions TO u
points higher. 1t was apparent thst
operators who had met with success
in selling industrial shares for the
decline yesterday were impelled 70
shorten their commitments in TINS
session. Nothing developed to make
their position any less secure than II
had been twenty-four hours BEFORE
but they probably had In mind the
coming three-day suspension OF
trading which usually prompts the
dominating operative party TO ADOPT
measures of precaution. Call money
loaned at per cent
Exchange.
The movement in exchange mar
ket today was exactly the reverse OF
that recorded yesterday although as
a net result the quotations were con-
siderably higher than at Yesterday
opening. Today's market opened
strong with sterling selling half
cent up at s3.e7k. The heavy de-
mand for dollars in London how
ever. soon produced a reaction, and
the price receded to sS.94A. Francs
followed somewhat the same course
as sterling opening 13 points up at
S GS cents and then selling down to
SE7. Lire were quoted at the OPEN
ing at the same price as at yester-
days closing. 5.46 cents. but dropped
IL points during the days trading.
Trading in marks was dull and Of
no significance the ruling price be-
s4 cents or a point below yester-
DAYS closing. In the Latin Ameri-
can exchanges the principal feature
was the strength Of Uruguayan
pesos. which advanced from 69.75 to
1850. Dispatches from London indi-
cate. that the violent fluctuations In
exchange during the last three days
are proving as puzzling in the over
seas markets as they are here. Opin-
ion abroad inclines to the view that
the movements are in some way re-
lated to the reparations settlement
which is the most important thing
in prospect in the field of interna-
rional finance but there Is difficulty
in discovering just how this and the
fluctuations in the exchange
markets are connected. Today's re-
ports again emphasize the heavy
buying of American dollars in Lon
don. There is also a report of the
cessation of American buying of
francs but this does not help in clar-
flying the situation.
Iron and steel.
Reports from the iron and steel
industry indicate a further slowing
down both OF buying and Of opera
tions az the plants, according to the
Iron Age. which states that the
hopes recently entertained of a turn
for the better have been dispelled by
these later Developments. The
schedule of steel prices as revised
early in the month is being gener-
ally maintained. for the reason that
reductions are not feasible while the
mills are operating on an average
Of about a third of their capacity.
In a few cases. however, on large
orders for plates and bars. there
has been a breaking away from the
1rrlCe OASIS duOpltO q lS" a = "
The thousand ton purchase of plates
by the American Locomotive COM
pany for its Chinese locomotive or
der brought a price, for example re-
ported as somewhat under 1.9O
cents as contrasted with the basic
price of 22O cents. The pig iron
market also has been very quiet, and
further price reductions are report
ed. In some centers a decline in the
demand fo- automobile castings Is
noted. The steel industry is dis
playing much interest in the coming
reduction in railway wages, in the
hone that this may make possible
lower rates and such further read
iustment in iron and steel prices as
will bring on increased business. The
possibility of lower rates on steel
and iron products in the near fu-
ture points for the time being to
light buying as manufacturers will
not accumulate supplies at present
price levels. A number OF the mills
have felt the pinch of tight money
as a result Of the failure of railroads
to pay their steel bills.