New-York tribune., 1921-10-11
Prices Shade
lower i'm Dull
Stock Market
Volume of Trading Contracts
Still Further After Week
of Diminished Activity:
Call Money Up 10 & 2. C.

HiNcl week OF uulineSs and dlmin-
ished activity in the stock market the
volume of trading contracted further
yesterday and although the average
prices of industrial and railroad stocks
were shade lower the days session
was devoid Of any striking or signf-
cant trend.
In the budget Of the days industrial
news the monthly statistics of untitled
orders Of the traditionally barometric
Steel Corporation stood out conspicu-
ously. For tho first time since July,
1890 the leading factor Of the basic
Industry revealed gain In The volume
Of uneXecuted orders. The increase
was relatively small--only 23,744 tons
but it was an indication OF a turn
ing Of the tide. The cold figures meant
that during the month of September
the recession in business had been
checked, but It remains to be shown
whether the present basis Of doing
business is profitable, especially TO The
independents. In SO far as there Is
discernible relation between indus
trial facts and security quotations,
Steel common anticipated the develop
ments in its strong market position Of
the Last few weeks. Yesterday it closed
at 79A, of Il, and the independent
steels were easy, too. Another factor
which is favorable TO this market worth
Of Steel common Is The perpetual with
drawal Of progressively larger pro-
portion Of the outstanding stock from
speculative quarters by individual in
vestors. Figures made available yes.
terday showed that brokers now hold
1,092,650 shares, compared with almost
| 100000 shares less than five years
ago. The movement toward placing the
shares in strong boxes explains why
the stock frequently revealed firmness
that puzzled speculators,
With the whole list practically
neglected by the outside public, the
Independent oils were among the
most active. The railroad issues were
slightly weaker, as result OF the
uncertainty as to the outcome Of the
1 conference Of railroad executives at
Chicago on Friday, when the question
of reducing freight rates will be dis
cussed. The reports from Washington
regarding conferences between rail
road men and government officials
stirred questionings among specula-
tors in railroad issues, but the cxpres
sion Of doubt was done mainly by pro-
/ fessional speculators, who we're the al
most exclusive factors in the days
I trading.
The rise in call money to per
cent reflects Withdrawals of funds
from this district, part of them caused
~ the voluntary action of out Of town
bands, who We're dissatisfied with the
low call rates prevailing iase week.
inis 1itUatlon was intensified by the
/ notice that the Treasury would cali
S-o.oO0,co q It's deposits in this dis
tIict to-day. The upturn Of rates will
probably attract part Of the funds
7 @hiea the low qQotations previously
repul ed. Tie stability Of snecala4.vc
credit rates 10 interfered with bv the
fact that cut OF town banks contribute
only when they can get better rates
than prevail at home.
In the foreign exchange market. the
rise Of sterling continued The pound
/ was Qpoted at $685. for cables, up
~ cents. Ordinarily at this season
OF grain ard cotton movement tnc
! course Of rates would be the other
way. bat Britain's purchases have been
curtailed in volume and reduced in
! price. Moreover, the British Treasury
anticipated It's current need for dollars
/ py earlier purchases. The strength in
I sterling caused frmness in many Of
the Continental exchanges.
In spite OF the action of the foreign
exchanges, cotton quotations declined
50 to SO points. Wheat prices, on the
other hand, gained from to 214
cents, IS sn Interpretation favorable
to g rise was placed on the govern
ment crop report of Saturday.