The Washington herald., 1921-07-17
TRADE CHARACTER
ONSTOCK CHANGE
AGAIN UNCHANGED
Professionals Operate to
Even Commitments
Over Holiday.
OPENS IRREGULAR
Market Practically Without
Feature, and Prices Show
Little Change.

NEW YORK, July 1s.-The char
acter of trading on the stock market
in today's short session was un-
changed from that of the first fve
days of the week. Professional
operations with a view to evening
commitments over the holiday were
carried out in a quiet way. IRE
gularity at the opening was follow
ed by a spell of dullness which last
ed until the close and left prices
little changed The market was
practically without feature, opera
tors on the short eide apparently
having abandoned their attacks on
Industrial specialities to await week
end developments. The foreign ex-
change market took on the dull as
pect of stocks. Sterling was IN
changed at the opening but later de-
elined q cent to S3.61S for checks
Continental rates followed the course
of sterling, French bills selling at
7.7s1s. Italian lire at 4.50 and Ger
man marks at 1924. Active trad
ing in the wheat market yesterday
was followed today by an attempt
at evening up over the week-ehd.
The september option opened un-
changed at 50, declined to 3lk raj
lied to a position 4 cent above the
first price and later fell back to the
early low. Cotton moved up 10 to
Is points October contracts going as
high as 1905.
Clearing House Report.
A decrease of s20.775,65O in the
surplus reserve of the clearing house
banks this week brings the total for
this item down to Sl3,324.35O. Loans
900. Net demand deposits have In
creased S35.o2O.OOO while time de-
posits have decreased S5,227 900. Re-
serve deposits at the reserve bank
are s16,127,oOO less. while govern
ment deposits have decreased sS5,-
zo1. 900.
Trade Condition
Continuation of a slow and spotty
condition in business is brought out
but current trade reports. Heavy
industries, such as steel making,
show continued or intensified stag
nation. The manufacture of essen
tial consumers goods such as cloth
ing, on the other hand goes on at a
fair pace. Thus the amount of cot
ton used by the country's textile
mills during June, although distinct
ly short of that used a year ago. was
slightly greater thar the amount
consumed during May. Margins of
profit in these busier industries are.
however, small.
These circumstances explain the
existing stock market stagnatIon
The public is not sufficiently conf
dent of our industrial companies
present and prospective ability to
earn profits. and public buying OF
stocks consequently is suspened.
This leaves a market composed
chiefly of operations by professional
traders and not a broad one at that.
Perhaps the most interesting de-
Nelopment Of the week is the ap-
pearance in several markets of the
early manifestations of certain of
the large general forces from which
much has been expected in the long
run. Settlement of the British coal
strike which occurred on June IS,
for example has now definitely made
itself felt. in the cotton market. SPOT
buying at Liverpool is large the
whole European textile market
SHOWS a more cheerful tone and
cotton futures have made a haltin-
advance on this side of the water.