Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-09-13
STOCKS we're QUIET.
UNDERT0NE FIRM.
Traders Waiting to Hear
From Maine-Money Con-
ditions More Satisfactory.
BY STUART p. WEST.

| NEW YORK. September 13.-Today s
market was affected to some extent
| by the usual absenteeism at the Hebrew
| New Year.
1t was also Influenced by a wide
| spread disposition to await the results
| of the Maine election before entering
/ upon new commitments.
These two circumstances tended to re-
strict trading. and make the movement
| of prices of less Significance than 1t
| otherwise would have been.
| The price changes were very irregular.
| Oil stocks We're very strong under the
Lead of the Mexican oils. which felt the
stimulus of the statement by the De-
/ partn1ent of Commerce that the oil terri
| tory in the United States is 40 per cent
| exhausted that il will be entirely used
i up within the next twenty to twenty
/! five years. and that Mexico. with only
| IL per cent of its potent onal capacity
| exploited. promises to be "the oil reser-
voir of the western hemisphere.
| Along with the oils the railway shares
were steady and some of them strong,
! the coppers were firm and various
specialties were from time to time bid
| upon
| On the other hand. there We're evil
| dences of renewed beariSh activity
| in the stock of companies which are
| either known to have had or believed
| to have had a considerable earnings
/ SLUMP and whose business outlook
+, for the next few months is uncertain.
Among these We're stocks OF the
leather concerns, some of the ship
ping shares and one or two OF the
sugars National Cloak and Suit.
which had begun to break toward the
close of last week fell sharply again.
, while the Independent state stocks We're
under pressure on the idea that the
steel trade has not yet had its due re-
action in comparison with other indus
tries.
Bank Figures satisfy.
Predictions on the Saturday bank
returns went rdiculousIy astray. 1t
was supposed that they would show
greatly weakened position On the
contrary. the New York Bank was
able to report a gain of nearly l per
cent in it's reserve ratio proper and
Of over 2 per cent in the reserve ratio
after deducting 40 per cent against
federal reserve notes.
This makes up the loss of the last
two weeks at New York, while the
position in the country as a whole has
not been impaired. The ratio of the
twelve regional institutions combined
was slightly higher at the close. of
last week than it was the week be-
FORE and this despite the fact that the
crop-moving strain is now at its
height.
The great advantage of the federal
reserve system in distributing the
burden of this strain is becoming more
and more apparent all the time. de-
spite the criticism leveled against it.
The banks at Boston and Cleveland
helped out the banks at New York and
Chicago. with the result that the Bos-
ton ratio came down from 1913 to 44.6,
the Cleveland ratio from 1876 to 46.S
while the ratio at New York went UP
from 3S.6 to 395, and at Chicago from
42.4 to 43.7.
Holding Their Own.
1t was interesting to note that in the
cotton and grain districts the reserve
banks held their own, and this in the
trying second week of September was an
important achievement. The banking
position at large was sustained by the
gold arrivals, which were sufficient to
offset the currency expansion incident to
crop demands. Inasmuch as these gold
arrivals will be still larger from now
On-$4. 600. 600 more came in at New York
today-this tendency should be stiu more
pronounced for the next few weeks than
it was last week.