The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-11-29
ny MN1Y cI.EwS.

NsY York. Nov. ss-Encouragement
In certainly to be derived from the fact
that during the past week there has
been a distinct improvement In banking
ly reflected In the much lower rates for
call money and in tho fact that time
funds have again made their appearance
and in decidedly adequate volume as
compared with the light demand Tor
them. Not only was the reserve ratio
OF the Federal Reserve system much
stronger at tho last report period. but
analysis Of tho condition OF the reserve
banks as shown by their figures indi-
Gates a marked reduction in outstanding
note issues. a falling off In applications
for discounts and decided reduction IN
the amount OF inter-oank discounts;
These are all favorable factors ana
while in some measure they may per-
haps be explained by the circumstance
that a declining volume OF trade neces-
sarily lightens the strain upon the bank
ing system 50 that the technical I'M
provement in reserve conditions IS mere
ly the reflection Of the lower volume
OF demand, Il Is nevertheless true that
there IN in progress an actual lquida-
ton and that crops are moving TO mar
ket In q more active way than at any
time heretofore. All this tends TO re-
lieve the financial situation and to that
extent to prep pare the way for rreer loans
and lower rates OF interest. although
few bankers are willing to predict ma
teriallY lower rates on commercial paper
in any near future.
Investment Prospects.
The psychological Influence OF the re-
adjustment process has been that or re-
tarding tho upward movement IN ing
quota ton Of investment securities when
had set in and IN some cases to orlnS
about q fresh reaction In unquestionaoly
sound securities. This, Of course, opens
new OPPORTUNITIES 10 those who are In
position to buy and pay for stocks OF
sound bonds at their present levels OF
value which are In many cases below
true worth, Prospects FOR the revision
Of our tax laws are evidently brighten
Ing and there Is not little reason 10
believe that some action may DC taken
soon after the meeting OF congress. At
least in the way Of a grant Of temper
ary7 relief. Should this he done the Ell
feet upon Investment values might De
very marked one while tho practtcai GER
,alnty OF eventual reorganization OF inc
tax system within a few months at tho
farthest indicates that the betterment
OF values will not at ell events be a
great while delayed. Congress IS llNeiy
to institute rigid economies In eSpsna,-
ture II present plans Of legislative Lead.
ers succeed, and this in turn Is believed
likely TO lay tho foundation for netIer
financial policy with resultant lInproV
ment in the worth OF government ooilsa-
lions.
While stock market operations nave
continued on a substantially high Lowell
during tho past week there has been 2
Jsciine In the overactlvIty which had
been a marked characteristic Of the pre- re-
ceding period. In not a few sharrS re- re-
coverS has already been shown and de-
soite considerable irregularity, Of con
ditions the prospect IS distinctly pete.
than IL was few days ago. An lncr eaSe
Of buying orders. particularly from OUT
Of town. has been noticeable, although
offerings have been quite equal 70 tne
demand. From this 1t Is TO be judged
that there is stlll some house cream asiII
ing" 10 be done before the marker VII,
be ready to continue on It's npwar4
course. I. cannot hS%svsrii be b ss1 ssen
Srsstiv Improved by the heavy liQuioa-
which has taken b p .Ss S SSTn eh.e as
81 ,asilnr now prevailing buying orders
should be plentiful HsrsafsSs ~nss s
st9cSss az, haretofore the money mar
kSt seems 70 have finally . 1oTnss 'H ne
hiring asvut a larger demand Tor securi-
ties. Z.