The Washington herald., 1920-10-31
STOCKS HAVE e
ERRATIC DAY
Nest lssass Shsw Slight lnprsvs-
neat at End Of Ls6ea and b.
regular Session
TRADING STlMULANT LACKING
Southern Paci6e and Mexic,r Pea
Conspicuous on Shenstk Of
CoIby's Statepent
TRADING STIMULANT LACKING

New York. Oct. 3e.-The actual
bank statement today showed sur
plus Increased ,s7.s7a.a7o; loans de-
creased ssI.74s.Ooo. and net demand
deposits decreased sass. 900. The
average statement showed surplus
decreased sl.35s,s $50; loans decreasee6
s74.2s2,O ,OOe. and net demand deposits
decreased se5.57l,0Oo.
The Federal Reserve Bank showed
3s.l per cent against ass per cent
week ago Of reserves 70 combined
deposits and Federal Reserve Bank
notes outsts nding. II showed SIS
per cent compared with 36-7 per cent
OF reserves to net deposits after de-
Quoting 20 per cent against Federal
Reserve Bank notes outstanding.
Irregularity characterized dealings
in the stock market today. With the
exception OF announcement by SEQ
retsry Colby that the United States
would recognize the Mexican gov
ernment there was no overnight
news TO stimulate trading either one
way or the other. Business became
dull during the latter part of the
session and the close was irregular
Improvement.
Market Lesder,-
Southern Pacific and Mexican Pc
troleum were outstanding features
due to the statement issued by Sec
retary Colby. United States Rubber
and Royal Dutch were conspicuous
for their hesviness. Initial prices
showed gains for the most part but
before the end OF the first half hour
proft-tsking developed and the best,
prices were shaded.
The customers rooms Of the large
commission houses had but a thin
attendance and there seemed to be
but little interest in the market eI-
cept by professional traders.
Southern Pacific.
The buying OF Southern Pscihc
continued to be good and for the ac-
count OF those who have been pick
ing up the shares the last three
days. Improvement in the relations
between the United States and Mex
ico is expected to enable the com
pany to reap some benefits from its
lines in Mexico but the fundamental
reason for the purchase Of the stock
is found in expectations that the
, cent as stated in this column several
( weeks ago. At one time Southern
! Pacific showed gain Of nearly two
4 points and sold at new high price
7 for this movement. Part Of the gain
! was lost in the last half hour Of
! business on realizing sales.
Mexican Petroleum.
The highest price for Mexican
DEH-
I ing when IL showed a gain Of one
! half Of one point. The statement
! by the head Of the company that
/ earnings should increase about SO
per cent during the next year stirnu-
lated buying OF the issue but ths
! stock seemed to be readily supplied
Coppers.
Persons who have been watching
the copper shares say that group is
/ giving evidence Of much resistance
! at the present level. RUmors that
! l5o,ooo,O00 pounds OF copper metal
had been sold could not be confirmed
but persons fsv0ing the copper
shares are advising the purchase OF
, only the low cost producers
J Seneca Copper. which has been
strong for weeks. distinguished it.
self today with a gain OF one point
to the new high record price OF
1s IL. Purchases Of the issue con-
tinued urgent up to the close, the
/ final figure being the best. An
nouncement that control Of the com
pany has been bought by the Calu-
met and Arizona is expected to be
made early next week
Royal Dutch continued under
pressure throughout the session
/ Offerings caused a decline Of nearly
two points and the issue closed weak
at the lowest figure for the day.
Road Earnings.
Railroad earnings for September
continued TO show mixed results.
Results on the Erie were unfsvor-
able in that an increase in gross of
s24S4.24s was converted into a de-
Of one OF the large Eastern rail-
roads. however, says that the trans
portstion companies made unusually
large appropriations for msinten-
ance during September as compared
with the same month a year ago and
adds that the September reports
would be making a better showing
were il not for that. Most railroad
executives believe that the common
carriers will not begin to reap the
full benefits from the higher rates
until November. The mixed results
for September have somewhat
! chilled the enthusiasm Of those who
} upon publication of the first favor
able statements were predicting an
immediate revival OF interest in the
railroad shares.