New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-11
Advance i'm Stocks
Checked for Time
I'm Languid Trading
Activity ON a Diminished
Scale as Result of I'm.
essiness Over TO-tlay's
Statements of the Banks

! The curve which measures huctua-
tions in security prices was little al
tered by dealings yesterday at the New
York Stock Exchange. The price
changes were irregular, and gains q.
one post were Offset by slight losses
at another. The rises and declines
| were without especial meaning as
movements within special groups of
stocks were inconsistent.
Although for the most part stocks
held up fairly we'll through the five
hours Of languid buying and selling,
The irresistible impulse to rise which
carried securities upward on Thursday
yigor. On the other hand. sallies on
the part Of the bear traders were un-
! impressive.
In the absence Of spectacular move
| ments interest in the market waned
and trading was on diminished scale.
Around the floor some uneasiness was
felt rs to to-day's bank statements on
the theory that the strain which was
| revealed in last weeks statement of
the Federal Reserve Bank of New York
might go further, as the peak of the
crop-moving period is being ap
preached. The job of contributing
funds to finance the movement Of the
products of the soil has tended to de-
plete the credit balances of the Re-
serve Bank here in the gold settle
ment fund at Washington, and last
week it was necessary to meet this de-
ficiency by transferring credits from
holdings of "gold and gold certificates"
and also by rediscounting commercial
paper with banks of other districts. 1t
is unreasonable to expect that this sea-
sonable emergency will be unrehected
in to-day's report. However, the con-
dton was expected, and has been we'll
discounted.
The arrival of perhaps $50, zoo, 900 of
gold from Paris in the next -four
weeks in connection with the retire
ment Of the Anglo-French loan will
help the Reserve Banks to perform
their services just at the time when
the load is likely to be the heaviest.
yesterday of the dates of the first four
shipments of the metal, amounting TO
$50 100000. Another SS,50O,0o0 ar
rived on the Port Augusta for the &C.
count of the British treasury.
With demands for call money rela-
lively light yesterday, loans renewed
at I per cent. and toward the close of
the market the rate slid off to per
cent. This charge for this special kind
~ htSAiSSt Ho"SNSAs gives IV accurate
clue to the underlying conditions in
the credit market.
The announcement that the untitled
orders on the books of the United
States Steel Corporation had decreased
5l3,430 tons in August was not much
of a surprise, as a decline had been
anticipated. The falling off, although
IN part measure of recession in in
dustry, is to some extent reflection
of improved conditions of Transporter
ton. Although this was the first drop
recorded since May, 1919, Steel com
mon was off only u Of point
The declaration of the regular divi-
dends by the Porphyry copper COM
panies induced buying of copper shares,
and many traders hold that this in
! dustry has passed through the most
i painful period Of REIMBURSEMENT. The
! feeling that the new Mexican govern
/ ment would be more magnanimous to
f! the foreign oil interests motivated the
buying Of Mexican Petroleum, Pan
American and American Smelling &
Refining.
Sterling exchange slumped to q new
low for the movement, dropping to
$3.5o% for demand exchange Dealers
Interpreted this. to mean that the
French treasury had not vet completed
its operations in the exchange market.
On the. Cotton Exchange the strength
OF October contracts stood out, whereas
in the corn and wheat markets prices
turned slightly weaker