Evening star. [volume] (Washington, D.C.) 1854-1972, 1921-02-07
STOCK LIST SLOW,
PRICES UNCHANGED
Market Waits on Adjustment
of Labor Pr0bIems-Money
Is Easier.
BY STUART p. WEST.

special Dispatch TO The Star.
NEW YORK. February with the
labor representatives given until
next Thursday to present their case
before the railway labor board and
consequently with the Xix eIihood that
the question of abrogating present
posed of for another week at the
earliest. the stock market fell into
even greater dullness today.
Whether or not the plight of the
railroads is as serious as the rail
executives have made it out to be
the decision of the labor board is a
matter of first Importance, and while
II Is IN doubt there will be. naturally
enough, little temptation to fresh in
ltIative on the stock exchange.
me second influence holding the
market in check is, of course, the
comparative striNgency in money.
me call loan renewal remained at 8
per cent today, and there was no
change in quotations for either time
money or commercial paper. Borrow
ers on stock collateral had a some
what easier time of it than they had
last week filling their requirements,
but this was quite as much due to the
slackness of the demand CONSEQUENT
upon the inertia in the speculative
market as to increase in the supply
of funds
General Showing Good.
Although the Saturday aAnk state
ments had shown reserve ratio at
New York down slightly again, and
by far the lowest of any part of the
country, there was nothing but en-
couragement to be drawn from the
general results. The reserve board
figures showed, as they had the pre-
ceding week. that the regional banks
in the west and south were strength
ening their position as well by the
banks of their localities drawing
down New York balances by liaui-
dation of their agricultural and 1ner-
camille loans.
But they also showed that the fed
eral reserve bank at New York is
being helped and can be helped still
more to bear what strain there is by
the shifting of some of it's discounts
to reserve institutions elsewhere.
The banks in the district of Boston,
Philadelphia, Cleveland and San
Francisco last week took over from
the New York bank $18.000,000 in ac-
ceptaRces, and this transfer will
doubtless continue until the reserve
more normal level.
No Strain on Credit.
This is sufficient assurance that
there is no cause for uneasiness in
the Tightening of the New York
money market.
The fact of far more consequence is
that the credit situation, taking the
country generally, continues on the
mend. the decrease of 1000, 900 in
total bills discounted and Of $4,000
600 in note circulation last week fol-
lowing a similar uninterrupted de-
fiation since the third week of De-
cember. Meanwhile the general re-
serve ratio of 1913 represents the bank
position at it's strongest in a year and
a half.
The street is hopeful that the rail-
road labor board will find solution
which will be satisfactory to the ex-
ecutives and still not ,unduly antago-
niZe the men. But it, does not feel
confident enough to buy the railway
stocks in anticipation of such a re-
suit.
The Reading issues were, of course,
an exception for special reasons. and
there was a little squirt in New Haven,
also for special cause, namely, the
hope that the proposal to give the
New England roads an extra revenue
for the year of $15.600.000 will go
through