Show i I I UNITED STATES r STEEL STEL REACTS TO ALOST PAR Brief Session of Market Reflects Reflects Re Re- fleets Division of Speculative Speculative Speculative Sentiment N Now New w York Nov 2 With With United States Steel selling down almost to par Mexican Petroleum Royal Dutch and Texas company compan reacting 4 to 10 and the representative war group down 1 to 3 S points today's brief brier but bus busy session of ot the stock market reflected a further division of or speculative lent sent nent- m ment en t. t Rails italIc Hals clippings copper coppers and other shares bearing little relation to peace or war broke 1 to 3 points but rallied rather more easily than less seasoned stocks Mexican Petroleum closed at a rally raly of ot 8 S points and other leaders made variable va Va- recoveries Steel Stee ending at a a small fractional loss I Foreign news and next weeks week electon election elec elec- tion ton holiday contributed to the short I covering but tho the tone at the close cloo was wait Irregular at best beat best Sales amounted to toI I 1 7 shares The Tho bank banI statement showed to a n I moderate moderato extent extent the process of or liquidation dation daton recommended by tho the local money committee actual loans decreasing about and arid reserve of or members memI mem mem mem- bers bore in tho the federal reserve bank de decreasing decreasing decreasing de- de creasing by slightly more than I which almost effaced the previous expansion In that item Iem A A. decrease e of ot in excess i reserves also reduced also reduced by more than two thirds s last weeks week's substantial gala gain gainin In InIn In that quarter Trading In bonds bond especially the domestic do do- group was active on a rising rising- sale Liberty s and 45 gaining 5 I to i of or a per cent The new fourth Liberty loan bonds wilt will wi have havo their first open market on the stock exchange next week Weak Total TOUl sales ales of ot bonds par value alue today tolay aggregated Old Od United States bonds bond war un unchanged unchanged un- un changed durin during tho the week Weekly Financial Flannell That the foremost financial and Industrial ln- ln In Interests 8 of or the country have hava already Inaugurated a broad policy of ot readjustment to meet post bellum belum conditions conditions con con- was established b by developments developments developments develop develop- ments of OC the tha week weck In Ia the tho market for tor forS S securities cour i t te I cc I This was wan Indicated not HO so 10 by bythe bythe the course courM of ot prices as In the firm resolve re- re solve of ot those thosa who control the th monetary monetary mone mone- tary situation to conservo credits credis and restrict speculation to reasonable limit limits lim lim- lm- lm mand it I its with wih due regard to Investment Investment de do- dB k S There wa was a further scaling down of ot quoted values among stocks which have ha had their greatest vogue ogue during durin the I war but In no Important Instance was tho the depreciation serious enough to cause causo apprehension More pertinent In Its Is general geneal bearing upon tho the future of ot allied aled industries was was wasI the reduction In the United States I Steel t OVi- OVi Th I i b. b this resulted i le d-le less from r- r that thi corporations corporation's reduced Income thap from the b heavy y penalties Imposed by bythe the government In this case exceeding exceed exceed- exceeding In ing 70 per cent of ot total earnings Losses among Industrials Industrial with re resultant resultant re doubt of oC dividend stability were partly party balanced by gains among oman rails rals which made further response to the almost stead steady growth of earnings tho the ease case with which crops are ar being marketed and the tho moro more amicable relations relations rela rela- tons with the federal authorities To pro what degree the movements o ot of otI I other stocks notably oils and ship ship- plugs pings may havo been governed by legitimate demand or the whims ot of reckless operators romaine remains a I matter matt r of or speculation FINANCIAL L REVIEW RE Further readjustment of ot values alues from war tar to a peace penco basis was wa the outstanding outstanding ing feature of or the week In the tha securities ties tes market the transition being attended attended at at- t. t tended with some unsettlement The Tho In industrial declining tendency war shares as a I whole derived additional addi add additional I. I tonal momentum from tho the reduction of tho United States Steel Steal extra dividend divi from rom 3 to 2 per cent a condition due not so much to decreased earnings as to the tho enormous appropriations r re required to meet federal taxes and excess profits Trading was attended by less activity ity the tho outcome of restrictions upon loans recommended by the local money committee but this barrier was over overcome como come to a degree later In the tho week when call loans foil to 1 per cent the lowest rate In three months The Tho effect of the tho money committees committee's suggestion that the tho financial Institutions institutions advance their margins on loans from 20 to 30 per cent and which becomes bo- bo comes operative next week Is already apparent In a heavy contraction ot of brokers brokers' loans This was made possible by the closing out of man many speculative accounts especially In stocks tock of non non- Investment character Accompanying this movement was wa-s an Inquiry Instituted by the officials of the stock exchange ex cx- change to minimize activity In stocks controlled by pools With the tho approach of peace leading financial interests are giving much thought to business which at the moment mo mont ment shows much hesitation mainly in relation to the question of labor CLEARING HOUSE BANKS New York Nov NOT J. J The Tho actual condition of clearing house homo banks and trust tom for tho ti week show they bold reserve In excess of requirements This li is a decrease de create crease of from last week The state state- meet follows ACTUAL CONDITION Loan discounts discount etc S Cash In own vaults auito members member federal reserve banks a decrease Reserve In federal reserve Link banks of member banks 94 0 decrease In own vo vaults vault state banks and trust companies b decrease In depositaries state lanks and trust companies decrease Net et demand deposits decrease Net time deposits COO increase 1672 09 lion Increase in a sO and 0 b il St States tee reser e s reserve Z decrease 73 State Stute mind nud t Summary nf of slate alte tanks banks an and trust companies in Greater New York not Included in clearing house 8 statement 0 Lou discounts etc as CSoll decrease Currency and bank decrease deerea cre a- a Deposits with federal reserve bank New Tork decrease Total deposits S J-S Increase X cail camb In vault lault A companIes cash in vault COTTON MARKET New York Nov 2 Cotton 2 closed barely steady stead at n it net advance of 10 13 to 43 points point futures steady December January March May Mar July Spot U 0 |