The Washington herald., 1920-02-10
SPECULATORS
MARKING TIME
Changes in Stock Values
Are About Evenly
Divided.
MARKET TWO SIDED
Result of Easier Money Dis
appointing to Those OPP
timistically Inclined.

New York, Feb. s-Although the
all money rate declined to per
fnt following an opening at Il per
sent, and sterling exchange advanced,
he stock market was irregular to-
lay. Early IN the session prices were
rom 1 to 2 points lower in the most
Lctive issues, but in the afternoon
the readiness with which offerings
seneral Strengthening of the list.
Shortly before the close irregularity
Igain developed. but final figures
we're considered to mirror strength
ather than heaviness.
Close followers of quoted stock val
hes said price fluctuations today
Ihould be considered in the light of
! test Of the technical position of the
market A glance at the net changes
or the day. however. failed to show
definitely whether the trend was up
ward or downward.
Partners in large commission
houses said that liquidation on the
Part of their customers as a result
,f last weeks sharp decline was
ess than might generally be ex-
.ected- They attributed this TO the
act that accounts are well mar
sined. Several firms have adopted
policy OF asking customers for
nargins equal to 40 per cent of the
purchase price of the shares pur-
:hased- These brokers say that
hese substantial margins have pre-
vented holders of stocks from be-
'oming alarmed at declines Of from
to 10 per cent Recent margin
ais have also developed the fact
hat most people now committed to
he long side of the market in the
commission houses are well supplied
With funds
Less of an inquiry on the part of
'rckers for money on call was re-
'Orted today as indicated by the
"werinS of the call money rate.
Withdrawals by the United States
government tomorrow are expected
g be approximately S5.0OO,0OO.
General belief is that these with
.rawals will be more than upset by
he payment OF United States GER
ificates OF Indebtedness which
Tere recently recalled for redemp-
ion. but all of which have not as
& Orch presented LOT payment.
Government withdrawals are ex-
'ected to be smaller and for this
pason more money is expected to
70 available for loans on securities.
Time money moved up to nine
md nine and one-half and ten per
ent today which represents a new
ugh level
international Mercantile Marine
hares represented one of the weak
POTS in the market. The common
took declined three points and the
referred three and one-half points
Persons who are advising the pur-
hase of stocks at current levels were
ratified by the weakness in the grain
md provision markets in the West
,orn established a new low level fol-
his movement. as did lard and meats.
he lower prices were attributed to
expectations of smaller exports OF
commodities.
Brokers continue to report an ab-
cnce Of interest in railroad stocks.
espite the gradual approach of the
inc when the transportation compa-
les will be returned to private owner
hip.
The request of Director General
tines to the Railway Brotherhoods
hat they delay the demands for in
TcaSed wages, in view of the pros
Get of lower costs for necessities, was
Onsidered hopeful. but the public re-
uses to show any enthusiasm with
eGard to railroad securities.