Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-14
MONEY:1S HIGHER,
STOCKS VERY SLOW
Shifting Of Finances for To-
j morrow's Big Operations
Responsible.
BY STUART p. WEST.

NEW YORK, October II (SpecfaD:@
Operations on the stock exchange
were still held in restraint today by
the high money rates incident to this
weeks extensive shifting about OF
government funds and to the special
demand to meet the maturing Anglo
French loan.
The renewal on call loans. which
had stood 80 long at per cent. which
had risen to IN on Monday and to
yesterday, was marked up TO per
cent
There was no Significance to this
increase in rate. except that the di-
version of available bank resources
for the extraordinary requirements
of the next few days had for the
time being much curtailed the sup
ply at the disposal of the stock mar
While IL was a situation which kept
speculative activities in check, 1T was
nothing that was serious enough to
provoke liquidation. Where mol
reasons Of a specific nature quite
apart from considerations OF the
money market.
Outside of these weak points, which
were comparatively few, the general
list held up solidly in face of the ad-
vancing money rates and impressed
experienced observers as a market
which in most quarters had been thor
oughlY sold out and was anxious TO
proceed with its recovery as soon as
the money supply would permit.
Strike News Disnppoints.
The news over the cable that the
British miners had. after all. voted
begin on. Saturday was very dlsap-
pointing in view of the confidence
felt week ago that this Crisis mad
been averted. Still. the London mar
ket was entirely calm. with British
government securities unchanged
from yesterday. and if the London
community refused to become excited
there was certainly no excuse for any
uneasiness over here.
AS was the case yesterday. the
far outWeighed the weak. Copper
shares were consistently heavy. as
they were bound 10 be with the cop
per metal we'll under the production
coz Of most of the companies. There
WI some selling of the oils. partly on
the idea that oil prices were likely
to be cut and partly because this is
one section of the list in which there
has been a considerable speculative
account outstanding for the rise. and
in which, accordingly. the market po-
sition is not as strong as elsewhere.
Strong Elsewhere.
But with these exceptions the mar
ket made a very impressive showing.
Railway stocks Of all ranks were
strong, there was urgent short cover
ing in the motors the buoyancy in
the steels reflected the revulsion of
sentiment toward these stocks which
followed the publication of the Sep
TENDER, figures of the Lackawanna
Steel The street now looks for an
equally favorable showing by the Re
public Iron and Steel and for much
improved report by the Steel Corpo-
ration itself.
Reading Issues.
Reading common did not do anything
remarkable. but there was unusual ac-
dvfty at rising prices in both first and
second preferred. This directed atten-
ton again to the possibility, suggested
in these columns some time ago that
one Of the features Of the new Read
ing financial plan may be the re-
tirenent Of the second preferred by
converting 1t half into common and
half into first preferred, and, this be-
ing done, the retirement of the first
preferred at so. Other rails which
actively were in the lead were New
York, Central. Nickel Plate, Western
Maryland second preferred. Lehigh
Valley, Southern Railway and st.
L0uis Southwestern.