The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-02-05
MUTATIONS SHOW
LOSSES RANGING
FROM 3 TO I POINTS
Ry BRoADAN WALL

1fna tpday in which prices OF STOCK
broke sharply to new low Levels no
this rnUvenlent and closed today Wit
lcenee ranging from two to ten point
ii ths most active iAEue& A call mon
~ rata az twenty-five per cent. and
& GAArp break in foreign exchange .
r1w bottoms and general cxrectaoo'
th3f rur exports would be curtaned o.
REASON OF the diminishing credits q
tire European countries were fespensi
lie for the general selling Tnovemen nj
Al the opening prices we're general
II lower owing 10 a continuation q
IL th4 selling movement In progress
the close yesterday ana forced }saui'
alton hy persons who were E@acte &C
inset margin calls A SHARP a~ess W
ssss rrfes of Stsrifur amour ttt'7S &c
fourteen ard one-hsif cents - re
rAun1 acceieratA the ~so~-7 n y 60
move ana 6trected SttertiSE - tAe
prospect Of a much sraaiis~ tereasn
fesde
Nost cor. -..sx.o houses v"ert seSss-
srx against the purchase 90 stecSs ew--
to rtT~ osyrfSek T6F Continued
t4rhtreSs in casi rsn-ey. Wire houses
ri ported the appearance 81 investors
hut their purchases were relatively
s--.asfsr thar tlae ch}e' purchasers on
rre downward movement v-ere shorts
who ware cashirr IN then profits
shorty after ore o'clock tire aovsst
prices for the dry vrere recorded when
oscsatiors showed losses ranging
f-cYn three 70 abaut seven points, the
3 maximum decline being in general
motors At trat tire cruc'hle steel
ard Mexfrsr vetroieura showed denre-
rSss;ons az eight points zach while
tobacco rrodu rts ana United FAtail
sssres we're each under Yesterday
Nrgreg shortly before two o'clock
yrk ceiling aased op ard 2 genera
covering movement e1Esed Taics TO-
gett7er WITH ef>ectsiattrrS e0r rain
,sats@.G} 4 SHARP rebound ranging fEoss1
Sra IN eixht points. the greatest re-
ccvery being witnessed in Henefa'
Motors
THIS. however proved r. be but
trurs IT strength and the genera
issi resumed it's downward movement
In the las hour NJ the session. The
close was active and near tire Lowest
y.~irrs for the da~ in most issues.
The street vas SLED with ressirnis'r'
ard with continued high rates for
cal money most peop3e seemed in
e3ared TO look for further decline.
TUESDAYS report thai the fedora
reserve bank a New Terk would
raise It's discount rates failed 20 ma
ferial,xa On every severe drop in
prices, howevcr ss~easers as well as
ir-estrrs are gwen 70 much talk
about the federal reserve board
The high rate for call money fgur-
ed as cns Of the reasons WIN persons
refused 10 purchase stocks and WIZ
Tire bears trok oecssio TO put out
ES1Hional short lines,
Al the opening loans were made
n fourteen rer cert Renewals were
sttern ron offerings became light and
brokers were forced 20 bid TIE rate
~ ~ twsrty~Sv per cant
Heay-y withdra walls ~ the United
States government are scheduled Tor
sa-ro--ow. These withdrawals 10
refher with those made II the H-s'
I'VE DAYS OF the week amounted To
approximately $4,000. goo
Gre depressing infuence was the
establishment again If some new low
records for liberty bonds Toward
sne close Of The day nron1ins NJ invest
nsent bankers reported buying from
ALL parts nj the country hy indiv1d-
nals ard INSTITUTIONAL investors This
buying caused a rally in The last
hour
Tradire waa unusuailZ active
] thyoueaout the session. Dealings
we're So parid that al ti-nss the tape
was as much ~ ten minutes behind
the actual prices being recorded on
al sFt moor TT t9~ f3t R&~EE.
sransactio aggerecating about j.
10000 shares which is the greatest
volume that changed hands in any
rne Ave hour session for weeks.
notwithstanding the SHARP decline
tbs. has occurred IN foreign excha n &c
exnertx on international credit late
today we're predicting further derre-
riatior They said thai the technical
POSITION Of the foreign exchange mar
breaks that have been occurring tbs
last week They added that the shor-
interest was small
Private adc1ces from London sta
ink that England had placed ar erc
barge on cotton IN ports led - prorh
AesAs that si~liiar action would sureiE
- taken With rega-d 20 iux1Irfes
These experts said that the foreiE-
N nations were beg1nn3EE - realize tha'
they mast get back 70 work ard re
construct their respscrave countris,
instead OF sitting back and waitins
I tor the United States to finance II"
bills
International bankers believe tha
I the foreign governments Will fore
their citizens 20 stop buying from for
y &fKn countries Bankers believe tina
4 further sharp break IN foreign er
change woul6 ca lisa the foreign coun
tries to release gold. They expect
however, that this gold would onl,
b rsieased 20 purchase actual rec
3seiIies
a hyeak OF as rnuch as 50 bal.
m tbs quoted market price Of eottoy
futures helped stocks down towart
tower levels.
IrAnS~aa.l geld produetior FOR rA
eemher ras $50 theusasA srs ounces
eoMpare6 with SIS thousand ounce,
The previous month and s41 thousane
Sunces wear ago The rrnduc.ior