The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-02-11
l||||lDRs AND WOODEN
END WITH LOSES
ny BROADEN WALL

| .1asW York. Feb. 1o.--with call
hney being offered st 8 per cent
E&&1 The United States Steel Corpora
4 &N0a reporting an increase in untitled
t1nas tor the month OF January
Rannoanting to l,o70,oTs tons, stocks
Axoke badly today. and closed the
4 s3o1 with prices eli tie standard
fuues down from three to five points
Y 1ruEn the previous fnai figures. Spe-
I Etsstses like General Motors and
Snertcan Wooden ended the day with
4 MI lossee OF about ten points each
3tGw low records for this year we're
UfiIde In many directions
\ al the opening quotations showed
fractional losses and for tine 1t
lacked SIS though the list would rally
SAAen the cali money rate casey of TO
4A4eAt per cent, and the steel CORPORA
xion issued its favorable untitled ton
mage statement. The market, how
ever. lacked purchasing power so that
when the bears began drive N the
! Barly afternoon. quota lions yielded
aasf1v under the leadership Of Cen
arAl Motors and Steel common, both
NJ which touched new bottoms for
g.ais year.
In the last hour there was g. feeble
rally. hu. twenty minutes before the
gdsrections, and prices were fading
away when the session closed. Stop
l loss orders were encountered on the
{ way down and this accelerated the
decline.
The volume of business transacted
y tncreased as prices deprecated. SO
\ that when the gong sounded for the
II and OF business the ticker tape was
bout eight minutes behind. short
RI before the close, call money was
|n4ered at six per cent, but apparently
mo attention was paid to the lowering
|Dk the rate.
The fact that the market developed
in the face OF favorable
news was disheartening 10 those who
hayn been predicting that lower
#n1Dney rates would furnish The basis
ElGx a sharp rebound. Trading wss
kNnnkidered highly professional. Win
kthb bcarssh element dominating.
ACKNOWLEDGEMENT that the railway
EAn1pIoyes would strike on February
#17 unless granted an increase in
Wares had an unfavorable influence
E1n the market for railway shares
which has been iAn for weeks,
cnthern Pacific. which is considered
Enin4t favorabIy among the rails be-
EE&aIAe o. its equities In oil lands lost
ESArly three points and sold at a new
EWw for this movement Union Pa
ke was also offered IN liberal volume
&S the expense OF quotations. and
M lied with net loss of nearly four
kn1s. Considering that Texas and
&Mesnc sells fer low number OF ool-
f1 per share, its drop OF four points
M&pnasazed the weak techn1cai posi-
6n. bf the rails
Railway executives state that prep
tNE4ons have been made for the re-
{n OF the roads to private owner
~ on March / but even with the
MaaaEe of the proposed new railroad
1E$giation there are prominent bank
N& who believe that this will not
#Hf6ves1t a number Of geceiversnfps
&H04 bankruptcies that are expected.
Large houses repor. steady liquida-
e1N 81 securities BY Europeans, espe-
gEx4ily British investors The secur1-
N4t4h include bonds and stocks OF rail-
&4so3des industTials and some public
&u1ilttieg.
4xrge commission houses report
&Nhat their customers are stubbornly
4 holding on 10 their securities Calls
ssXpr additional margin are followed by
S4hn receipt of large amounts Of funds
z56y these brokerage houses One Arm
#today received nearly $3.50. 300 in cash
ks3n response 10 call made on some
PENSIONERS. There is also some cash
q buyins Of stocks, but this is On light
scale.
Middle States OF was strong faost
N ~ the day, and was one OF the few
stocks To close above the previous
AEnaI quotations