davidaulloa/AmericanStories huggingface dataset:
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15
MARKET OVERSOLD;;
Recovered FAST
Federal Reserve Board Dis
claimed Any Intention of Ad-
vancing Discount Rate
SHORTS RAN TO COVER

New York. Jan. 1J.-The New York
Evening Suns closing financial review
today says:
Technical conditions within the mar
kct and removal of immediate prob
abilities of an increase in the Federal
Reserve rodiscount rate brought recovery
of good proportions in today'S price llst
of stocks. Tho movement appeared TO
De one of those occasional bulgeS which
are to be expected in professional, ner-
formanccs such as have been in evidence
since the turn ot the year
Selling was carried much too far yes
tcrday because it was then believed that
an advance in the discount rate was Inn :
Vending and because it was understood
that the local reserve bank had for
wurded a recommendation to that effect
70 the Federal Reserve Board at Wash =
ington.
Today the shorts ran to cover because
the board discIaimed any intention Of
taking such action for the present and
denied that it had received a communi-
cation Of that nature from the New York
bank. But covering began in some
measure before the disclaimer came to
hand on technical grounds and it was
accelerated by moro stable money rates,
Renewals were l per cent higher than
yesterday, that is to say. 8 per cent. bnr
the rate was maintained at that level
through most of the session.
There was, of course, the keenest in
terest in the proposed international
economic conference. n movement Of
world wide impulS" with signatoricS of
representative bankers and economists
of tho country most concerned in the re-
habilitatiun Of world trade and industry.
it marks the stirring Of the publ"
conscience toward responsibility for
bottcrmcnt in International business re-
lations. and a. such, is certain to ncu-
traliZo the pcSSimiNm with which tho diff
tcUitir~ Inherent in tho great problem
have boon regarded. This was to some
extent reflected in the stock market
although the foreign exchanges failed TO
record any constructive RESPONSE.
Securities gains ranged from ! to ;
points nr more in moderate trading.
The -teei, roppcrs and motors worc
well bought and the oils did better. with
the one oErnptiou of Middle States.
which suffered bad break of more than
10 points There were numerous strong
features among the specia,ties as we'll.
The rails We're, rs usual, neglected, the
only rcactiouary issue in that list be
ing Texas and Pacific. which got a
setback IN sympathy witt the dubious
situation IN oils.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15
BUSINESS NOTES

While less activity is noted in some
mig iron districts. caused by the sold
out condition Of furnaces in some dis
,ricts. notably Pittsburgh and Philad"I-
phIa. buyers still persist in trying 20
Mace tonnages ranging from l1,OOl tons
of foundry and malleabl" IRON TO dO,uuD
tons of basic iron, all Of which ls wanted
for delivery in the first hall OF the
year.
Quiet business continues TO feature
the flour market, with buyers con 70
tinuing to adopt u conservative policy;
The trade is apparently quite well
enough supplied for present require
mnnts, and for some little time to como
and under the circumstances is inclined
TO await developments.
,Ianau is in the market for enormous
lots of mixed fertilizers and especially
for sulnhatp of ammonia. This Far
Eastern empire has adopted SYSTEM
of extensive operations and the demand
for fertilizers has increased accordingly.
Prices apparently are no obstacle If the
goods can be obtained.
The general chemical list was with.
ont much change yesterday, but this
did not indicate that business lacked
activity. On the contrary, there was
again active demand for caustic soda,
soda ash, bleaching powders, bichro-
mate of soda. yellow prussiatc of soda, =,
sal soda and the ammonia products.
while in the fertilizer group the snot
demand was keen for various commod-
titles and prices were decidedly strong
Fire underwriters who have been in.
vestigating the situation Of railroad
property with a view to resuming their
relations with the railroads when the
roads are returned to their owners find
that while the roads ar" earning too
little to pay dividends on their pre- war
capital the value of their properties by
reason of inflated prices has increased
tremendously,
The iewelry trade was Iotifed yes.
terday by several large American i'm.
porters that the British syndicate has
again advanced the price of cut diamonds
from SIS to $40 karat. This increase
surprised the local industry. inasmuch
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15
LOCAL PRICE MOVEMENTS
CONTINUED VERY MIXED
Philadelphia Electric Freely TapJ. G. Brill PreferroJ
Placed 7 Per Cent Dividend Basis

For some occult reason the local
market failed to respond to the sharp
rebound in New York, which was partly
explainable by the fact that technical
rather than outside conditions were en-
tirely responsible for the flare back on
the bear party. Price movement of most
of the local stocks were mixed and
lacked initiative. Except in few scat
tering instances the changes were again
confined within narrow fractional lin =
its.
About the only interesting news de-
velopment. from local viewpoint, was
the announcement of the quarterly div
idend of 1M per cent ON J. G.. Brill
preferred stock, thereby placing that
stock on Z per cent per annum basis.
Recent distributions were. at the rate
of l per cent quarterly and an addi-
tional dividend on account of accumu
lated back dividends. These, however.
have been liIuidated, which permitted
the board to restore the stock to the
fixed per cent per annum basis. No
action was taken concerning the COM
mon stock dividend.
Fresh liquidation appeared in several
parts of the list. At the outset Lake
Superior Corporation was pressed for
liquidation of weakened marginal ac-
counts, depressing the price nearly 81
to 20B. When this pressure relaxed
the stock rallied to 20&i. Philadelphia
Electric was freely on tap, but was well
absorbed at par. at which price the stock
seemed to be stubbornly pegged.
Elsewhere on the list the trading con :
tinued on the same limited scale with
only slight fractional price variation.
Electric Storage Battery recovered 81 10
of Yesterdays late reaction, advancing
to 133A. Philadelphia National Bank
warrants were 81 higher at the opening
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15

at 125, later fell back to 121. tbor 49,,
lied to 122, then declined ogsin gsi,
to 100. United Gas Imnrovorgall.n agaln
on very small sales yielded n to 5GIO 5SW
American Stores continued In modouaIt
demand, and was 30 cents bipber I've oe
40'c. American Gas on small tra,s AZ
actions had a spread OF 81 betweor (,
and 50. Odd lot buying contjnned o. 3,
Pennsylvania Railroad and Eehigh Nav
igation. .t...,S -'"'-
Unexplained weakness ldeySlonod :.
the local street railway shares IN ,b,
last. hour. Philadelphia Traction we sas
freely offered, which selling caused n
decline of S2.75 to 60. Union Tractinn
at the same time on small sales dronnod
90 cents 70 80, and Philadelphia RaniJ
transit suffered similar loss, declining
If the showing of the York Raj,
ways Co. for 1910 may be taken a'' as =
criterion the utility corporation
throughout the country are in fair wav
of recovering from the effects of tbo
war conditions and the benefits of in.
creased fares. The annual report of tbe
York Railways Co. showed interest m
the S4,03S,000 bonds outstanding was
earned one and three quarters times
over. The balance over fixed charges
and preferred dividends, was equal to 4
per cent or So Share on the 10000
shares of the common stock.
The combined income statement of
the York Railways, Edison Light and
Power and York Suburban Land Co,
showed gross earnings of 81, 1863, ,215'
compared with 81 ,091 ,S51 in 1918. On
Grating expenses were $775 500, against
S643 ,6S9 in the previous year, leaving
a net of $41S, 263, as against $311 ,212
in 1918. The balance, after preferred
dividends. was '$106,66S, compared
with S101S in 1918,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15

New York, Jan. 1I.-Today's stock
market retrieved much of the ground
lost in the preceding session on liberal
covering of the short interest Fears of
vet more stringent money rates con-
tluued to hang over the financial dis
trict, but this was counterbalancrd for
the time being by technical influences
aS the market proved to be in a much
ovcrsold condition.
The recovery movement was acCplcr-
atcd by the failure of the Federal Re
serve bank to make further advances in
discount rates as was predicted ycstCr-
day, but the continued Stringency Of
the money market was reflected in the
opening or renewal rate of Q per cent
for call loans. II was also understood
'hat further heavy Withdrawals would
hr made H. government deposits today
At the same time further evidence Of
The discrimination being exercised by
-hc loaniug institutions as regarding
Collateral was presented in the pro-
n0unrcd weakness of several of the
newer oil companies.
The weakness of several oil shares. in
fact. for "A time threatened 10 upset
the recovering movement. Apparent
urgent liquidation and stops played
havoc in Srvc"ul of the members of the
oil group. NOTABLY Middle States oil
and I'uion Oil. both proving conspic-
uouSly vulnerable. The first named Suf
fcrod q perpendicular descent of lO&
points. to HI. before any scmblancc Of
support was forthcoming Union Oil,
the other TARGET. broke , points. 10
@Oi2. Trauscontinental Oil, which suf-
fered the brunt of the hammering in
the preceding sessions. showed more re-
siStaucc.
From the very outset the general list
showed strong inclination to move
up. One Of the more striking features
OF the early rebound was the progress
made in recovery of dividends by a num-
Der of the active industrial stocks which
sold Tex" ut the opening. All the re-
cent features of weakness. however,
made substantial recoveries in the first
half hOur. giving the early market the
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15

LNDUSTRIALS REBOUND ON
URGENT SHORT COVERING
Pronounced WeakneSs OF Neer Oil Stocks Threatened to
Upset the Recovery Increment

appearance of enjoying Il tore of ex-
ceptional strength
The early advance assumed further
dimensions during the first hour, es-
pecially among the motor, steel. equip
ment and shipping shares. General
Motors, United States Rubber, Crucible
Steel Republic Iron and Steel. Bald
win Locomotive, American Locomotive
Atlantic Gulf and West Indies and
American International were the out
standing features at gains of to 0
points. American Woolen and Indus
trial Alcohol also strengthened mate
rally. The rails and the Copners con :
tinued to keen in the background.
The general list became more or less
unsettled on the pronounced weakness
manifested by the new oil shares, but
anart from few spccialties prices
held ground we'll. Columbia GRAPHIC
"houp was a notable exception, falling
points.
Toward mid day, despite the q per
cent call loan rate, the recovery move
ment was resumed, carrying the more
active leaders back to and above the
high levels of the first hour. The ultra
professional caliber of the movement,
however. deprived the rebound of much
of it's significance. in that it was OBJ
vious that. outside of the urgent demand
of the overeXtendcd short interest, the
buying power was still very limited and
curtailcd by reason Of the stringent
money market conditions.
Stocks made another demonstration
Of strength in the afternoon, their fur
ther advance coinciding with word from
Washington that the Federal Reserve
Board had adjourned without consider
ing interest and discount rates. Some
gains were soon reduced. however. on
rccurrcnt weakness of minor oils and
specialties.
Another rally from this reaction of
the midsession occurred in the last
hour. rails and metals also making
moderate advances.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15
LONDON STOCK MARKET
Renewed 6uoyancy Shown in Oils
IndustriaIs Cheerful in Spots

London, Jan. 15.-Renewed buoy
ancy was shown in the oils in the
stock exchange today. There was u
spurt in the shares of the Burmah Oil
Co., influenced by impending oil de
vclopments in Mesopotamia. Shell
Transport and Trading was 1875, ex-
dividend
Prior to the announcement of the set
tlement of the dispute over wages, home
rails lacked Stcadiness. The Industrial
department was cheerful in spots. Mines
We're checkored. The gilt edged sec :
tion was dull.
Generally, the markets were quiet.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15
No Change in Refined SUGARS

New York, Jan. 15.--The local mar
ket for refined sugar remains unchang
ed. The American Co. continues to Of
fer for shipment in the territory east
Of Buffalo and Pittsburgh at Is. zoe.
less = per cent for cash. Arbuckle
Bros, having completed their allot-
ments, at 16c less per cent for cash
are temporarily withdrawn from the
market. The Federal, Warner and Ma
tional companies also are withdrawn.
lmportations of raws continue disap-
pointing, the arrivals on Wednesday
consisting of 20, ,4l5 bags Cubas to the
Federal; 10000 bags to the Warner.
2717 bags Porto Ricos to the Ameri.
can Refining and 436 packages of wash.
ed Porto Ricos consigned to the trade
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15
.REBUYING OF COTTON
IMPROVES MARKET
Days News Developments Help
Undertone and Tend to
Restrict Offerings
COTTON EELT WEATHER. CONDITIONS

COTTON EELT WEATHER CONDITIONS
New York, Jan. 15--!The following tenn
peratures We're recorded In the cotton belt
this morning: Macon, KNOXVILLE and Okla
home, "a; Fort Smith. Meridian, Mont
atlanta and Wilmington. 3s: Nashville,
and Memphis AZ: yicksburg,, A; Shreve-
Orleans and Pensacola. 4S. San Antonio,
30: Corpus Christi SO. and Galveston. bS.
The only precipitation recorded in the cot
ton belt was s0G inch at Corpus Christi.
New York, Jan. 15.-Rebuying of
cotton by recent sellers brought about
a decided improvement in the cotton
market today. ...., r,
Bullish spot advices, statement by
Governor Harding, of the Federal Re
serve Board, that the board did not,
contemplate any immediate advance in
discount rates, large exports and re
ports of increasing mill demand all help
ed the uudertone and tended to restrict
offerings. .
The switching of short hedges in the
March position to May widened the
difference between these months to about
10 points, an increase of about 40
points in the last two days.
The exports reported to 2:15 o'clock
aggregated 1882 bales, including %
4S2 bales to Great Britain and $3.50
bales to France. Total exports thus
far for the season have been 8 3.269, ,O3U
bales, compared with 2,059,50S bales
for the corresponding period last sea
SON
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15
Liverpool Cotton

Liverpool, Jan. 15.-There was fair
demand for spot cotton today with
prices easier on the basis of a decline
Of &C points for middling at 2S. ODD,
The sales were 5000 bales. The re .
ccipts were 21 900 bales, including II -
600. bales American. Futures were
barely steady in the early dealings.
fair, 23,55d; good middling, 2O.30d
fully middling. 29.3Od: middIing,
2S.05d low middling, 25.50d; good or
binary, ~ 2.j5d. aud ordinary, q bod
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15

Chicago, Jan. 15.-Operations in the
corn market today consisted mostly OF
scalping, and prices moved irregularly.
Sellers were cautious because of strength
in hogs, predictions for unfavorable
weather for the movement and stability
in the cash article.
The start was steady on covering and
buying by cash interests. This was
followed by pressure from local bears
on an order from the railroad admins
tration giving the United States Grain
Corporation 20 per cent of all empty
cars for the forwarding of wheat east
ward.
The selling was overdone, and cover
ing by shorts later brought about an
improvement. The weather map show
ed snow in the central and northwest
districts.
Oats developed firmness on covering
by shorts and buying, induced by a
further advance in the cash article, and
big shipping sales. The upturn was
preceded by easincss.
1t was reported that the seaboard was
asking for offers on round lots for ship
ment as far ahead as March. Receipts
were small.
A local commission house received an
order from Vancouver Offering 200
barrels of -four for sale, in whole or in
part, delivered anywhere in the United
States or Canada. Efforts to get bids
did not meet with success.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15
BUTTER, EGGS AND CHEESE

New York, Jan. Is. l5.--BUTTER-stea
Receipts; 7lS5 tubs. Creamery higher than
Ggc; first, 57Ia q 81 i9c; packing stock. cur.
rent make. No, 2, 44c.
EGGS-Unsettled. Receipts. II. O6I cases.
Fresh gathered extras 7dc, do extra, first
7iq 75ci do, first 72@ 7Sc; state, Pennsyl
vania and nearby western hennery, white,
nrst to extra. 7SQ Sac. do brown, rs a SOC
do gathered, brown and mixed colors. ~ c
CHEESE - Irregular, Receipts. l2l7
boxes. state. whole milk fats current
make specials 3lia a 32c do average run,
30 y a 3ic; state. whole m TX. twins cur,
rent make. specials, 3llk 32c do, average
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15
Reserve Banks Discount Rates

Federal Reserve banks were as follows :
The first column gives rates for all
periods up TO and including Il fifteen
day maturity; the second for a period
of sixteen to ninety days. The third
and fourth columns give rates for re-
discounts of collateral loans secured by
government bonds or potes.)
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15

Paris, Jan, 15,--Prices were barely
steady on the Bourse today. Three per
cent. rentes were quoted at 81 francs 80
ccentlmes exchange on London, AZ
francs 30 centimes ) per cent loan
IS francs 80 centimcs. The dollar was
quoted at II francs A centimes,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15

DIVIDENDS DECLARED

Merritt Oil Corporation. quarterly of ga
per cent, payable February Ii to stock IF
record January 81,
j. G.. Brill Co. quarterly Of TX per cent
on preferred, payable February . to stock Of
record January ~.
Clinchdeld Coal Corporation dividend
of three quarters Of ! per cent on common
payable February IA to stock of record Feb
ruary 8. and quarterly y per cent pre-
ferred, payable February l 10 stock of rec
ord January 28,
National Lead Co, quarterly ~ per cent
on preferred, payable March 10 to stock Of
record February 90
Sears.Roebuck & Co., quarterly of 2 per
,nt on common, payable February - to
stock of record January 81.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15

BANK CLEARINGS
Coroner KNIGHT Goes to Coast

Coroner William R. Knight, Jr., eft
this morning for a trip of a month
to the Pacific coast. He will visit
relatives and also call on the coroner
# Oakland. Calf, while en- route.
Mr.. knight did not take a vacation last
summer. Rh
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15
New York Metal Market

New York. Jan. 15.--Copper--spot and
January. I9i. a l8& g; February, 1870 bid
March, l9lqc bid, Market was quiet, Lead
Market Arm. Spelter Enst st Louis Spot,
January, February, March and April 9.t7 a
ng.27hc Market frmer.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15
BAR SILVER

Commercial bar silver was quoted in
New York today at 81 .30% an orure
a decline Of 41ac. In London the price
was 21Ad lower at 79d.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15
CHICAGO BUTTER AND EGGS

Chicago. Jan. IS, BUTTER Lower
Creamery 81 n B0c
EGGS--Lower. Receipts 4142 cases
Firsts, Gle: ordinary 1rsts so a 5Sc: al
mark easeA ineluded. 37 y 60e
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15
MONEY-LENDlNG RATES

NFW NURh-Money on call opened
today at 9 per cent for lending and
renewing
The time money market is reported
very firm. y few loans are being made
at S per cent and S12 per cent on in e
dustrials, but offerings are negligible.
No change is reported in rates or con
ditons of prime bank acccptanccs or
uorcantile paper.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15

visibility of returning TO German mar
k"Is for toys and notions were expressed
yesterday at the annual convention Of
the ,Iobhers' Association of Notion
Buyers, subsidiary of the National
Wholesale Dry Goods Association. Some
of the notion and toy buyers said Amer
lean products in these lines were in
ferior. while others stoutly defended
the quality that the American factorieA
arc putting out
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15
PHILADELPHIA-CalI. t per

time, Il per cent; commercial paper,
three to six months, jsi per cent, and
six months, 5si at per cent.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15

LONDON--Money is quoted at 4 per
cent Discount rates, short bills 81
per cent; three month bills 53i per
cent.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15
SCALPING OPERATIONS
THE FEATURE IN CORN
Strength in Hogs, Weather and
Stability in Cash Market
Factors
GRAIN BELT WEATHER FORECAST

GKAIN BELT WEAIHEN TOINENE4N7
Chicago, Jan. 15.-1llinois, missouri
Unsettled tonight and Friday, probably
snow Minnesota-Snow probably tonight
and FRIDAY not much change in tempera-
turc Nebra ska--Increasing cloudiness
tonight, probably followed by light ,ost snow
and extreme southwest Kansas---Mostly
cloudy tonight Friday probably light rain
or snow: colder Friday. Montana ana
Wyoming-Mostly cloudy tonisht ana rrl-
dav: Drobably snow.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15

'EN diydend-Phila. Co, 75c Crucible
tEet change made by comparison with last
sale on New York Stock Exchange.
Total sales 7151 shares compared with
1887 shares Yesterday. Thus far this week
20 7Bo shares. Same period last week, IS
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-15

Bonds $4,000, compared with $50. 400
yesterday, Thus far this week. $lTi 90
Same purLOd last woek. $3.50. 800.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1920-12-31
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