Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-31
STOCK MARKET HAD.
WEEK OF UNREST.
Trading at a Minimum, Money
High and Exchange Near
Generalization
PEACE TREATY BIG FACTOR
Stock sales today on the New York
exchange. as compiled by the Evening
Sun, tOtaled 340,7OO shares.

New York. Jan. 81 The New York
Evening Suns closing financial review
today says:
There was some fairly animated buy
ing at the opening of today's short ses..
sion of the stock market. which carried
prices, forward in spots. but it was not
long before the movement lost vim. The
undcrtone continued firm throughout.
The feature was the increased at
tention paid to the railroad list. which
was relatively broad and strong. more
particularly the lower priced issues like
New Haven. Missouri Picific, Wheeling
and Lake Erie and Pittsburgh and West
Virginia. However. such leaders as
Union Pacific. Canadian Pacific. Read :
ing and Atchison also made very good
showing.
Presumably the somewhat better out
look for agreement in the railroad bill
conference had something to do with
improved sentiment in that quarter, al
though it is more probable that the
DeteTing out of demand for the indus
trials induced the speculative element to
shift attention to the rails.
II was scarcely to be expected that
initiative would develop to an unusual
extent on a Saturday with the final
breakup of the treaty conference to face
and the prospect of renewed and
probable prolonged struggle ON the floor
of the Senate. OF course. Wall street
has been none to sanguine that there
would be any other result, still the
district hoped for the best
The dashing Of that hope cannot but
add to the confusion already existing
as to the future. with continued de-
moralization of the foreign exchanges
and the signs of irritation displayed
abroad over the extended uncertain =
ties inherent in the situation.
Trading at Minimum
Another calendar week passes today
without having developed much that
was positive or constructive. Trading
in securities was reduced to minimum
and price fluctuations gave 40 salts
factory clue to the probable course oi
thc stock market in the near future
Money rates ruled high. call renewals
ranging from to II per cent and thu
rate going as high as 20 per cent fol
fresh accommodation
There was condition of things il
the foreign exchange market not readily
distinguishabe from generalization
Sight drafts on London sold at the un.
precedented figure of S3.49. At tn,
| lowest level marks were only slight!
above one cent the mark. The American
dollar called for more than thirteer
francs and more than fifteen lire. th'
parity in both cases being betweel
nineteen and twenty cents or five t.
! the dollar. Commercial bar silver ant
gold alike in London were at the high
est prices known.
Alternate hope and discouragemen
featured the conferences pending on tn
peace treaty and railroad legislation
with agreement apparently as far ava.
as ever Washington DISPATCHES statet
that the railroads would be returned T.,
their owners on March 1. no matte
what happened. but it is to be recalle,
that the same thing was said last fall
with respect to their return on .Janu
ary !, Notwithstanding. however, tha
the situation at the moment looks non
too promising; it is quite generally be
lieved that differences over the earning
and strike clauses will be adiuste
within the stipulated time. 1t is no
easy to analyze this feeling. but it
probably based on the widespread de
sire to see the roads returned as 500
as practicable.