Evening star., 1920-02-26
MANY GAINS HOLD.
DESPITE REACTIONS
Bl ART y. WEST.

Special Correspondent, OF Tho star
WALL STREET. y y February
.6-W While numerous individuaI stocks
went lower than ever this noruinc
the Inclination Of the market in the
the start.
ne steel group We're under fire.
asai1 parity because OF the very poor
showing mad" by the EepubIic Iron
ana Steel Company in its annual r..
port published yesterday tnornin. am,
partly because OF the expectation of =
similar ShowinS by I-ack.iwanna Steel
IN IT'S annual report du" ;oday
l-arkawar n, Steel after starting in
a point higher. f'll nearly seven.
points befor" its decline vas checked
ana this encouraged a renewal nf bear
ATTACKS upon Republic Steel BetbIe
rem Il. Midva!r and various minor
members of the steel group.
Heavy Copper Selling.
The cut in the Copper dividends
"nlcn mao not been known during busj-
ness hours yesterday. produced heayv
seilinS orders IN these stocks this
,no' iins' 'hlho and RAJ We're pressed
Tor sale n some quantity. although il
was evident that their toUparativ.Iv
low SfiIlng prices had in large meas
are discounted the reduction in diyi-
dehoS. O'her copper shares were ma,
much aifec-ed ''
with II" exception OF thes. ,u.o
groups, H." market disr.aved m,,rb
greater power of resistance even d,r
ing the early trading when these fresh
lh'iNiouat weak spots were bein. .x
posed ne ~
ShOrs Interest Troubled.
me SNORT interest vas having lis
Iouoiea u 'rCcibl+ Steel, which vas
,ehdInS at premium. in General
Motors. IN the oils a,.d th. .,.,ir,r,.,,i
issues ! 'f'''' 81
lEt action Of IA" two la,t.r classes
oi stct vas Sp."iallv sUgyestiya ~
IN oVerschl condition brought ahnut
ny ii combination OF good brving and
WrS poor short selling BY after
noon the strength IN these stocks bad
80 clearly asserted ITSELF that il had
us tneci upon tue rest of the lisf
ana short coverin. be,am- very pen-
eral. S'"
Res"rSe Hoard NeIpx Recoverx
fhe recovery was helped nv the ac
iIon or the Federal Reserve Board in
IhcI eaSihS so very slightly the rate
on only single class of discoun,s
This was very difrrren, from what no
wall street peSsiniyta l. d been nre-
dieting
IT showed that tbs reserve hoard
was satisfied with the measures that
had been taken 20 bring about liuui-
dalton Of commercial loans were
sure that these would prove erTec,ive
IN the end. although as vet not show
ing in the week end bank statements
and had also concluded thar this
process woIid Hot he facilitated ny
any further rai$ing OF rates
On. Do We'll.
The oil shares In the main made
good the juCEment o: numerous care
full observers tha: they we're the best
situated Of any OF the ildustrials and
would be the osst housnt on any de-
cline. In the rally which followed
the break that culn,irsted In the sec
onI week in February It was Aexi-
can Petroleum.. Par-American RovaI
Dutch and Middle States Oil which,
we're among the stocks thar respond
stoekH which acted tho best yesterday
and which had the kest snap~back to
them today
Pao-American is ore Of the things
which important interests seern most
anxious to accumulate on all weak
spots Royal Dutch reflects condi-
lions in the London market rather
than conditions here and. despite all
our worrying .hout London, the mar
khts There have until the last day or
t"" been booming while ours are in a
blue funk.
While most otner stocks opened
down this morning. Royal Dutch
opened uD oV.r two points. This was
the effect Of foreign buying. which Is
of more consequence than the bear
raidng at home.
Crurtbie Steel
It cosi the borrower of Crucihle e. eel
1870 per hundred shares TO obtain
he stock for delivery today. The
hears tried to mako light Of this cir
cumStance, saying that tho short in
tsrest was Fictitious and that the
scarcity In the supply was due to hor-
rowing by people who wished to dis
gutse real Aalea OF stock. But, at all
| events. Crucible Steel was vary hard
TO push down today and did not yield
sven while the weakness in Lacka-
! wanna, Republic and other members
OF tho steel group was most extreme.
Capitalization C0MDavlsos.
| In a table OF compa rison Of the
| capita taiiSatien Of the roads oneratinK
| west Of the Mississippi river. tha mn :
| joFity Of which arc competing limos,
1t 10 shown that the chicago. Rock
Island and Paciho haS the lowest
| capitalization per mile OF thirteen
| selected roads. Tho Chicago Great
Western. which has the 10 west avar-
| a0s Of miles Of road, has the largest
| capitalization per mile,
psW Assgln Calls.
Hrekes0 this nernihg reported that
very f"w margin calls ~"re SAINT out