davidaulloa/AmericanStories huggingface dataset:
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20
PRICES CLIMBED RAPIDLY
IN BIG BUOYANT MARKET
Broad Character of the Fortoard Movement Indicated Com
plee Rom of the Bear Party

New York. Feb 20.-There was a
decided broadening OF the dealings in
today 3 stock market with spirited
upbidding of prices all through the list
1t was the nearest approach to a gen
uine bull movement seen since the
bridling Of the boisterous and wild
speculation last fall. Starting again
in the railroad division the forward
movement was extended by successive
stages to almost every quarter of the
list. indicating in a measure a whole
sale rout of the overeXtended short in
tereSt.
Nothing in the overnight develop
ment or morning news could account
for the sudden right about face turn on
the part of the trading contingent, but
after the forward movement got its
swing the discontinue of the short in
terest was plainly evident all along the
line. AS matter of fact the bear
party made losing fight from the very
outset.
Acting on the theory that the ad-
vance in the rails had been altogether
too rapid in the two preceding days.
in view of the uncertainties as to the
outcome of the new legislation neces-
sary to turn the transportation lines
back to their owners, the reactionary
element of the room trading contln-
gent tried in every way not only TO
repress bullish activities but also to
force backset.
These efforts were effective in caus-
ing general erecessions in the initial
trading, first by concentrating their eff
forts for time against the rails and
then the steels and other industrials.
but pressure was soon overcome and the
attacks became more feeble. Finally
rhe bear crowd threw up the sponge.
and before the end of the first hour
nearly everything in which there was
active speculative interest showed a
strong tone with au increasing demand
at advancing prices.
In some of the closely controlled spec.
ulative industrial shares, the rebound
was on the sensational order. with the
advances ranging from ) to over
points. The average recovery. how
ever. in the general list extended from
| to points.
1t was the renewed buying of the
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20

minor rails which proved the signal tor
the turn of the market tide. st. Paul;
Wisconsin Central, st. Louis and
Southwestern. st. Louis and San Fran :
cisco preferred and New Haven were
in special demand. gaining one to TWO
points. The more significant buying,
however. was observed in the higher
grade of the rails. although their up
ward progress was slower.
The theory that the revival in the
rails would influence shifting OF active
speculative interest from the industrlals
with the relative neglect of the latter
was completely upset by the vigorous
upbiddiug of this division in the second
hour. The oils. equipments. motors and
shipping shares figured prominently in
the rebound. with Mexican Petroleum,
Pan American Petroleum, Texas Co..
General Motors, American Car and
Foundry, American and Baldwin Loco
motives. New York Air Brake and At
lantic Gulf and West Indies advancing
from to points.
The broad character of the upward
swing, however. was more conspicu
ously typifed when the long neglected
copper group were swung into line
with gains of one or two points in all
tue 1llOIf iVu ulStdl ShulCS'
In the meantime additional impetus
was furnished the recovery movement
by the further strength of exchange and
the 6 per cent quotation for demand
loans. The fact that loans carry over
until Tuesday naturally made the easier
money rate that much more potent in its
influence as a market factor. and was
unquestionably largely responsible for
tfa extensive short covering,
Foreign exchange reacted sharply at
midday. but prices of stocks continued
to climb. Interest centered more par
ticularly in popular ndustrials. ship
pings and metals General Motors and
Crucible Steel at extreme advances of
II and 4Ia points, respectively, were
the chief features.
Popular issues. including motors and
their subsidiaries also shippings and
textiles. led the list TO higher prices
later. but profit taking reduced many
gains at the end
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20

able attention. PHILADELPHIA r,.o..,
reflected continued strong sunnort tleetric ',e
par. Philadelphia Rapid TranSida d"uer
mained unchanged at 23h. The T t,i re-
ness of the market on either tbo soiiin enin
or buying side was strongly ind;catnas
in both Keystone Telephone and dieIa!eu iI!u
Navigation. The former adnansn
Sl.5O from the previous sale TO ia %Heeo go
very light transactions, while tho siO., on
turnover in Lehigh Navigation 'a'i oa
vanced the quotation 81 to 62IS s'u'
Insurance Co. of North Amor;o, !,
clned W to 3O1a. while the warran,, me-
made new low at 9A. Small deaI;nsss
raised Union Traction $1.75 to "a asS
Brill 81 to 4G. '"o
In discussing the railroad s;t,....
officials of the larger financial insiit,,n
tions, which have extensive ;nyost
ments in the securities of the transno.
tation lines, voiced the opinion H.,
any legislation must necessarily bs sna a.
q constructive character. This foot
they stated. is generally recognized h.,
the more experienced members Of C,u'
gress, and after much of the gas h.,
been blown off at Washington If w;,,
be found that the new legislation w;iI
put the country's carriers in a o.,
stronger position than they have occn. va /.
pied in their history.
Most of the more important sys,cms
insofar as equipments and suppiies arn
concerned. are. in virtually starvod
out condition; in truth. they stated
such condition as they were in before
the government assumed control Tho
rehabilitation of the country's trans.
portation industry to a standard basis
means, in short, a continuance Of tho
general prosperity of the country. Tho
Importance of railroad purchases as in
relation to the country's prosperity was
demonstrated very conclusively and
pointedly in the vast expansion of busi
ness activities which accompanied tho
virtual reconstruction of the country :
leading transportation lines from 1So7
to 1905.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20
7CLAL WORLD-NEW YORK AND PHILADELPHIA
LOCAL DEALINGS LIMITED.
MARKET TONE S7RONCEp
Leading Banking Interests Assert NeU Railroad Legso
Must Be of Constructive Character

While making only mild response to
the buoyant upward swing on the New
York exchange, the tone of the local
market reflected appreciable improve
ment. Price changes were generally
represented in gains, about the only
noteworthy exception being Electric
Storage Battery, which ran off over a
point to 112s4 with only small re-
covery.
As is often the experience of grent
activity in the larger market the spec
tacle of the rapidly mounting prices
had the effect to repress rather than
to stimulate speculative interest in the
slower moving local shares. The spir-
tied rise was partly reflected in the
railroad shares which enjoy q dual
market here and in New York. The
advance in these shares, while kept on
close parity with the New York quota
tion, naturally was without local col
oring.
Most of the local shares. however.
as the day progressed. picked up
strength, and what few dealings were
recorded were generally made at higher
prices. In the more representative
shares these gains were confined to
small fractions. In some of the inac-
tive issues wider advances were scored.
American Stores continued to hold
attention. While the dealings fell off
considerably the stock was much
stronger, advancing to Al. an overnight
gain of 80 cents. but 81 above yester-
days lower level. The buying, ac-
cording to the board reports. was of
confident character, which was partly
traceable to the reinsurance given by
interests close to the management Of
the eorly in0up1rat tion of dividpnde
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20
LIVESTOCK QUOTATIONS

GOO SGlSSFo' SssS Firm f9 Rq%, ;ia, s, ,i35o Sg
ssi hss{y ii3$SS Sia5SSS it75 TSdp sS
sf4"'25 a 1875: heavy packing sows; sW@%,Yln,
liz 500 i5,@5 Psck!iGTlF, q sS9gys' rough 81 %
r. ~ 1pERecsipts. piEs tt TS 5000 head Weak
Rscf steeTs. medium and heavy, choice. ana
pTiTle' esHn ti4&1 1G,2S medium and good, ;ll 70
cS6oe %lt coRg91i .79S SS@ eommon NM and msaa%
ss 50mr3: butcher cattle, heiterS, So. "OW
2T5 cogs &9l'SG sansf5S sf75@ Sai oGI x
seS FEEDER steers, 81 ii5O stocter steers
-" s'iiiEEE5P@-Rsce!pts 'iE y 5000 head s!.Tongi
Gi7,75. ewes, medium. good and ecnpics
Sii 25aIi.5O; culs and common Nbp Ip.'a
Ees, st. Losi. Feb. fMHoGS@EseenS R,,iE Ga y
Resyv weight. sI4a1t.75; medium, Sli ,3o1
1870: light. S1lG -, 30; light lights !it.55
q Il 80; heavy packing sows s,m199ol Va II 70
p'tsA sATsTrTLE@Recfipts. 1900 head, Steady.
Beef medium SnS Gsai| sDd gS6S SHI'f I9S
oSoSj ISIS; oGhSSBa common tSi sna msaSm
Il 5o: COWS 81 250 1880; Gamers aud cut
Ss!sht vein sl:ais,5o fe:sdsgr slssrS, s. S."
sHEEP-Reccipts, 2eO head No early
sales.
oodd Sesd' STEADY. Heavies. si4 3Sai4 p}S SS
heavy and light workers. and pigs. sl575a
SHEEP AND LAMBs-Reoepts. 500
head steedy. Top sheep $500; top
&c SA,yIE ~ yESGReoeip''' IS SO head Steady,
Kansas city, Feb, o.-HoGs-Rocc.prs,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20

1900 head oH559ssr, sgi;,m. gslE sI9iSg1a IA q q
i lights sia; o. a 4 IS; packing sowS'
Heavy beef steers choice ard prime Si3 20
oommon. &c SS 'IaHja' So 5o@ rs; light GOOD and
choice si1 5OGl4.5 so; common and medium
butchsr g%tS!e hoSers oSS sSS9m "u,
ters. s5@G.75;, veal, .cal%es si2 ISg I9 l5'
''SIE ;SHIEEEtPP"I"Receipts. tP 1900 head Steady
Lambs Si7 500 20.25; culls and common,
Si2dl7 20; yesrling wethers sl1. 5nm ~
81 of5 a 10 "a: breeding ewes, ssali; feeder
lambs Si5. 80 Odpls.bO.
East Buffalo. y. ". Feb, 2O.-CATTLE--
Receipts. ! 70 head. Strong. ,Cslyes-,,RF{es-
cslpts, 700 head. FiftT cents higher, 80"
90 80. o., ,, ,y nza
70 Tents cents lower Heavy, ,sl4,760lS; mixed,
s,S2sa lS9S ygC'sGG E3 stsRs ia s"s IS Sf
SHEEP AND LAMBs-Receipts. $500
LAMB lambs. si$a2l 80; yeariincEss;, ,I2@ t.
sheep Si4 50@15
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20
LONDON STOCK MARKET
Oil Group Loses Ground on Profit
Takina-Git- Edged Section FIsbby

London, Feb. 20.--Proft- taking oc-
CURED in the oil group on the stock
Exchange today and prices lost ground
Shell Transport was II 23-32 and
Mexican Eagles II 9-16.
Tho gilt edged section was fiabby
owing TO monetary drmness.
There was realizing in Grand Trunks,
following thc overnight meeting Of the
stockholders. at which the terms Of the
Canadian Government for the purchase
of tho lines were accepted.
The industrial department was hard,
The markets. generally, were quiet.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20
DIVIDENDS DECLARED

United States Industrial Alcohol Co,
usrterly 2 per cent on common payable
March Is to stock Of record March I.
Procter & Gamble Co, quarterly ~ per
cent preferred, payable March is to stock
OF record February 25.
cent preferred; payable April 10 to stock of
record April I.
Cincinnati. New Orleans and Texas Pacihc
Railway, quarterly IA per cent on pre-
ferred. payable March to stock of record
otto Eisenlohr & Bros, ~ per cent on
preferred payable April Y 81 registered
March 20,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20
New Issue of Treasury Certificates

Of about $500. 900, 900 of Treasury
certificates Of indebtedness may be ex-
pectcd about March 10, Secretary IIous
ton announced today, He declared,
however. that he saw nothing in the
present situation to indicate that it will
be either necessary or desirable 10 in
crease the interest rate on the ccrtiti-
cafes. The last issue bore 4ai per
cent interest Tho forthcoming issue
will follow closely the payment Of about
$3.50 900 900 of certificates to be re-
tired March 10. The new issue is 70
be smaller because of receipts from in
come and excess profits taxes.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20
LIVERPOOL Cotton

Liverpool, Feb. 19.-Spot cotton was
quiet today. with prices easier on the
basis of decline of 36 points for mid .
ding at 30.51d. The sales were 5000
bales. The receipts were 1000 bales.
including 13 100 bales American. Fu-
lures were quiet in the early dealings.
Spot prices were: American middlinC
fair. 80. 76d; good middling 30. led ;
fully middIing, 81 I'D ni1dling 80. 5Id
low middling, ~ 46d good ordinary,
"a 26d, and ordinary, %. 26d.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20
NEW YORK COFFEE MARKET

New York, Feb. 20. The coffee mar
ket opened quiet and steady. unchanged
to decline of points. There seemed
to BE- little realizing for over the
holidays.
Reports of sales at low prices iu the
Santos cost and freight market seemed
to bring out more offerings in contracts
here and, soon after the call. prices
had declined ! to points further. but
the uudertone was fairly steady. with
July selling at 1910 around II o'clock.
Considerable of tho mornings busi
ness was represented in switching oper-
ations, March to later months.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20
FOREIGN EXCHANGE

New York. Feb. 10. Foreign eI.
change quotations at the opening, While
indicating strength. were widely IN
terpreted as predicting return to a
declining market before the close OF the
week.
Demand sterling registered ~ ad'
vance of 23t cents over the close ot yes,
terday. bcing quoted this morning at
3.46S4 and sterling cables at @.iI =.
Franc cables. at 1920, were UP -
centimes. az were checks ut I3.2o Lire
cables at 17.i5 made II similar ad-
vance to francs and lire checks were
quoted at 1880.
Other quotations were: Swiss cabS'
COS. checks $40; guildcr cables -
checks 37& pesetas cables l.lo'
checks no: Stockholm cables l9.lU'
checks 1895; Christiapiu cables ll,m'
checks 1890: Copenhagen cables l9'5uu'
checks 1920: Belgian cables l".!lo
checks 1920; marks 1.O6; Austrian
kroucn 30.
Yesterdays FINAL oUoTATI!ociN>!s;.
Sterling Francs Lire fuiN'",'
Demand s49t iass5 lS"t iSSt s..
TODAY'S OPENING QUoTATIoNS
Sterling Francs ldrG Gu'Gggt
3spss PSmss1 M M ss.is;, si9;; I$sS I$s6 }77iIS }77iS IS
NOON QUOTATIONS
sterling Francs Lire Guide"
PsGs1d GsDss " ss.44ssh ll&55sS la.5S i74ff6 =
,,:, g. - toG. ehortly after
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20
Rank of France Statement

Paris. Feb. 20.-Thc weekly staMc ,so
meut of the Bank of France shows v5 N. in'
following changes: Gold in hand ahdnJ IN
creased 25l.112 francs, silver in manu- anu
decreased ! 1870 OBS notes in clrrnlaIiiHu clr,,nlit.
decreased %. 225 .305, treasury dCpoSiatss
decreased . .035 1924. genera deppst,oJ
decreased 30 1861. go, bills dlSroupJi.u ~.
increased ~ $40. ISL, advances u'
creased G.TO0 900.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20
CloVerseed

Toledo. o.. Feb. O-Cloverseed-Prim
So s5. April $50 So October 500 50 Alslke
Prime, cash ,a5 March iS5. Tmo;hEo- In,a
sG75; March 81 April S667is May,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20

The first column gives rates for all
periods up to and including a fifteen
day maturity, the second for period of
sixteen to ninety days, The third and
fourth columns give tho rates for dis
counts for collateral loans secured by
government bonds or notes.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20
New York Metal Market

New York. Feb. o,---copper-spot, offered
l0hs. April offered. lokc. Market qnIst
PVT hrm I.ead-spot, February and March
MA @Dhc, Market firm. spelter East 81
Louis-spot February, March and April
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20

Bank cearinFs today compared with cor-
responding day last two Years:
1920 1919 IoIs
Phlla ..STS, So. 3I4 SGI StS,S7O UoI,da,
Roaton 50.T06.S72 i72i53iI iioiidayS
Chicago 1Ol. 78S $50 SOs265aS 'N''
baltimore ~ OGG Gus - lOi 500 = :
y. YOrk--758. 8SS,a7I G34 i5a 400 Hnlida
81. Lou's. 2G.59S.ld5 @4,l77,l69 .......,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20

Action of the United States Indus
trial Alcohol Co. in declaring the reg
ular quarterly dividend of per cent on
the common stock nipped in the bud a
rumor that was gaining circulation to
the effect that reduction in the rate
of the disbursement was impending.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20
MoNEY.LENolNG RATES

NEW. .SORK-Moncy on call opened
today at per cent for lending and
renewing.
The time money market fails to show
the slightest relaxation and usually
we'll informed interests do not expect
any real easiug off in fixed date funds
for several months to come. Little or
no new money is coming into he loaned
on time. \ few limited transactions
are reported on good mixed securities
at $ per cent. On industrial loans for
sixty and ninety days sE per cent con
tinues to be bid
Prime bank acccptanccs are slightly
more active al recently quoted rates.
Prime mercantile paper shows some
increase in movement with the demand
very limited locally. Transactions are
reported at out of town centers at from
~ to I per cent on choice material
Call loans for prime bank acceptapces
still rule at , per cent.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20

After declining TO 3,IT"l ShOrI7Gn IVTT7T
midday demand sterling rallied to "'4+ =
in the next hour on an Irregular market
Sterling cables were 1864, Franc ca.
bles continued weak at l3,3S and rne'hr N
r.. 40. while lire held steady ut I''V
for cables and 17.T2 for checks.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20
CHICAGO BUTTER AND EGGS
BANK CLEARlNGS

Chicago. Esb. 2O.-BuTTER-Hlghcr.
Creamery, 40g65c.
EGGS-Receipts. 1890 cases UNCHANGED
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20
NEW CROP POSITIONS
IN COTTON STEADY
Price Changes Frequent in Late
Session, While Sentiment
Remains Unaltered

COTTON BELT WEATHER CONDITIONS
New York. Feb. 19.--The following tenn.
ncratures were recorded in the cotton belt
this morning: Chattanooga and Knox.
yillc. so; Nashville, 81: Macon 20
Augusta. rs: Atlanta. Charleston and sa.
vannah 40; Montgomery. A.; Fort Smith
ard Memphis. As; Little RoeS Nichsburs.
CITY. Shreveport and New Orleans 50;
Abilene and Pensacola 81: San Antonio
5S and Galveston, 81 There was no
prccipita ton.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20

New York, Feb. 19.-Thc early
afternoon cotton market continued quiet
with frequent price changes. but nothing
to indicate any alteration in sentiment
which appeared to be of a bcarish
character. New crop positions ruled
relatively steady on demand from in.
tcrcsts which were lipuidating March
long lines.
Eastern bet adviccs told of Il total
absence of demand for the spot article
with lower grades. at somc points
offering close to a tendcrab'e basis.
Cotton exports for the day were %
135 bales. including 20,162 bales to
Great Britain. 100 TO France and l7i4
to Japan and China.
Total exports thus far for the season
have been f.1J9. 130 bales.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20

F. Clarence Miller was elected a di.
rector of the Logan Trust Co. to fll
the vacancy caused by the death of
Edmund Webster.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20


Chicago. Feb. 20.--Offerings of corn
ia the pit became freer today and the
market broke after it had displayed
strength.
Sentiment early was more friendly to
the buying side, and pit traders fol-
lowed the lead of prominent commits
sion house in purchasing. This was
hclDcd by rcports that the order of the
Railroad Administration. whereby the
United States Grain CORPORATION took
20 per cent of grain cars. had been can
ccicd. and by an announcement by tho
permit system for moving grain between
the various primary points had been
abolished.
A forecast for unsettled weather to-
night and Saturday. continued light re-
ceipts. snail first hand offers. further
gains in sterling and an advance in
rye. due to reports of further buying
for export also favored the bulls in the
forenoon.
!. Local bears put pressure on oats and
the market receded after il had been
tirmer. Among the forenoon bullish in.
t1uercoH wcre continued light receipts
intimations about exports and decreasing
stocks.
There were reports tha; 100. 900 bar.
rels Of -four had been purchased by the
Wheat Export Co. for Shipmcnt abroad.
futp
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20
Financial Briefs

The average price Of twenty active
industrial stocks declined O.29 per cent
Yesterday to 94.15, while twenty rail
roads advanced 2.4A per cent to 75.46.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20
Paul & Co. announce the opening o
a trading department. in bonds ant

Paul e. Co. announce the opening of
a trading department in bonds and
stocks. in charge of Frank A. Kinney.
The Columbia Trust Co. will nav.
upon presentation at it's Office on and
after March ! 1920. coupon No. 8 from
income mortgage bonds of the Atlanta,
Birmingham and Atlantic Railway Co.
The interest on the above will be paid
at the rate Of S25 per $1,000 bond.
-Four New York Stock Exchange
memberships have been sold, the lowest
nrice paid was SS5 900. which is sos.
600 under recent high record price
r, Clarence Miller. of Bioren & Co.
has been elected director of the Logan
Trust Co. TO fill the vacancy caused by
the death of Edmund Webster.
Tho New York Subtreasury lost SO,
643 600 to the banks yesterday, making
a cash net loss since Friday Of S12.-
691 600.
y Chicago Stock Exchange member.
ship has sold for $4,000. or $4,000 below
the high point last year.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20

PHILADELPHIA-Cal, 6 per cert =.
time, per cent; commercial paper
three to six months, 9 per cent
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20

LONDON--aloney is quoted at AZ
per cent. Discount rates, short billee
5% per cent, three month bills 5ssa
3 H. -16 per cent. '''
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-20
BREAK IN CORN PIT
ON FREER OFFERINGS
Sentiment in Early Market Fa-
vored Bulls Is-Bears Put
Pressure on Oats

GRAIN BELT WEATHER FORECAST
Chicago. Feb 19,-llliuos. Missouri
Wisconsin ard Iowa Snow or rain to-
niisht and =. SATURDAY., Saturday colder
tonight rrd Saturday. colder saturday
North Dakota and Montana-Feir and
colder tonight: Saturday fai- and continued
cold. South Dakota--Coid wRvc tonight
with snow. clearing Saturday colder. Ne.
braska and Klnsas---Snow and much cold
er tonight and Saturday. Wyomtng-Snow
tonight with cold wave Saturday; snow
and colder in south: fair and colder
north