Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-02-06
new RECORDS ARE MADE
STOCKS AGAIN OFFERED
AT EXPENSE OF PRICE
Although the General List Was Down,
Kew Net Gains Were
Recorded.
~ nRoApAN NALL.

NEW YORK Feb 5-Stocks were
sSSn ofsrsa a; tire EXPENSE of prices
pronounced - on ,hc mo PREVIOUS oc-
SRS!co> Some -5w low records were
made, ana some SiocNs ,Ihsnsed hands
:, the SNiiSa' Hg.csS for this move
7aeat SGt ;As nr; losses fo- The day
Were Sct IS E-tNt - - Tuesday and
WsGssS5SS herc avd there ne; gains
~sHecSt l.<t "s> 6rwc IS result .:
~ aSyS S-> ce>>
~ c-sD-0s prise changes showed
S-iS- 30 III ne nrSt h3!t hour OF
S-&ot-s re EeGt-Si ruSrAct strength
'nsd, Sra $G1S-.,0;tAl rscovcric> were
"Rns>>e2 Sst1-S noon howcve-- the
market became easier. notwithstanding
SHARP -!SS ~ sterling "NctSUsC. wGict
carried he Qootat!on - slightly more
,erday. ScDs OF resi!icnvy were again
m evidence after the noon hour. NU;
heavy offerings .. steel appeared IN the
steel Important Factor.
For time i looked a I steel would
be sold ~ important operators III order
ments in other directions bu, rs sieei
approached par the balance OF The lis,
again became weak. ana II was on TINS
down ware sw.ng net n%w low rScoIds
were recorded. offerings of steel COM
mon did not meet with much opposition
until the quotation had gone throuSG
par 10 % Ia " this level there was
quick rebound TO slightly above par.
where il closed
IS steel neared par and then went
movement there was 4 general cNpcc-
tation in commission houses that the
entire list would show pro oroi y ..
Less Per Cent Is Asked.
Call money dd not set as high as
day. but funds at 20 per cen, were con
sidered too expensive 10 warrant nc"
commitments in securities on an ex-
expressed a belief that government
Withdrawals would he on Il diminished
scale in the near future and that this
for tight money.
Investigation reveals that local bank
crs are correct in stating that the
money committee has not been revived.
: The fact is that certain heads of Wall
Street institutions are IN touch daily
with each other. and are endeayor!ns
TO supply the financial district with as
much call money as possible. No at
tempt is being made TO revive the
money committee in order to control
auctions that there was a money trust.
and might draw fire from Washington.
Dispatches from Minneapolis stated
that the discount rate on commercial
paper had been raised TO u per cent.
so that the street would not have been
surprised IL the local Federal Reserve
Bank had announced a change in rates
Inquiry at the offices OF that institu-
ton, however, late in the day ELECTED
the statement that rates remained the
same.
Few Loans Reduced
Because OF tho sharp declines that
have occurred IN stocks the last three
days brokerage loans were thought
to have been materially reduced but
inquiry among scmc OF the large com
mission houses resulted IN statements
that loans had been somewhat reduced
hot TINT the contraction had not been
:.s large as might be expected. in view
Of the falling OFF in prices. brokers
said that customers were putting up
additional margins and were refusing
TO dispose OF their holdings.
Some Improvement in the railroad
shares had iscen looked for as p result
of the agreement OF the conference
committee on the railway bill. The
rails, however have few friends. and
failed TO show any response. In fact
some issues cased of TO new low levels
for this movement