The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-02-06
GtElAL LIST DOWN
N DAYS BUSINESS
BIZ RRoADAN WALL

New York. Feb. Stocks were
axair offered at the expense OF prick
1 today but the heaviness was not sc
\ pronounced as on the two previous
UcCasiors. Some new low RECORDS
ware made and some stocks CHANGED
I hands Il th~ bottom pytcss Tor tnaa
nnovernenk but the Mt hossas for tbs
dAy Wsg~ not ~ great - on TUESDAY
ard wednesday. HAre and there mel
/ gAane fcr the session could be found
but The general li1a was down as
result OF the days business
~ the opening price changes
showed irregular but in the 6rst haif
hour Of trading the general market
&x-engshaned and substantial recox-
aries were witnessed Before noon
however. the market became easaer
not wtthstArdinG n Aharr r@e In
s-ssline exchanges which carried the
quotation to slightly more than eleven
cents above the low point yesterday
Sfrns Of resiliencv We're again n evil
ssnncA after the noon hour bus heavy
offerings ~ stesI appeared in the
. afternoon,
Fer time Il looks as Il steei would
he sold BY In portant operators !n or
Ger t3 permit covering OF short com
r.Stus.enss In other directions. but as
steei approached par the balance Of
.rs Ilsr AGAIN became weak ard IL
w-as on this downward swing that
rev Tow records ard new bottoms for
this movement we're recorded. Offer
sn~s Of steel common did net meet
with much opposition untI the quo
sasson had gc,ne through par TO ~ Ia
At this level there was quick re-
bound re slightly above par where
1t elose6
As Steel reared rar and then went
through tc rev low for this move
r7ens there was 8 general sxp@c ton
an com RI fsstor houses that the ertlrs
last nnts4d &a4ngr pronounced weak.
rsss but there was general disa ppoirt-
weat Or this score
Cali n1one~ did not get as high as
the rs per cant Squire recorded yes
fer6ay but funds al 60 per cent ware
considered 100 expensive to warrant
new commitments in securities on
~ extensive scale Prominent local
t* -ske-s expressed belief that gov
eminent Withdrawals would be on
Diminished scale In the near future
and thai this would Re less OF tao
tor in making for tight money.
Taeas saticn reveals that local
hsnksfs are correct In stating that the
money cor1u7ittee has not been re-
TfveS The fact is that certain heads
~ Wal Street institutions are In
touch daily With each other and are
er1savorirg 70 supply the financial
6sstr3et rith - fnuch call money as
rcsSi bile No attempt is neing made
TO rev4y's The money committee n or
der 10 control rates because this
would lead 70 deductions that there
was a money trust and might draw
fre from Washington.
Dispatches from Minrea polls stated
thai the discount ratA on commercial
paper had kten raised 70 SIR and
one-half Per cent SO that tie street
wc,4id rot have bean surprised Il the
fccal Federal P@serra bank had an
rnnnced = change in rates. Inquiry
AT the Offices Of that institution how
ever. late IN tie day elected n the
Statement that rates remained the
san1e
BetausA ~ the sharr declires that
fsave occurred tn stocks the last th-ee
days brokerage loans were thought
70 have been materially reduced but
inquiry among some Of the large
sernrsl lssion houses resulted in. state
r1snss THAI hans had been somewhat
reduced but thai tfe conuactio had
got been az large IS might be ex-
saaxssa47- 81 .4a2- 4Fsee nss n
prices Brokers said that customers
Nere putting M additional margins
and were refusing 10 dispose ~ their
q slsaa94ns&
Some improvement tr the railroad
shares had been locked for as a re
suit ~ the agreement Of the confer
8 ercs committee on The railway bill
The rails however have few friends
ard failed 10 show any response. In
fact some issues eaSed OFF to new
low levels for this movement