Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-11
FORCE OF SELLING
MOVEMENT SPENT
New Low Levels and Easier
Money Rates Attracted Con-
fident Buying
MORE FUNDS ARE AVAILABLE

New York, Feb. 1.-THE New York
Evening Suns closing financial review
today says:
The storm which has been sweeping
over the financial markets for the last
week abated in fury today, but not un-
til after the stock market fell to new
low levels this morning. When the
market opened it was still under the
influence of the heavy selling which
proved so disastrous to prices in the last
hour yesterday.
For the first hour or so the list was
very weak. and additional declines of
to points were recorded on an ex-
Ceedingly heavy turn over. AT the low
figures reached buyers came into the
market with more confidence than for
some time, simply because of the enor-
nous depreciation which has already
taken place in security quotations
rather than because of any Fundamental
change in the financial outlook. There
was one decided Improvement, however
and that was in the supply of money
available for call loans.
The renewal figure was S per cent
cOmnared with 10 per cent yesterday and
II per cent last week BY midday cal
This represented such q marked relaXa
tion from the tense condition which has
prevailed for fortnight that it i'm
mediately steadied the stock market
causing a sharp rally from the bottom
figures. In addition. the foreign ex
change market turned slightly upward
with demand sterling at 1904, up !.
points. Francs were three centimes
higher at IA As, while lire rallied II
points 10 1914.
The motor and shipping shares were
among the weakest on the decline
Studebaker selling down 3 points to s.
and Marine preferred TO IS. Selling. o.
railroad stocks was again a disturbing
feature of the early dealings. th'
standard shares. such as Union Pacific
Southern Pacific, New York Central ant
Reading falling from l to 3 points
Reading went below 81 and Cnior
/ Pacific under III before the selling
/ halted. This selling was chiefly due Il
the strike threat and to reports from
Washington that there would be op
position to the conference report on tn
railroad bill. particularly the 5l2 pc
cent guarantee,
In export circles the complaint i
growing that the United States ha
lost markets in various countries whlcl
we supplied during the war and whicl
il was hoped we would supply per
manentIy. Naturally. foreign Gus
toners are buying only the barest neces
sites from rs because of the abnorma
foreign exchange situation. 1t is jus
this development which the decline i
|. stocks has been discounting.
II When the worst is known the marke
will doubtless be well on its way to
ward anticipating a change for tn
better.
The passing by the Senate of the oi
land leasing bill, which has alread
passed the House, and has only to b
signed by the President. will be of bene
fit to many of the smaller oil concern
and viii stimulate the oil industry Il
Wyoming and California,
Weekly reviews of the iron and stet
industry tell of insistent buying pres
sure at advancing prices. Few pro
ducers, however have been able to op
crate at better than so per cent of ca
pacity, due to car, fuel and labor short
age
The market turned very duh on tn
rallies and the improvement was not i'm
pressive \ good part of the deman
for stocks represented short coVerin
United States Steel held steady aroun
OF. although subjected to heavy sellin
pressure. In the final dealings the mar
ket was irregular.