New-York tribune., 1920-04-15
Leading Stocks
Maintain Strength
In Broad Market
IL Per Cent Call Money Has
Little Effect on Buying
as Oils, Motors, Steels
and Other Shares Advance

Although speculative operations for
the rise encountered an obstacle again
yesterday in the form of advancing
rates for money, leading stocks con-
| tinued to display sustained strength
in a market that broadened out as the
session progressed. Call money rates
duplicated the performance Of the day
before when they moved up to II per
cent in the afternoon, but, aside from
causing moderate realizing sales with
some recessions from the early highs,
this development failed to produce
much of an effect sentimentally.
The buying movement which was the
feature Of the market in the closing
hour of the previous day. became gen
eral yesterday in the forepart Of the
SESSION. extending to practically all OF
the leading groups of securities, Oils
were perhaps the most prominent, but
there was also vigorous bidding up Of
motors, steels, coppers, and for time
of the rails. The upward movement
in the rails apparently had its basis
in the belief that the strike is petering
out, but as has been the case for many
months it did not attract much of a
following, and after brief period Of
activity the rails became quiet. Market
observers regarded as significant the
circumstances that when prices eased
off trading quieted down. Mexican
issues led the advance in the oil group,
Pan-American Petroleum and Mexican
Petroleum shares mounting to new
high prices for the movement on buy
ing based upon expectations of an early
announcement Of new we'll completions
in Mexico Royal Dutch shares were
also strong on the news from London
that new stock is to be offered shortly
to stockholders at par, creating valu-
able rights. The general market in in
dustrial stocks benefited from the an
nouncement during the dav of several
large stock dividends, including rs
per cent declaration by the American
Tobacco Company. and proposed 80
per cent stock dividend on +. W. Wool
worth common stock.
Outside of the stock market itself
the most interesting development was
the pronounced weakness in United
States government war loans. Most of
the Liberty and Victory issues dropped
to new low records on fairly heavy
selling. The movement in these bonds
is continuation of the reimbursement
Of prices begun earlier in the week to
the changed condition of the invest
ment market as recognized by the
Treasury Department in raising the
interest rate on ltS new borrowings.
Withdrawals Of gold for export
amounted to $1,ooo,ooo, taken for ship
ment to the East Indies. Advices from
London told of an advance Of / per
cent to 61a per cent on British Treas
nry bills, which was believed to fore
shadow a rise in the Bank of Eng
lands discount rate to per cent to-
day.
Such a DEVELOPMENT has been ex-
pected for some time England has
been suffering severely from the effects
of an overexpansion of credit, and this
fact, coupled with the recent heavy
loss in gold as result of exports to
the United States, has led to the be-
lief that steps would have to be taken
to check imitation. The foreign ex-
changes moved in favor of London and
Rome. Rates on Paris were slightly
lower. In the case of Italian lire the
recovery was quite pronounced.