Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-07-07
Stocks ARE Higher,
W|THMORE TRADING
Commission Houses Have
Many Buying Orders.
Pools Are Busy.
BY STUART p. WEST.

NEW YORK. July 7-Today's mar
ket followed the normal course of ar
upward movement in process of ex
pansion. 1t was increasingly activ,
and growing in breadth as well as ii
volume.
While the initiative still came
| chiefly from speculative cliques and
| large individual operators, it was evil
dent that the spectacle of rising
prices-for the first time in nearly
three months that there has been any
sustained rise-was beginning to
| make it's due impression upon the out
side public
Commission houses handled a larger
business today than at any time since
the elimination of the upward move
ment in April. This undoubtedly
meant an increasing outside participa-
ton. and the demand from outside
sources was sufficient during the
greater part of the day to absorb the
profit-taking sales of the Wall street
professionals and to absorb them at
advancing prices.
No Need for News.
There were no developments of any
Consequence except the lowering of the
rate on call loan renewals from to
s per cent. This. however. had been
fully expected, and, indeed, the mar
ket required no news" to put it up
1t was moving forward for reasons
which have been fully apparent and
repeatedly discussed for weeks past.
First and most important was the
fact that the propaganda of pessmism
had been overdone, even encouraged
as it was from high financial quar-
tiers. 1t had finally come to be appre-
ciated that with an underproduction
rather than an overproduction, with a
labor shortage instead of unemploy-
ment and with a huge and constantly
mounting credit in the foreign trade
the underlying conditions were pre-
cisely the reverse of those which in
times past have been responsible for
a period of depression.
Stocks Are Active.
Money eased off to per cent and the
entire list showed the broadcast trading
in many months. The first hours sales
were 100000 shares
The rails claimed their share of the
attention with the pool stocks, oils,
motors, etc. Atchison gaining points.
while Canadian Pacific. Norfolk and
western and Louisville and Nashville
were 11a to 2 points higher
Chemical stocks and International
Paper shares moved up rapidly. The
opening quotation of 8 per cent for
money was low rate for a month be-
fore the drop to Z per cent.
Curb Market.
A decided change was in evidence on
the curb market today. Trading was
more active than in several weeks and
pronounced strength prevailed. Adj
vances were general throughout the
list, extending from fractions in the
low-priced shares. 20 several points
in the specialties.
At times during the session there
were proht-taking sales by yester-
days buyers and others and although
this supply halted the upturns tenn
porarily, the demand continued good
and quick recoveries followed the
small reactions which had occurred
Todd Shipbuilding was a strong fea-
! ture. moving up sharply under a COM
paratively urgent demand with only
moderate offerings coming into the
| market. General Asphalt was more
active than usual and scored a gain
of three points, with only a small
recession on heavy realizing sales.
Car Lighting and Power was quite
active and advanced, and there was a
better demand for North American
Pulp. Retail Candy. Indian Packing,
Submarine Boat and several others.
Acme Coal held firm. Pressure
against Chicago Nipple made that
stock an exception. resulting in loss.
Simms Petroleum attracted atten-
ton among the independent oils. At
the start urgent buying caused an
advance. but later profit taking
caused a redctlon. CarlD syndicate
| was active and rose more than a
point. There was a fair demand for
| Salt Creek, which was firm.
Ryan Consolidated. after a small re-
action, moved up more than a point
on moderate buying. Sicily Oil
moved up fractionally. Merritt Sa-
pulpa and Tropical Oil were steady
Quotations for Standard Oil issues
were higher, although business was
limited.
The Bond Market.
The $25,000,O00 Offering of Swiss
| government per cent bonds was over
subscribed within few minutes after
the books were opened this morning.
| 1t is curious how forecasts went wrong
| with regard to the terms Of this issue.
| Wall street was talking of " per cent
up to a few days ago. and yet it was
perfectly clear from the fact that the
Swiss IS. which were put out last
| August and which have a much nearer
maturity, were selling to yield 8 per
iii Capital and Surplus, 100000