Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-09-15
TONE OF MARKET
CONTINUED Strong
Firmness Of Railroad Shares
Furnished Powerful Backlog
to General List

New York, Sept. 1j.-Today's mar
kct maintained a consistent tone Of
strength although the trading lacked
the animation manifested in the pre-
ceding session. The continued firm
ness of the rails again furnished n
strong back log to the general list,
still there was further upbdding of the
oil stocks. While surface aspect of
the market at intervals suggested
halting tendency, yet in all quarters
Of the list il was again plainly evident
that the least resistance was cncoun.
tered in upward tacks. As matter of
fact. the constructive movement could
be safely described as of a progressive
character. aS indicated in the cropping
up of strength constantly in various
quarters of the list.
Overnight developments supplied lit
tie in the way of stimulus, but the good
effect of the Republican landslide in
Maine had apparently not yet spent its
force. Some encouragement for re-
sumption or continuation of the forward
swing was derived from the relative
easy condition of the money market.
This reflected the successful arrange
mcnts which had been made to provide
for the heavy tax payments due today.
Instead of tho possible furry which
these large financial operations the call
loan renewal rate was again fixed at
per cent and the ample supply of funds
later permitted the lowering of the
rate to 6 per cent. What was consid-
cred more significant. however, was the
reported letting down of the bars in
time loans. which. according TO tho
street reports. were being more literally
offered ut Sis and o per cent, whereas
month ago such money was unob-
tainab'c. Another encouraging sign was
found in the reported disposition Of
the lOaning institutions TO accept 6O
and 90 day commercial paper. whereas
il has been the policy to contine such
accommodations to 80 days maturties
| Much OF the tirmness manifested at
/ the opening of the market was due T.
/ the further strength of rails. Gains OF
4 the previous day were irrcgularly eX =
tended. Delaware. Lackawanna and
Western aiding Oh points to yester
days substantial advance. Oils were
next in favor. Pan American and
Mexican Petroleum rising ~ and
points. respectively. Shippings alsC
recorded further improvement under
lead of Atlantic Gulf. aud spccialties
were featured by Retail Stores, Sumatru
Tobacco and Corn Products.
Rails dominated the active forenoon
Atlantic Coast Line, Chesapeake and
Ohio. Delaware and Hudson. Westerr
Maryland I'd preferred and Kansas City
Southern rising to 3 points. Denver
and Rio Grande preferred was an OK
ception. losing 3 points. Oils made
further progress. notably Houston. In.
vinCibe. Middle States and Royn
Dutch. but Sinclair lost ground. Among
steels and equipments Crucible. Great
Northern Ore. Nanadium and UnitrC
States Steel. also American Locomotiv,
and Pullman rose ! to ". Tobacco
scored further gains and shippings anC
copper strengthened. United Railway,
preferred and Natonail Cloak and Sui
were strongest of the boscurc special
ties. American Wooden. Industria
Alcohol and Republic Motor were re
dictionary.