New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-18
Stocks Advance
Inn Months Most
Active Trading
Financial District Demon
strates i'm Dramatic FASH
ION Faith i'm Conditions:
No Impairment Is Seen

FulaHc!ai America acted boldly and
confidently yesterday. In the fuctua.
tions OF prices at the Stock Exchange
where trading was resumed as usual
] yesterday morning, there was no evil
deGce of timidity. Instead those who
hbuy and sell stocks by their dealings
'revealed in dramatic fashion their faith
in American conditions in the broadcast
and most active market since August 9.
The great explosion on Thursday
which official investigators now look
upon as the contamination of a plot,
came with the suddenness of O fash
OF lightning. Naturally it was not dis
counted by the movement Of stock quo
tations previously. Observers awaited
| yesterdays action of the market with
intense interest as an expression of
| the financial community's reaction to
the challenge that had been flung. There
were some who predicted that senti-
ment would be temporarily unsettled
by the catastrophe and that conse-
quently the upward movement Of stocks
| least.
The event left no doubt as to the
attitude of financial folk. Wall Street
witnessed the busiest day on the Stock
exchange since securities began to re-
cover from their precipitate midsum-
mer decline. At the opening there was
suggestion Of uncertainty, but soon
IL became apparent that securities were
Tor the day possessed Of an irresistible
impulse 20 rise. Both railroad and in
dustrlal stocks were eagerly bought,
ana gains OF from to S points were
frequent. The breadth of activity was
even more impressive than the rise.
After a period of dullness in the mar
ket nearly 100000 shares Of stock
were bought and sold.
The explosion in front Of the ASSAY
Oince interrupted a rising market. and
what took place yesterday was a con-
tlnuatlon of movement in security
prices. which began on Tuesday, even
though the rise was at an accelerated
pace. 1t is difficult, therefore, TO gauge
accurately The precise extent to which
yeseerday,s was law and order mar
Ket' However, this much may certainly
be set down as indisputable: Every
person who purchased stock yesterday
and orders to buy were the largest
IN more than month-saw no reason
TO regard the attack on the financial
olstr!ct OF Thursday as in the slightest
degree an impairment of the value Of
SECURITIES representing property.
some observers regarded the tragedy
as bullish factor. One astute Bro.
PEI. per- IN decrying the suggestion that
~ sne 1eSploslon was an argument to- sell
now thoroughly aroused against redis
Gals, criminals, and everything which
is opposed to orderly government; and
you may be sure that quick work will
pc made Of all that sort of thing
is not this bullish and favorable to
industry, Investments and adjustment
OF radicalism? / am sure it is. and
II think everybody will agree with me.
1e S. can buy all good stocks"
strong financial interests seemed
ready to support the market yester-
day, if it had needed bolstering. Be-
fore the trend was Enthusiastically nm
ward it was probably helped by such
orders. There was marked indispo-
sltlon to permit traders operating for
the decline to make capital out Of the
grewsome event, and, when this was.
sensed. short covering was induced
Operations Of this character tended to
weaken slightly the technical position
OF the market, and after the close
some took the view that there might
be reaction from the heights to-
which securities were somewhat arti-
fcially carried.
traders anticipating higher security
prices assert that the peak of the
troubles in the credit martss and in
industry have already been discounted,
aho argue that the market is now
ready to anticipate an improvement in
conditions. Governor Harding's nd
dress before =. the Cleveland Chamber
OF Commerce, in which he said, Mot
wlthstanding the gloomy predic lions
which were frequently made,
the transition to more normal basis
is proceeding quietly and without
alarming features" helped create an
atmosphere. Of confidence. Emphasis
was placed, too, on the governors
statement that bank credits were now
OF a better character and more LIQUID.
On the other hand, the head of the
Reserve Board said nothing to give
hope, Of an immediate easing in the
supply Of money for speculative pur-
poses. Call money renewed at 7 per
cent, and was available in fairly fib-
eral amounts at per cent later in the
day. Further money was put out at
8 per, cent for six months.
The rising tendency in the market
affected virtually all posts on the floor.
but toward the clH6e speculative in
terests settled on the industrials. The
oils, the steels, the motors and the
rails all Jared we'll.
In the cotton market prices moved
upward, and wheat quotations also
rose. The European exchanges, par
ticularly sterling and francs, were
firm.