The Washington herald., 1920-08-25
LHELIER TONE
TN WALLSTREET
Continued Flight Of Reds
Encourages Stock Mar
ket Nightly.
BULLS FIND A LEADER
Whelan Returns from Eu-
rope Chock Full Of
Enthusiasm.
BULLS FIND A LEADER

New York. Aug. 24.-For the nrsr
time in several weeks the stock mar
ket today showed a purpose in its
movements. The continued fight OF
the Reds before the Polish armies
cheered Wall street nightly. Money
was fairly easy around Z per cent
Apparently the decline in cotton op-
tions has reached somebody's ears.
The break Of commodity prices gen.
orally has encouraged the public to
look for some reduction in the cost
of living.
whelan Returns.
But the most important thing that
developed was the fact that the bulls
have found a leader, something they
have lacked. while the bears were
well generated. The bull leader is
George ]. whelan. who returns from
Europe, as he has done before, full
Of enthusiasm and a believer in
higher prices. It was his activity
that caused the advance today. Srst
frightening the bears into covering
and finally attracting a following
among the bulls The market closed
IN the midst Of a sharp advance,
with material net gains in nearly
every stock on the list
In view Of the many rUmors cur
rent regarding the purpose for which
whelan made his recent trip TO
France. he made the following state
ment today: I went to France on
the tobacco business, but the nego-
tiations are at such a stage that I
cannot discuss them"
This is offcial notice that the
American tobacco men are still
dickering with the French for all or
part Of the tobacco business Of that
country. Thomas F. Ryan Is still
in Paris. and will soon be ioined by
another representative Of the Amer
lean tobacco interests. The business
in view is so complicated that one
can understand that until i is con-
cludsd even the parties to the me-
EQUATIONS are unable to say what,
If ANYTHING. will be done
Activity ot the industrials in to-
days market was a wise thing from
a technical point Of view. Hereto
fore the banks had tried to put the
railroad stocks W by brute force.
Their manipulation was so evident
that the public was afraid to follow.
In today'z market the whole list was
taken in hand.
Rightly viewed. the victories OF
Poland are treue endOusfy bUllish on
the American stock market. because
they have put limits to the west
ward march of BoIshevism and have
prevented a possible combination Of
Russia and Germany. II those two
countries combined and wiped out
Poland. the civilized world would
men under arms permanently. The
Polish victories were at the bottom
of today's rise.
The Lackawanna Railroad Com
pany has arranged for the distribu-
rIon of its coal properties to its
stockholders but the matter has not
yet been put in official form. The
Supreme Court has ordered the
Reading Company to make distri-
button. and II is understood that
several other railroads are going to
Among these will be Southern
Pacific.
The net gains recorded at the
close Of the day disclosed the
Whereabouts Of the short interest
Baldwin. Mex can Petroleum. Texas
OIL United States steel and Par
American were most active on the
advance Quite a large short in
trrest has developed in the last few
days so that those that are work
ing for better stock market have
COnsidara Bile technical advantage
even Vet Whether they succeed In
making a sustained advance vii
depend entirely on the money rate
and public sentiment.