Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-09-17
STOCK LIST ACTIVE;
PRICES ARE HIGHER
Broad Buying Movement
Well Distributed Through
out Rails and IndustriaIs.
BY STUART p. WEST.

NEW YORK. September II Especially.
No traces of yesterdays excitement
appeared as the market reopened this
morning. Business was simply re-
sumed where it left off when the ex-
ploson happened yesterday noon.
The buying movement then had OBJ
viously been on the increase. and this
tendency was fully sustained in the
market today.
1t was the broadcast and most active
session that Wall street has had since
the turn for the better set In the mid
die of August. Railway shares. both
dividend payers and the dividend
speculative issues, were actively
bought. but they by no means DOM
mated the dealings. as they have been
doing on some recent days.
Fully as mich il not more interest
was taken in the industrials. and here
it was not longer a case OF simply the
oils or some other group metropolis
ing attention, but it was fairly
buoyant rise, which included nearly all
the representative issues.
The short interest in the motors and
related stocks. which was unusually
nGavy ana nilTcTlO hui DcCa HULL
disturbed, was driven in summar1ly-
SteeIs Join i'm Rise.
Despite a great deal OF talk about
the halt in the steel trade and the
possibilities Of q reaction to corre-
spond with that in other industries.
the steel stocks were as strong as
anything, with Steel common above
80 and gains Of a point to points
in the shares OF the tndepenoentG
Increasing activity accompanied Uy
rising prices appeared in the copper
and metal shares. Sugar stocks and
shipping shares, which were 1AxoEte
objects Of bear attack during me re-
cent depression, were acefvely oooen1
and operations for the rise were Wig
orously resumed in a variety o. Pe-
cialties. including InteEnattonal Pa
per, American Sumatra, Worthangton
Pump, United Fruit and Atlantic Guaf
and West Indies.
Meanwhile there was no loss q Inc
terest in the oils and Mexican Petro-
leum, Texas Company and Pan-Amers
lean all made new highs. Baldwin
Locomotive, in which there was sui
a large short account uncovered, was
stronger than the other EQUIPMENTS,
which did comparatively little
Reading In Favored
Reading was almost everywhere
m GnClOneQ InlS taC do
vices sent out by commission houses;
The stock had gone through It's pres
vious high yesterday, and this had
made very favorable impression
upon the trading element. AnotheE
thing which had counted was the ac-
tivity and advance in the second pre-
ferred stock. which was evidently
based upon the possibility OF the re-
tirement of this issue when the Read
ing comes out with its segregation
plan. Under the Reading charter the
second preferred stock is retlrable
half into common and half into first
preferred. If there is anything in the
retirement theory the stock at It's
present price would be obviously SELL
ing far out of line.
The gossip already set forth here
about the Reading deal has it that the
second preferred will first be convert
ed fifty-fifty into common ana nrst
preferred and then the latter issue re-
tired altogether.
This would clear the way for Read
ing common As for the segregation
plan itself the speculative view is that
it will be FASTENED by the similar
project of the Delaware. Lackawanna
and Western. which, 1t is known, mas
been adopted and awaits the approval
of the Interstate Commerce Commis-
sion to be carried out.
The railroad has already asked the
commission to permit an increase IN
its capital stock. and states in its pc
tition that it's surplus exceeds 800
600, 900, as against only $43.00o.ooo
capital.