The Washington herald., 1920-09-17
STOCK MARKET
CLOSES NOON
Wall Street Explosion
Causes Abrupt Ending
Of Sharp Advance.
WILL REOPEN TODAY
Reading, Replogle, Mexican
Pete Lead Sugars and
Tobaccos Strong.
WILL REOPEN TODAY

New York, Sept. 16.-Tickers in
the brokerage houses had just
printed the noon hour today when
the explosion at the Morgan offices
shook the street. 1t found the mar
ket in the midst of a sharD advance
under leadership Of Reading. Rep
logic and Mexican Petroleum. The
sugars and tobaccos were very
strong.
Trading was suspended immedi
ately and scenes OF confusion en-
sued that were almost paniClly.
What aIIayed this feeling of panic
most was the report that il was an
accidental explosion of dynamite
being carted through the streets In
violation OF the city ordnance. This
report took the minds of the people
away from the idea that reds
were making a raid and within a
few minutes the excitement had
puieted down to nero curiosity.
Police and military lines made the
financial district almost impassabir
however the rest of the day.
The influence the explosion may
have on the market cannot be
about it. II il was an accident due
% an attempt to evadc the law re-
-ardinE transportation Of eXplo-
sives, it will Of course have no
effect.
II there really is evidence show
ing il to be deliberate it will have
tho effect Of turning sentiment SO
strongly against all radical move
ments that from the strictly eco
n0rnic point of view bankers he
Iiave its influence will be Constrtc-
tive. II will crystalline public
sentiment and make the reds" so
odious as to yuin them.
Not TO Remain Closed.
Durin- the first excitement it was
announced that the exchange would
remain closed until Monday, but
wiser counsel prevailed later and
80 IT will open tomorrow for bust
ness at the usual hour. There is no
reason why the price of any stock
OF bond should be affected by the
explosion.
Trading Active When Shock Occurs.
Stocks were giving a good ac-
count of themselves when bushes,
was abruptly ended. Mexican Pc
a share. was selling at the equiv
aIent Of 1901. an advance Of nearly
points and a new high price for
this movement Texas Oil had just
established a new high record price
at 50. with a large volume of busi-
ness. Sinclair was also moving
into new high territory. Sugar
stocks were all strong, and the to-
baccOs had just become active US-
der leadership of American TobOCco.
United States Steel had gained a
point. The market gave every sign
of being a very satisfactory session
for the bull party.
Replogle was the most active OF
the steel stocks and had advanced
more than points when the mar
ket closed.
The advance in tobacco stocks
was probably due to a realization
on the part of the public that the
buyers of tobacco have all the ad-
vantage this year. whereas last year
the growers held the upper hand.
Bankers say they expect cheap
money for about ten days. while the
income tax funds are floating
around in the banks. The banks
will be enabled to utilize these
funds because they may be called
on any time to leliver them and
therefore they will be available for
,-Ill money loans only. But another
brief period Of tight money is eX-
r .n' eNo-tlv after the first of Oc-
tober. after which permanent cas-
ing of the money situation is looked
forward to.
The fact that 5000 coal miners
returned to work in the Scranton
district was not overlooked by Wall
Street, which Immediately bought
stocks in the coal companies and in
the railroads having connections.
Union Pacific gained points IN
the brief session, although Southern
Pacific was not moved materially
Erie was persistently strong, the
common selling at II.