New-York tribune., 1920-09-16
Trend of Security
Prices Is Higher;
Trading Increases
Fluctuations Devoid of
Sensations; Oil Shares
Stand Out ON COnstruc.
tive Side of the Market

Ike psychological setting beh1nd Tues
days moderate rise in the stock market
was unchanged yesterday. There was q
further increase in the volume of trad
ing and the trend of security prices
was still toward higher levels.
The fluctuations Of quotations were
devoid Of sensations, and those securi-
ties which improved most in value
moved in an orderly manner. The ten
dency of stocks was to creep instead
of leap. Although the movement was
fairly general, there was slight de-
gree or irregularity, and both the COM
mon and preferred stocks of the Denver
& Rio Grande were conspicuously de-
pressed as result of an erroneous
report from Denver. The dispatch in
dicated that the road was to be sold
under the hammer to meet the judg-
ment of the Equitable Trust Company
1t developed that no such court order
has yet been issued, but that hearing
will take place on September 25. be-
fore a special master, who will make
report to the Federal Court, which
will decide on the question Of forced
sale. The preferred stock closed at
tn, revealing net loss Of Az points,
and the common, at the end of the
days trading, was off IA points. The
bonds of the company were not af
fected.
On the constructive side the oil
shares stood out, and the securities
of the copper companies did fairly we'll.
Around the floor Of the exchange folk
are considering the possibility of
revision of quotations of the producing
oil companies, which suffered greatly
in the declines of the last year. 1t is
of good oil companies was due largely
to technical financial conditions, rather
than to any radical change in the in
dustry. OF course the impulse for the
present rise in petroleum issues
springs from the belief that the COM
panies with properties in Mexico will
receive more generous treatment from
re new regime south Of the Rio
The heralds Of better days in respect
to security prices tried to attach much
time money market. In recent months
time money has been SO scarce that the
putting out OF even small amounts of
new funds seems important. Yesterday,
however, there was q disposition to
scale the rate. A limited quantity was
lent on mixed collateral for sixty days
at per cent, and loans on industrial
collateral alone were made at the same
rate to run six months. This is prac-
tlcally the lowest charge made since
June. Although this more liberal at
titude on the part of money lenders
does not mean that the difficulties in
the credit market are over, it indicates
that bankers are now able to look
through the tunnel through which we
are passing and perceive the opening
at the other end. Any continuation Of
the tendency shown yesterday will be
interpreted as an attempt on the part
OF bankers to discount future easing
of money.
The large transfer of funds from
the Treasury to it's creditors and from
taxpayers to the government yesterday
caused no stir in the local banking
SITUATION. Call money renewed at I
per cent, and later in the dav was
available at per cent. The middle Of
the month settlements, bankers predict,
VIII make credit conditions superb
clally easier for the next few days.