Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-09-18
MARKET HORIZON
IS MUCH BRIGHTER
Securities During Week Pur'
sued Consistent Course on
the Constructive Side

New York. Sept. 1S.--The Evening
Fun In It's weekly financial review to-
day says:
Aside from the interruption caused
nv the disastrous explosion Of Thurs
dey noon, the market for securities in
the current week wss enabled to pur-
sue a consistent course on the con
structive side under the influence Of
lssened tension In money conditions
and n more confident view of the pros
meet for credit. There was nothing, in
decd, as vet to indicate that the de-
mand for commercial credits had mate
rally abatcd nor that the aggregate Of
,ich loans had been appreciably re-
duccd There was, to be sure, con
siderable reduction effected in July In
loans of all descriptions, but in August
this was Offset by an expansion In
commercial loans alone Of about 500,
loco 900. due mainly to seasonal de-
mands and as such not strictly adapt
able to purposes of comparison. Never
theless 1t had been supposed that
greater progress in loan liquidation
would have been made by this time. But
whatever disappointment there may
have been over the actual performance.
|fnp DVHdNlDT VI tnt UlOiltN HdThtt
the face of heavy financial operations
this week in connection with federal
tax payments for the third quarter and
with Liberty Loan coupons Of the third
issue did good deal to Offset the i'm
preston.
Through the period Of preparation
money rates pursued the even tenor Of
their way. Call loans renewed and
.1oI at tNttN
Through on several occasions as low as
d per cent. Some money for loans Of
fixed date came in and actual loans
were reported with industrial collateral
at as low as SA per cent and offerings
for mixed collateral at the same figure.
lt may be taken for granted that busi-
ness was restricted, but such as 1t was
could be regarded, perhaps, as symtom-
attic Of new and brighter order of
things dawning. In an address before
the Cleveland Chamber of Commerce
Governor Harding, Of the Federal Re-
serve Board. stated that there has been
marked Improvement In the credit
situation since last spring. due to "the
better character and greater liquidity of
bank credits rather than to any actual
decrease in the volume Of credit
The slack brought about by enforced
liquidation Of speculative and nones-
Genital y ns has been substantially
taken u: y increased loans for strictly
ogitimate commercial and agricultural
purposes, SO that it would seem the
ountry has arrived at n point of bal
pncc so far as the volume of credit
may be concerned. but point which
should indicate soundcr economic
basis and q surer way than heretofore,
f,,,Io fal hnS;rnuS prifN.
pes. "The Federal Reserve Board is
hin confronted with conditions more
pr less abnormal" said Mr.. Harding
but we have passed through the period
n cxhilaration or intoxication which
characterized American business activ-
ties several months ago. and notwith-
standing the gloomy predictions which
we're frequently made ut that time the
Transition to- more normal basis
proceeding quietly and without alarm
bng fcaturcs.'
The outcome of the Maine elections
stimulated the good feeling carried over
from last week Trading In securities
broadcncd and prices advanced with con :
kistrncy up to the fnteful noon hour of
Thursday. The c'osing at that time put
bn abrupt period to the promising per-
tormancc for the time being. Business
|vas resumed on Friday and again the
Forward march showed considerable
kpirit. 1t may be assumed, however.
that the remainder of the week was
tnfucnccd by the nervous tension un-
der which the financial community Ia
UborCd Support was thrown into the
ymarkct in generous measure aud all
descriptions were briskly bid up. To
what extent this display of strength
,nl hnof, rIpI
as fictitious was n matter for con
Tturc. but that there was fair leavcn
etpoStivc optimism in it could scarcely
b gnin snil