Evening star., 1920-09-15
MONEY CONDITIONS
SURPRISE BROKERS
No Furry Over Big Financial
OBSERVATION-DISCLOSURES Were
Generally Higher.
BY STUART p. WEST.

NEW YORK. September Is (Spe-
ciaD. - Sentiment throughout the
street continued today in the same
cheerful mood that showed itself yes
terday. The indications were in fact
that optimistic feeling was on the
increase.
The failure Of nearly every bearish
effort for the last week or two had
made its due impression and had
brought around many of the skeptics
to the view that the market at its
low levels of August measured the
worst that the reaction in outside
business plus the credit stringency,
could do to it.
Still there was no particular sug-
gestion of the trading emerging Just
yet from the narrow limits in which
1t has been moving for the last three
weeks. The net result of all recent
fluctuations has been a gradually as
cending price average. Each time the
market swings forward it goes a lit
tie higher than the last. Still there
Is no public participation and no
great amount of initiative on the part
OF leading financial interests. AS a
consequence reactions are frequent,
and they occur whenever stocks have
had enough of an upturn to tempt the
professional following into selling.
No Pinch From Payments.
The governing factor again today
was the money market. On the very
18th of the month-the day long look
ed forward to as likely to witness a
pinch because it was the last day for
paying the third installment upon the
income tax-not only was there no
hardening of rates. but conditions
were actually easier than they have
been for a long while.
So much money was offering at the
fNYaa inc ~ 1o
it was a question whether the re-
newal rate would not be dropped.
Probably because it was appre-
hended that per cent renewal
would result in the withdrawal of
funds from the stock exchange be-
cause they could be put to use more
profitably elsewhere, the rate was
kept at per cent, but the bulk of
the new business was arranged for
at 6.
1t was reported. although not posi-
lively confirmed, that some sixty
day money had been put out on mixed
collateral as low as s per cent, which
meant the lowest quotation which
the time money market has seen in
several months. These developments
September. when the crop-moving de-
mands are at their height, were GER
tainly very impressive.
Oil stocks were the leaders in the
industrial section, with Mexican Pc
troleum and Pan-American going
through their recent high and with
a steady upward push in low-priced
issues like Middle States, Transconti-
mental. Invincible and Caddo.
Metal stocks were strong under
the lead of American Smelling, United
States Smelling, Utah Copper and
Greene Cananea.
There was a revival of interest in
the local fractions, both stocks and
bonds.
Fluctuations in the railroad group
were dominated by the remarkable
movements in Denver and Rio Grande
shares and in Western Pacific, the
one violently downward, the other
sharply upward. These fluctuations
followed the publication in the morn
ing newspaper of a Denver dispatch
saying that the court there had or
dered the sale of the Denver and Rio
Grande property to satisfy a judg-
ment of $36,500,000 in favor of the
Western Pacific. The street jumped
at the conclusion that this meant an
immediate reorganization of the Den
ver and Rio Grande.
1t was not until toward the close of
business that the attorney for the West
ern Pacific was quoted as denying this
report and as saying that hearing had
been set for September q. at which the
court will be asked to decide the Ques-
tion of the sale of the Denver road.
On this denial there was sharp rally
in the Denver stocks. Sterling exchange
continued its recovery and in the late
afternoon got up above S3.49s