Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-24
RAILS ASSUMED
THE LEADERSHIP
Morning Demonstration in That
Group Proved Flash
in the Pan

New York Aug. 24.-Today's stock
market ran in true form to the highly
professional character Of the current
speculation. The usual cross currents
which usually develop in the backwash
OF such irrcgularity as recently wit
messed. were conspicrously present
throughout the entire session. The first
effect was the crowding of the indus
trials out of the first place in specula-
tive interest, and corresponding
growing of prominence on the part of
the railroad shares. The movement in
the latter had all the car marks Of the
real stuff during the first half of the
in pan. when the entire list dropped
back into the familiar apathetic rut.
Even while the rails were being
pushed up with a blare of trumpets,
the undercurrent of the market was
conspicuously reactionary. Lacking a
more definite reason the dropping ten
dency of the market was ascribee TO
another collapse in foreign exchange,
British and French rates showing es-
recial weakness. This could hardly
have been influenced by the Russo Pol
ish situation, as the advices from the
Warsaw battle front were again dis
tinctly favorable with every indication
of n complete rout of the Bolshevik
fm ces. The weakness undou Itedly wa
more due to continued large offerings
of bills of every description. At IN,
same time there were no SSsentlaI
change in money conditions. The re
nowai call rate was again fixed at 1
per cent, and according to board re
rCrIs, there was apparently, an ur,pIe
supply for all market needs ~ tn.
rate. SO cithcr Of these ts t'rncnlS
could be regarded as more lndirrct
rather than direct influences on tne
market movement. ;, ,,
The demonstration in the ralis pes"u
with n resumption of the vigorous ouy
ing movement in Reading, wnlch can
in for such pronounced attenIleh IN ..'
Iote trading Yesterday. New taVorltes.
however, we're taken up in the rail list
oll during the first hour and the group
os n whole appeared to be strikingly re-
Snonsive TO the manipulative efforts;
Resides Reading there was animated
trading in New York Central. st. Paul
nreforred Chicago and Northwestern
baltimore and Ohio and New Haven
Other less conspicuous market fayorltes'
however. shared in the buying move
ment. notably st. Louis and San Fran :
cisco preferred. Kansas City SoutherIi
preferred, Western Maryland SScohI
preferred, Atlantic coast l'ine "uu ~ ~
island. There was also an unusual de !
mand Mt higher prices for st. Louis and
San Francisco adjustment and income
bonds. .;oos
In other quarters, however, prices
receded. steels, oils. motors and ship.
pings denoting further pressure WIN W
coppers. sugars and tobacco issues. For
the most of the morning the line OF de :
marcatiou between the industrial and
rail divisions was tightly drawn. bu,
toward midday the sponsors of the ran
demonstration evidently were becoming
disappointed in the rather poor follow
inv enlisted and when the more aggres
siye tactics were relaxed this quarter
of the list slipped back in unison witt
the softer industriais. On the reces
ions there was pronounced diminishing
Of dealings and by early afternoon th'
entire list had worked into narrow