New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-03
Stocks Rise as
Bullish Sentiment
Pervades Market
''Safe and Sane Fourth
for Bears Is Result of
Covering; Easier Money
Is Believed Near Now

1t looks like safe and sane Fourth
ly for the bears. Moved by the deadly
fear that developments during the next
three days might be favorable to Sc
curity prices, many Of those short of
stock covered yesterday. Relieved Of
their burden, the shorts will be able
to get the maximum Of pleasure out
of their golf and yachting and SWIM
ming over the triple holiday.
Tho same influences that impelled
the shorts to liquidatc their commit
ments induced others to purchase
stocks. The triple holiday deferred
settlement and payment for stocks
bought until next Tuesday, Money
opened and renewed at 10 per cent,
and stocks did we'll from the start.
Later in the day funds were available
at per cent, and buying for the rise
was further encouraged.
The sun shonc little too brightly
for pessimistic talk, and brokers and
traders sought again to discover the
favorable aspects in the situation.
Impetus was given to the upward
movement caused by the better
psychology of the market by the be-
lief that there would be easier money
for the next few weeks until the crop
movements reach the peak Of the load.
With the atmosphere moro cheerful,
professional operators took advantage
of an opportunity to bid up stocks, and
the hope that perhaps the elusive pub
i.rtf No %+ro NJ, Il NV,
was in the minds of some at least
The proximity of Independence Day
which follows a long period of dull
ness in the market, perhaps suggested
with special vividness that fireworks
are needed on the floor to get out
siders to participate in the buying and
selling of stocks.
Not only did stocks rise-particu-
larly the speculative industrial issues
from l to S points-but, what is per-
haps equally significant, bullish talk
regarding the prospects for next week
pervadcd the Street. Wall Street has
not yet made up its mind how far the
readjustment in business will 60, but
it is anXiously awaiting signs that the
other end of the tunnel is in sight
And yesterday it was definitely in a
mood to be persuaded that better
mission brokers who were bullish were
disinclined to predict too far ahead
but dwelt mainly on the immediate
future, and took solace in the fact
that the stocks were apparently in
"strongx hands, who had earlier in the
week resisted the tendency to sell
under the compulsion of high money
rates.
The market yesterday was not only
larger in volume of transactions than
any other day this week, but also was
broader. The rails gained in activity
a. shared the rise with the in
dustrials The so-called Ryan stocks,
particularly Stromberg and Vanadium,
were strong on the day that Allan A.
Ryans seat was sold for $4,000. Bald
win, Mexican Petroleum, Pan-Ameri-
can Petroleum, Pierce Arrow, Ameri-
can Can, Republic Steel and Invincible
Oil were likewise conspicuously traded
in.
Side by side with the theory that
money might be temporarily easier
after the disturbances caused by mid
year payments have settled down was
the fairly general view in banking
borrowing would probably be reached
the Bank of England and the Bank of
that permanent easier money was
probably good ways off. In both
countries the central banks showed a
large expansion Of loans, which was
probably caused by the borrowings and
rediscounts at the central banks by
other banks DESTROYS of improving
their outward appearance on July /.