New-York tribune., 1920-09-15
Better Sentiment
Sends Prices Up
On Stock Exchange
Break i'm Foreign Exchange
Overshadowed by the Re-
suit of Maine Election
i'm Financial Opinion

Sentiment, which plays 80 important
a part in mems decisions in Wall Street,
rs elsewhere, turned more cheerful yes
terday. This change was translated
into higher prices for securities, which
in slightly broader market tended
to creep upward.
In the outer world the tabulation of
the decisions of folk in Maine on mat
ters political was the conspicuous con-
structive influence. Ordinarily d state
election would not unduly sway traders
on the Stock Exchange, but the wide
spread belief that the contest in Maine
IN September is forecast of what
the result Of the balloting throughout
The nation in November vii, be gives
the Maine event unusual prestige.
AS buying and selling began on the
stock Exchange yesterday reports in
dicated that the Republican victory in
Maine had been more striking than
generally expected. This landslide en-
couraged spectators who are trying to
discover TO their own satisfaction whAt
the future holds in store for American
business and finance. The domestic
news overshadowed foreign develop
ments as q market influence. The
sharp break in sterling exchange to the
lowest point reached OH the present
movement and the industrial difficult
ties in Great Britain and Itulv were
eclipsed in the common Wall Street view
by the results Of the balloting in Maine.
In the opinion of some observers.
particularly in brokerage circles, poll
tics helped the market chiefly because
, it was technically ready to rise moder-
a.ely and calmly. Some brokers who
look upon the market as q living or
ganism rather than piece of mechan-
ism which responds solely to outside
stimuli argue that the security prices
are now striving to move slowly up-
ward in the face Of tight money con-
dtions. No special reflection of the
conditions that will prevail tomorrow
in the money market. when the third
installment Of Federal taxes will he
paid and certificates Of Indebtedness
viii be paid Off and another Issue sold.
could be observed in the call money
market yesterday. Loans were made at
7 per cent throughout the session.
The upswlng of prices, which was es
sentially recovery. was in very few
instances sharp. Toward the middle
slightly, then regained what had been
lost. In the last hour of trading there
was again q slight shading of quota
tions. The passing Of the dividend by
the National Cloak and Suit Company
and the Cudahy Packing Company
was not much of surprise and had no
measurable influence on the course Of
security prices.
Under the leadership of Delaware,
Lackawanna e. Western the rails
loomcd up as the leaders in the mar
ket. D. l.. & W. is expected to-day to
file its plan for segregating its coal
properties with the Interstate Con-
merce Commission, The stock gained
81 points yesterday, and Is up SO
points from the low Of the year. The
gaction of this security yesterday stimu-
lated the whole rail list, but the low
] priced securities were most actively
deal. in. Fresh gossip concerning the
possibility of absorption Of the weaker
roads BY the stronger accompanied the
spurt.
In the commodity markets there was
littAa inclination 20 follow the lead of
/ the 5 took Exchange. Wheat quotations
DEFINED with dramatic suddenness.
closing sl2 to 81, cents bushel lower
in Chicago. Cotton prices were easy to
steadv.