Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-31
BROAD MOVEMENT
IN RAIL SHARES
Entire Group Was Pushed Con-
tinuousIy Forward by Sys-
tematic upbidding Process

New York. Aug. 31.--It was almost
exclusively rail market in today's
stock exchange, as the industrials and
specialties which for so long have held
the foremost position were absolutely n
secondary consideration. The revival in
the rails came in for more notice by
reason Of the fact of the systematic
character Of the movement. II has been
many moons since such perfectly or
ganized campaign has been launched in
the market. There were no bitches in
the program, and while the upbidding
process lacked the sensationalism at
tending some of the pool demonstrations
in industrial spccialties the last few
years, quotations of almost the entire
group were kept up and pushed up al
most continuously.
The movement, it is true, was strik-
ingly mechanical, but unless surface
signs are deceiving no stones were left
unturned to spread the rail propaganda
and incite enthusiasm in this division.
1t apparently did not altogether have
the support Of the professional element,
as efforts were made at different in
tervals TO check the upward swing by
renewed attacks upon the supposed
weaker spots of the industrial list. These
reactions were short lived and were
without effect on the rails in which
quarter most gains were fully main
tanned and some cases extended.
From the very outset the rails we're
the only shares to reflect a consistent
tone, everywhere else the price move
ment was uncertain. The demand for
the railroad stocks broadcnpd with the
progress of the session, indicating the
unanimity of efforts on the part Of
managers engineering the movement.
which apparently had the full indorse
ment of the banking interests and So
called powers that be. Gains of one to
three points were made before noon by
st. Paul common and preferred, st.
Louis and San Francisco preferred, st.
Louis and Southwestern preferred,
Wheeling and Lake Erie preferred. Chi
cago and Alton preferred. b. and o.
common and preferred. Western Mary
land and Seaboard Air Line. In the
meantime the standard Investment
shares broke into new high ground, in
Guiding Union Pacific, Reading
Norfolk and Western.
The character of the trading suggest
ed effort was being made to create the
impression that most of the stock
around current levels had been gathered
in by strong people and the floating
supply consequently was materially
reduced
The indifference to the high money
rates, as call money renewed ut s per
cent as it did yesterday, stood out in
strong contrast with the uneasy feeling
manifested in some of the previous ses-
sions. There was further moderate call
ing Of loans in anticipation of the Sep
tember l disbursements. but the call
rate was not advanced above s per cent.
Around midday the bears launched Il
fresh drive against the motor, oil and
shipping shares, which sustained losses
of l to 8 points. but on the other hand
pressure against the chemical shares
and other specialties relaxed. Alto
gether it looked as if the rail demon
Stration had the greater part of the
professional contingent up in the air,
and they were rather cropping in the
dark to get out of bad mess into which
they had worked themselves.