New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-07
Prices Rise as
Market Broadens:
Steel a Leader
Rails and Copper Shares
Join in Upward Move
ment; Call Loans Renew
at 6 Per Cent

Stimulated by a more plentiful sup
ply Of money-call loans renewed at G
per cent at the exchange. the lowest
rate in several weeks--the stock mar
ket developed vigorous strength yester-
day on an expanding scale of activity
Dealings went we'll over the million
share mark, while the trading was ex-
tremely we'll diversified, extending into
the rails, the coppers. in fact, into all
Of the important groups.
Outside Of the broadening tendency
Of the market itself. the unusually
heavy trading In United States Steel
common stood forth as the most strik-
ing development in the days session.
Steel was strong all day long. The
buying of the market leader appeared
to be urgent at times. suggesting the
covering in Of an extended short in
with the purchase of upward Of $4,000
shares on rising price scale. AS is
often the case the hRying Of Steel in
such an aggressive fashion proved con-
tagious and brought buying orders into
other issues, resulting in striking
gains in other parts of the list. The
best opinion in the financial district
held that the improved tone in Steel
indicated that important market inter
ests who have been working for lower
prices had completely altered their po-
sition.
Outside participation in the trading
was on larger scale than in some
time past, lifting the market out Of
the professional rut in which it has
been moving for a fortnight This and
the. improved tone of the rails gave
the market a much better appearance
Pools were active, but did not dominate
the market as has been the case in re-
cent days. Standard rails like Union
Pacific Atchison, Southern Pacific
New York Central and Reading re.
corded gains Of point or more.
For a time in the afternoon specula.
tive interest shifted into the copper
group, which moved sharply forward in
response to heavy buying. The feeling
has been general for some time that
the copper shares would sooner or later
reflect the improvement In the market
for the metal. Not only have sales 70,
domestic consumption been running al
large volume, but the movement Of
the metal into foreign consumption Is
reported to be increasing. Moreover
steps nave Oeen taken TO make possible
the financing of shipments to Europe
so that as soon as these plans are per
fected takings for foreign account may
be expected to expand still further.
Among the other strong groups were
the railway equipment shares, tho mo
tor and tire issues and a few of the
oils. Profit taking at the close caused
moderate recessions. but, as a rule
gains were we'll held and the buying
in many issues continued right to the
end. Much of the selling for the de-
cline by professional traders of late
has been based upon expectations Of
continued high money. 1t was natural
therefore, that the easier tone il
money this week should upset the
mental composure of the short inter
est. And yesterday, when a renewa
rate Of 6 per cent was marked up, with
money being freely offered at tha
rate, the bear contingent realized the
futility of trying to stem the tide ane
turned to the buying side. OUTSIDE
news developments played only mino
part in shaping the course Of prices
Again, practically no attention wa!
! paid to the drift Of events in Europe
Wall Street was more interested in tn,
relatively low rate for money and tn,
strength in sterling exchange.