Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-09
INTEREST SHIFTED
TO RAIL SHARES
General Reaction Near Close
When Call Money Rate Rose
to 10 Per Cent

New York.. July 0.--The railroad
shares under tho leadership OF the
buoyancy OF Reading came in for n
big inning in today's stock market.
There was the familiar shifting from the
industrial to rail division with con-
siderable realizing in the former under
the cover of the strength and activity OF
the latter. At the same time pools and
other speculative cliqucs gave great
deal of attention to their various
favorites. which had the effect of bring
ing n number of obscure issues into the
limclight, while some of the recent
active leaders retired momentarily to
the background The forward swing
was well sustained until final hour when
a general reaction set in under the furry
in call money to 10 per cent.
In its general characteristics the
market differed but little from that Of
yesterday. in that conflicting currents
were conspicuously in evidence through
out the entire session. which was to be
expected in view of the continued mar
rownpss of the market and the high per-
centage of the professionalism of the
dealings. There was. however, accord
ing to the boardroom reports, quite a
considerable influx OF outside interest,
but the helm of the market was un-
questionably in the hands of the profes-
sional contingent.
As in the previous sessions. a num-
Der of the pool combinations were quite
ready to take every advantage Of the
easier state of the call money market,
and were disposed to make as much hay
as possible while the sun Of easier rates
shOne. Trading, in consequence. held
at its recent level Of activity, but shifted
with greater confusion from representa-
tive stocks to comparatively obscure
specialties Remington Typewriter, with
WOrthington Pump, Chicago Pneumatic
Tool and International Paper. for ex-
ample. were conspicuous at gains OF 3
to : points. while Houston Oil. which
made it's debut yesterday, scored an
other spectacular advance of Is points.
At the same time pools did active work
in the Ryan stocks and Mexican oils.
Later the independent steel shares, rub
ber sugar and tobacco issues helped to
swell the volume of business.
In the meantime, however, the real
outstanding feature, from sentimental
viewpoint, was the spirited upbidding
of Reading to the extent of more than
1 points. This was followed by ad
vances Of points in Lackawanna and
> points in Jersey Central and Della
ware and Hudson. The PaCiics, soft
coalers and other members of the raj
group were elevated from fractions t.
over a point. While these issues were
pushing forward a number of the recent
prominent leaders of the industrial di-
vision gave ground under the weight o
the increasing realizing sales.
The efforts of the reactionary party
however, to force a backset met witt
little success, as those on the con
structive side were fortified by the con
tinuance of the per cent. call rate
which indicated an easier condition il
view of the fact that today's loan
carry over until Monday. The expo
ucnts of higher prices were likewise re
inforced by the announcement that Ger
many had accepted the terms of th
Allies. coupled with the hopeful fcelin;
in banking circles engendcred by tn
successful offerings of about $50 900,
600 of securities in the last forty eigh
hours, including the Swiss loan and tn
Armour issues.
Leading stocks reacted sharply in th
final dealings when the rate for cal
loans rose to per cent