Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-09-03
FORWARD SWING
WELL SUSTAINED
Easy Money and Other Bullish
Factors Offset Holiday Re-
stricting Influences

New York. Sent. 8.---while the triple
holiday ahead Influenced a considerable
| contraction In the volume Of dealings
| prices advanced very generally In today's
stock market with the wider gains oc-
| curing In the industrial divisions. This
was due largely to the liberal covering
Of the shorts in the industrial issues.
while the further uplifting of the rails
was handicapped by quite a little profit
taking, which was to he expected in
view Of the material advances made in
this division during the current week.
These pledged on the constructive side
had number Of additional bullish mar
ket factors to support their efforts.
Overshadowing all were the unmistak-
able easier money market conditions.
Call money opened and renewed till next
Tuesday at per cent, and later In the
| morning the rate was again reduced to
6 per cent, this occurring, however,
after most Of the week-e end financial
| accommodations had been arranged.
Suppenenting this favorable condi-
ing recent reports that an extensive gold
import movement Is to be inaugurated.
Another was the long address before tho
Mexican Congress by President De LIZ
Huerta, in which he outlined program
for peace and prosperity. Still another
was to he found in the published inter-
view with William T. Fcnton, of Chi
cago. in which he pictures rosy future
for American business.
Couplcd to this strong combination
of bullsh arguments were the technical
conditions which Enthusiastically exerted
undiSguised uneasiness among the short
interest in the industrial division, dis
closing decided reluctance on the part
of that element to allow extended lines
outstanding over the long holiday, cspc-
Cially when news and development show
tendency to break in favor of the bull
party.
Contrasted with the Immediately pre-
ceding sessions trading was very dull
during the morning, the first hours
turnover totaling only about one quar-
ter of that Of yesterday. Under the lead
Of oil, chemical, paper and metal shares
most of the industrials made substantial
advances. The Mexican oils were par
ticularly strong. with Mexican and Pan
American Petroleum rising to points.
In the steels Crucible Steel scored an
initial gain Of more than points and
in the equipments Baldwin. after declin-
ing nearly a point to 107&. rebounded
to within a shadow Of ITO. y. s. Steel,
on the other hand, moved within narrow
limits. 1t was more among the special
ties and the pool issues the wider ad-
yances were scored. such as Barrett,
Agricultural Chemical preferred, Ma
tional Aniline, which were run up 2
to 8 points on the reports that the de-
tails of the long discussed new chemi-
cal combination would be announced in
the next few days.
Yesterdays advance in the utilities
was not resumed aside from a gain in
Wells Fargo of 3% points. Brooklyn
Rapid Transit. however, was stronger
on the evidence of the collapse Of the
strike.
Inquiry for the rails was limited to
the cheaper issues, the recent active
leaders apparently meeting considerable
realizing. When the call rate eased to
6 per cent this division became more
prominent, but the whole market made
a fresh start upward.