New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-05-28
Stock Market Is
Helped by News
OF Gold Arrival
Receipt of $40, 900, 900 at
San Francisco an Inapor-
tant Development; Spec
ulative Trading Dull

Considering the small volume. Of
business done In stocks yesterday
dealings were not much in excess Of
half million shares-the market gave
quite an impressive exhibition Of
strength. Traders continued to take
more hopeful view of the outlook for
investment and speculative securities
and the further improvement in senti-
ment brought another substantial rise
IN prices in an extremely dull session.
The movement was chiefly interest
ing because it marked the third con-
secutlve day in which stocks have
undergone progressive Improvement,
In values. For the first time since the
checking of the decline some outside
buying came into the market yesterday
and although the amount was small the
appearance of demand for stocks
from other than professional ranks
was considered significant.
The chief development of the day in
the financial markets was, Of course,
/ the announcement of the arrival Of
S2O,0oO,O00 In gold at San Francisco.
This news reached the Street early in
the session and supplied one of the
principal bull arguments for traders
committed to the constructive side.
The metal was shipped to the United
States from Hongkong and although
official advices have not yet been re-
posed to represent gold released by the
paying off of half Of the $3S,OOO,OOO
loan advanced many months ago to
the Omsk government in Russia by an
American and British banking syndi-
cate. 1t is understood the British por-
ton of the gold has been forwarded to
this country for the account of the
British Treasury to be used taking
care of the Anglo-French loan maturity
next fall. Britain has already shipped
S50,000,000 here for this purpose. 1t
shifting. of the exchange position be-
tween this country and Argentina has
created situation making possible
the flow of gold in this direction
whereas up to recently the movement
has been in favor of Buenos Ayres.
In this connection it was announced
that $4,5o0000 in gold held on de-
post at this center for the account of
the Argentine government has been
released. The gold that has arrived
from Hongkong together with that
released by Argentina will go into the
Reserve Bank and should help to i'm
prove the general credit situation. For
this reason the news of these develop
ments was made much of in stock mar
ket circles and served as the basis for
renewed bullish efforts.
Among the strong spots in the stock
market were the steel shares which
moved up sharply under leadership of
Crucible, Steel Common and Republic.
Railway equipments also stood out
prominently while the oils shared in
the general betterment. Railroad
issues continued to display quiet
strength. In the speciality department
American Bosch Magnetic stock, on
which substantial stock dividend has
been declared, International Paper.
Corn Products, United States Food Pro-
ducts, and United States Industrial
Alcohol were actively purchased at ad-
vancing prices.
The sensational strength of sterling
exchange which was easily the most i'm
portant feature of the foreign exchange
market appeared to be connected with
the arrival of gold from Hongkong.
Demand sterling showed at close an
advance of Az cents in the pound,
getting above 1891. In the money mar,
ket conditions showed no important
change with borrowers obtaining an
ample supply Of call funds at 6 per cent
although in the afternoon a small
amount of money was loaned at 7 per
cent.