Evening star., 1920-05-25
MARkET|SSTRONC
THROUGHOUT LIST
Despite Bearish Sentiment
Fair Advances Are Scored
] and Condition Bettered.

NEW YORK May 2o.N hile the
market maintained . stronger posi-
ton during the n"st three hours OF
today's session. -.4tn every indication
Of going throuSn the session with
part of the ga.as maintained, there
is no denying The fact that sentiment
continues bcar!sn.
However. the market crept Up dur
ing the opening hour and added a
little more strength as the session
advanced with gossip from many o.
the leading Colninis5;oe houses assum-
ing a little more favorable attitude.
The failure of the Mosi Bank OF
Yokohama was announced from Ja-
pan. and the bears tried 70 make
something out Of this, on. with poor
effect
1t is recognized that the market is
In a soid-out condition. The neeo
for further liquidation IS not appar-
ent. Six per cent money. aSalIabie
for stock loans on cali. VAS an evi-
dence of that, and the covering o.
shorts in the fina. hoE- yesterday
discovered the fac that the selling
was not all from strong boxes, as the
street had endeavored - give out.
The technical position Of the mar
ket is good while the .srs. signs OF
a real rally would bring the puonc
into the market u the hundreds
SOFA O-OuI nuns. dINiD-4S ~ AStFaoS~
their stocks.
Look for Bonus Defeat.
The street has come 10 believe that
the bonus bill Will be defeated, ana
perhaps may he said 10 nc backing
that belief in its buying operations
There is no question but what de-
feat for this measure viii exert
greater influence when il is den!-
onstrated.
Gold may come from England.
There are some rumors OF this KIND
and the possibility Is CONSIDERED
good.
Most of the commission houses ami
brokers for that matter. have shifted
their position sufficiently TO purchase
of seasoned rails aSd pdustrIais,
dividend payers on any ciGmP. Tathef
than further pressing OF saIes.
Market More Active.
As the session wore on tie volume
of trading increased with the morning
gains reasonably Well maintained
into the noon hour. with sales for the
third houc much larger than for the
two earlier hours
Nor were the gains confined TO any
one group OF stocks. but were genera
throughout the entire list
Oils. sugars and locomotives save
an especially good account of them
selves in the DAYS action; steeis. with
the single exception of Crucible,
which has been under the hammer for
some time. made average gains OF
about a point, this being the advance
in Steel common and others, with
Nanadium but Il point higher. Rep
logic made better than the average
improvement
Mexican Petroleum Strong.
At the top of the morning market
Mexican Petroleum on the news from
Mexico was up 8 points to ia. but it
sed off little from high. Pan-Aneg-
lean Petroleum was q higher, with
about a point gain in Royal Dutch
Minor Oils less active. General Mo-
tors moved up L point. Chalmers IL
and Studebaker lie.
American Locomotive was "a and
Baldwin. IS better. Car Foundry made
about the same Improvement.
Cuban Sugar. points up Cuban
American Sugar a point; Porto Rico
Sugar. points. and American Sugar
az points higher.
Action i'm the Rails.
The action in the rails was restricted.
hut the Improvement in values was more
or legs general. with Reading. Rock
Island. New Haven, Mop and Union Fa-
cifc leading.
Approve of Mr. Niliard's Statement.
Rock Island was the leader of the
rails. but the whole group felt the
benefit of the statement by MIR. Will
lard at the Interstate Commerce Com
mission hearing yesterday. that the
roads would need rate increase much
greater than that which has been
talked of recently. 1nasmuch as the
authorities at Washington have shown
themselves repeatedly of late very
anxious to cooperate with the rail-
way executives in everything that
will improve the traffic situation, that
is certainly stronger ground for hope
than there has been at any time of
the most favorable sort of action o.
the rate question. The street thought
that the case of the railroads had
been strengthened by the convincing q
argument of Mr. Willard that higher
rates would help rather than retard
the decrease in living costs by pro-
noting competition such as has not
existed for the last three years
CissinE Very strong.
In the final hour Of the session the
market made further new highs to
me pest closing that the list has en-
: Joyed in many days. A multiplicity of
more favorable developments. the re-
ported big migration of humanity
from Europe to America. per cent
money and the favorable progress Of
adjustment with the soid-out condi-
tion of the market and the decision
OF many shorts o get under cover
started the whole list on the road to
the pest prices of the day.
The closing was Very strong
Stronger Market.
one or two outside occurrences
heiped the recovery in stocks one
was the lowering of bids on time
money. which was the direct result of
the reduction in the call loan renewal
10 per cent
This means, if t means ANYTHING
az all. that stock exchange borrowers
are not going TO be held nm any
longer 10 pay excessive premiums for
the use of funds for fixed dates when
they can get all the money they want
on demand loans a per cent.
Another circumstance which counted
sood deal was the reply by Gov. Hard
ing OF the Federal Reserve Board to tho
inquiry of the Senate regarding what
was oeing done 10 bring about credit
defation.
These remarks hy the head of the Fed-
fraI reserve Board were accented as
dtsunctly encoura ging because the stre.,
feaHy believes tnat the traffic problem
70 wen on It's way 10 settlement
1ne oversold condition within the
A,och market became still palmer as
,Ee Gay went on. the coppers which
nave been acting very poorly for soma
time. surprised nearly everybody nv ,he
way tAeE rushed