Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-19
BEAR CROWD GET
LITTLE bACKSET
Fresh Melting Of Sugar Group
Checked an Extensive Cow
ering Movement

New York. Aug. 1o.-The bear crowd
after having matters pretty well their
own way all week had a little basket
in today's market and partly paid the
penalty for their overconfidence. Mainly
because Of technical conditions there
was extensive covering of the unmis-
taxable over extended short interest
and while this element was kept on the
run the market pushed steadily for
ward, and which il continued to do with
little or no interruption during the
morning, or, at least unit il the sugar
shares showed signs Of melting again.
Over night advices dealing with the
foreign situation prompted the first re-
treat of the bear following and with
an apparent scant supply of stocks in
sight IL soon became case OF this ele-
ment bidding against each other, and,
as result. some Of the more specu-
lative issues, at least those recently
subjected to a severe drubbing moved
up in lively fashion regaining a con
siderable part of the lost ground. 1t
was virtually a continuation Of the re :
NONtTN luUNtllltut Which, SET III
the final hour of the tradings yester-
day and therefore carried little sig
niticance other than representing a cor
rcction of a temporary oversold con
dition.
Developments in the Russo Polish
situation, especially concerning the un :
derstanding between England and
France on the proposed Crimean cam
paign was generally regarded satisfac-
tory, although foreign exchange, as in :
dicated by quotations on London, failed
to reflect latest conditions in the eastern
European fare sup. While. of course,
the better outlook of the Polish situa
ton contributed to make sentiment more
cheerful, it was quite evident that this
influence was entirely secondary in the
temporary reversal of the market trend.
With no appreciable increase of bust
ness the market, however, strengthened
in almost every. direction during the
| morning. Leaders of the advance in -
cluded Baldwin Locomotive. Mexican
and Pan American Petroleums. Cru =
cible, Nanadium, Replogle, Studebnker
and Retail Stores. Gains in these and
| associated shares ran from l to 31a
points. Rails were more prominent than
| at any recent period, minor issues OF
! the western and southwestern divisions
participating with transcontinentals
Reading and New York Central at
gains of l to u points.
While the odds were on all sidel
| against them. even including tn,
money market, with the renewal col
rate fixed again at ! per cent, agains
last nights closing rate of 81 per cent
| the bear crowd after the first rush t,
/ cover contested their retreat stubbornl,
and kept sharp outlook for soft spots
Little encouragement was found in thi
/ connection until around midday. whel
! the sugar group were singled out 70
another drive. which evidently was in
! cited by the discovery of efforts to re
sumo distribution under the cover Of th
strength Of the general list. Those is
sues were found to be susceptible agail
and were depressed l to points.
In the meantime the general list ha,
shown signs of going stale and it wa
evident ali along the list that apar
from the shorts the demand was still
very limited. So when the sugars too
the tobogGan again there was at one
sympathetic easing of all aroun
with the active leaders dropping off
point or thereabouts from the best quo
tations of the morning. The rails ais
yielded moderately, but showed littl
more resistance.