Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-10-29
PRICES RECOVER
. AS SHORTS COVER
OversoId Condition Of Market
Influenced Shift Of Position
by Professionals

| New York. Oct. 20.-Technical rather
than circumstantial evidence OF any
essential change in fundamental con
ditions was mainly responsible for the
better tone Of todays stock market and
the accompanying Improvement in
prices. In other words. by reason OF
the oversold condition substantial part
of yesterdays reaction was recovered.
! There was. however. little demand other
than that emanating from the covering
of the shorts, as indicated in the in
creasing dullness which followed the
establishment of the higher level OF
prices.
| With only two full market days in
, tervening before election. there was n
general disposition on the part Of the
bear contingent to cut down commit
ments as much az possible in view of
| the possibility of not only election sur
prises. but also the ever present acci-
dent of some far reaching developments
turning up in the meantime. Aside from
this il had been generally recognized
that a goodly portion of the week S
selling movement had originated from
/ professional sources. and in view of the
! peculiar conditions prevailing the aver
tHt IL ilulSHVSNu W carly
lines over the week END.
: For the sixth consecutive day the
! renewal rate for call money was fixed
at per cent, but as loans made today
carry over until Monday. the rate was
not considered severe in view of the
known money market conditions. Much
of the weeks tension had been charged
! to the heavy withdrawal of treasury de-
| posits. 1t was pointed out today by a
prominent authority that the govern
ment funds in the banks now total
only S25 ,000, 900, and 80 far as known
the government will not withdraw any
of this comparatively small balance
very soon. In all events that is all the
government can withdraw if the worst
comes to the worst 1t was, therefore,
felt with the November disbursements
provided for, money conditions should
be somewhat better after next week.
Nobody, however, looks for any real
easy money until after February.
The rally which started in the late
trading yesterday was resumed at the
opening and very substantial gains were
registered by the more prominent shares.
The oils were the striking feature, but
the improvement was general, although
of short duration. Early gains in oils
and specialties were Cancelled when rails
and shippings began to weaken. Great
Northern and Texas Pacific were espe
cially heavy. with United Fruit anC
Atlantic Gulf losing u to 3 points
This was followed by demand fol
high grade transcontinentals, Southern
Pacific and Canadian Pacific gaining
almost . points each, and Union Pa,
cifc l point. Junior rails also i'm.
proved on buying of Southern Railway
and New Orleans, Texas and Mexico
Food and chemical issues rallied easily
but the popular steels and equipments
were dull and irregular.
Local utilities, also metals and oils
at extreme gains of ! TO , points, wer,
the only prominent features of the dul
noon session. An inquiry for American
Smelling and National Lead was asso
ciated with reports of heavy sales o
refined copper for European conSump
ton.