Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-25
Ills FURNISHED
'sTRO|NQ
Market Quieted tn
Opening Drive Agamsts
Short Interest
GIANTS ARE

New York, Aug. 25.--Short covering
again played a prominent part in the
operations Of today's stock market.
more especially during the earlier part
Of the session. The sudden turning of
the tables on the bear crowd in the final
hour yesterday. naturally left the short
interest in very nervous state and
there was further hasty covering. parti
cuarly in the steels, equipments and
the rails. As result further sub
stantial recoveries were made in all
parts of the list, although the oils for a
time were noticeable laggards. There
was. however, q natural recoil from the
higher levels due to profit taking and
fresh selling. This while serving to
check the rising trend failed to produce
any weakness. rather to the contrary,
the market retained a good tone, which
was In a large measure due to the re-
newed strength Of the investment rails.
Governed entirely by technical con
ditions within itself the market prac-
tically paid little attention to outside
developments and news. 1t was gene
rally recognized that it was entirely a
question how far the demonstrations
would be carried against the unwieldly
short interest. in that on oil sides II
was appreciated any prolonged move
mpnt on the constructive side was out
of the question in view of the money
market conditions. which were likely to
become more acute rather than lessen
ing within the next six weeks. or until
the strain of the crop moving financing
is out of the way.
Foreign news. especially concerning
the Polish situation continued favor
able. The foreign exchange market,
however. made no material response to
the more rcassuring news from the
battle front. thus furnishing further
convincing testimony that the unsettled
state Of exchange was due 70 condi-
tions other than that pertaining to the
Russo Polish situation. The call
money market at the same time re-
maincd relatively easy. in all events.
there seemed to BE- still an ampl csupply
of demand loan funds at I per cent.
although some seemed to think because
of the wider inquiry there was like
lihood Of another furry Up 10 the
early afternoon this did not materializc.
The investment rails helped to stabilize
prices at any rate apparently carried the
market over some Of the rougher spots
during the morning. Southern Pacific
supplantcd Reading as the leader OF the
rail group. although further significant
buying was noted in investment trans
rontinentals. Chicago, Northwestern.
>;orfolk & Western and scvera! of the
cheaper issues. such as st. louis and
San Francisco. Texas Pacific. Mis-
souri. Kansas and Texas. st. Paul pfd.
and New Haven.
The broader character of the trading
at the same time was reflected in the
wider inquiry for the coppers which
had been dormant for so long. Shipping
shares. also threw of their recent de-
preston also appreciablr higher. but
the usual industrial leaders after the
opening bulge became comparatively
dull.
Toward midday there was n decided
lcsening of activity and while the2r was
some irregularity, prices as a rnle CON
tinued to hold well not far from the
best prices of the morning.