Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-06
FURTHER ADVANCES
IN |NDUSTR|ALS
Sentiment Among Traders Con-
tinued Confident, While Shorts
Were Hard Pushed

New York. May 6.-Although the
volume of dealings continued on rela-
lively small scale the tone of today's
stock market was decidedly strong.
The recovery movement was resumed
and the market broadened with further
upward tendencies throughout the ses-
sion. Interest still centred to a large
extent in the industrial division with
the wider advances occurring in the
specialties or recognized pool issues.
Sentiment among the tIaders and on
the street in general continued conf
dent. and while no revival of bullish en-
thusiasm was expected in view OF the
strained credit situation. there was,
nevertheless. general belief that in
view of the unmistakablbe iquidated
condition of the market higher level Of
prices would be established,
1t was pointed out that while much
Of the recovery made in the last two
days was accomplished at the expense II
the short interest. there were every iu-
dication of the existence of still large
bear account. Except in a few Of the
known closely held pool stocks appar
emily no effort was made to force a
covering movement, yet judging from
the character of the operation during
the morning the shorts were taking ad-
vantage of every little opening to re-
duce outstanding commitments.
In SO far as rates for call loans were
| concerned the money market was easier
Demand funds were again evidently in
abundance around per cent, which was
made the renewal rate. This was largely
the result Of two influences. First a
] pronounced slackening in the demand.
Secondly, the . per cent rate exacted
earlier in the week attracted consider
able funds from the interior. Judging
from past experience. this out Of towu
money Is very likely to be automatical lly
withdrawn should the call rate fall
under per cent. In other words the
easier money conditions was generally
recognized more superficial than real
which was borne out by the adviCes
emphasizing the growing ramiica tions
strained credit situation in other sec
tions. The action Of the Federal Re.
serve Banks is amply testimony of the
views Of the controlling interests.
\ The market started off good with
further substantial advance in the in
dustrial specialties most prominent il
the preceding sessions. more particu
larly the independent steels. equipmen
and food shares. AS the mornin
progressed, however. the tobacco
chemical and other specialties recordc
materially higher prices. U. s. Ste,
made little Roadway. but Crucible Stee
Pennsylvania Seaboard, Atlantic Gu
and West Indies, U. s. Realty. Barret
Co., Tobacco Products and Lorrilar
Tobacco gained 3 to @ points. Con
solidated Gas rose 3 points on new {
q favorab BILE legal decision. and Endico
Johnson's 6Ia point rise followed an
: nouncement of a stock dividend.
4 The oils were the only active mem
bers of the industrial division to la,
but they. too, threw off their apatf
around mid day. Royal Dutch and She
Transport displaying special strength
Motors and equipments also improved n
heavy buying of Pierce Arrow. Gal,
among specialtics at the same time wei
augmented by wide inquiry for Viz
ginia Carolina Chemical and Nations
Aniline.