Evening star., 1920-02-14
STOCKS IMPROVE;
BROADER TRADING
BY STUART p. WEST.

Special Correspondent Of The Star.
WALL STREET. NEW YORK. Feb
ruary 14.-Recovery went further on
the stock exchange this morning. in
conformity with the requirements OF
a proper upturn following the wind
up of prolonged and extensive decline.
There was no news. but overnight re-
f1ection of yesterdays happenings
tended to increase confidence IN t tne
market position and to inspire a pet
ter feeling also regarding the change
in outside conditions.
The recovery in the exchanges con-
tinued with demand sterling up 10
346 by the end of the first hour.
This with the continued ,mproved5 va
ment in the commodity markets ana
the definite casing of call money mace
up a combination of incidents Wnich
was very reassuring.
Trading was not particularly active
and much Of the buying came again
from the short interest. But there
was also a quiet absorption of stocks
in a cautious way by people who had
sold out higher up and had been
waiting for the first signs OF turn
to get in again. The minor oils.
which had been the original leaders
Of the decline a month ago. were the
logical leaders of the recovery.
steel Advance More Moderate.
The short interest in Middle States
bles and, with this stock up nearly
20 points from its recent low. active
buying was drawn into Transconti.
mental Oil. Sinclair. Union Oil and
others of the same group.
The advance in the Steels was more
moderate, but the rebound was eX-
tremely rapid in stocks like Baldwin
locomotive Crucible Steel. Stnde-
baker. Marine Preferred and Ameri-
can International. which had been
most under pressure and had there
fore accumulated the largest short
account Again, stocks in which Lon
don is interested, like Royal Dutch
and She'll Transport, were conspicu-
Gus.
Think Worst Is Over.
There was a tendency in Wall street
brokerage opinion this morning to
feel that while the rally in the mar
ket which started yesterday had been
very pleasing that it had not yet
run it's course and that further
upturn in prices could be looked fore
However. there was one house which
did not change position and even with
what most people figure as the turn
for the better having arrived this
firm stayed by its guns and was still
advising its customers to sell stocks.
Another firm said: yesterdays rail-
ly in prices was indeed very impress
sive and as the short interest is large
the recovery should extend further
today. 1t is beginning TO look as If
the worst has been seen for the pres
ent. Stocks are now so low that We
believe such recessions as come from
time to time should be availed of for the
purchase of stocks
Rally Not Far Enough.
Another of the writers of brokerage
opinion, who goes more thoroughly
into the market situation, has the fol-
lowing to say: 1.-The market rally yes
terday was good so far as it went. but
it did not go far enough after the
size of the break. We think it will &c
farther today. Bears have made a 10,
of money, most Of them have not col
lected it. although the big ones have
and are reported long of stocks. and
with profits and nerve left they are
not apt to be disturbed by a five-poin,
rally in leading stocks. They will be
tempted probably to sell more stocks
which will make up for irregularity
to the recovery. and they are apt to
accelerate it by covering when lead.
ing speculative issues are up ter
points rather than five. After the
March, 1907. break the full recovery
came in two days. In 1917 it took two
weeks, but, whether two days or two
weeks. the recovery should go consid.
erably farther"