Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-05-27
MARKET RESUMED
UPWARD SWING
Change of Sentiment Was Re-
flected in Resumption Of
Pool Operations

New York, May 2T.-Today's stock
market showed little distinct trend at
the outset. but before the end of the
first half hour substantial buying orders
for both accounts made their appearance
simultaneously in different quarters of
the list and the forward swing was re
sumcd with same vigorous momentum
as marked the rebound in the late
trading on Tuesday.
While there was n general disposi-
tion to find n favorable Interpretation
of over night developments and the
gradual changes which are taking place
in fundamental conditions. the principal
incentive and impulse for tho rcsump-
tlon Of the recovery movement was un
QucStionably to be found in technical
rather than in Influences outside of the
market.
Tho moro cheering elements were
supplied in the announcement of gold
imports from the Far East and the
arrival at San Francisco Of large
consignment of the precious metal also
in til" continued abundant supply of
call funds AT q per cent. couple with n
further material recovery i'm the Lib.
Crty bonds. Supplemcnting these favor
abl" symptoms was tn" more optimistic
views taken of the general credit stu
alton by the leading banking interest.
The fact. however. that the trading plc-
mcnt was inclined to lend a ear to the
more favorable signs was convincing
proof of the marked change of scnti-
mcnt. This was strongly confirmed by
the unmistakable evidence of the re-
sumption of pool operations in different
divisions of the list.
The fulCrum Of the market lever was
supplied in the pronounced strength OF
rho equipment shares and the sympa
thctic hardening Of prices in the steel
groun. For time interest was con q
ccntratcd largely in th" industrial
quarter. but before the session was hall
over the railroads began to pick up and
made substantial gains. In all nartS OF
the list there were many signs indlcat-
ing that the rcaCtionary party had bndly
mi>culculatcd tho real market position
and that Yesterdays wavPring exhibit
tiun had thrown them badly ont of the
course. This. at least. was suggested
in the apparent increasing discontinue
Of the short interest. and the Inability
Of that element to reduce the larg" out .
standing commitment without iacklug
prices M against themselves
American Wooden showed some weak q
ness at the start which was attributed
t? selling resulting from the indictments
f+urncd against the company and its
, officials Yesterday. The loss of over two
/ uointS was retrieved before the end of
the first half hour. when the active do
mand for the oil and equipment shares
turned the markets course upward.
Pools became active in motor special
ties also in the food. chemical and TO.
bacro issues Bosch Magnetic rose I
points. National Auilin" Al. Barrett
81, and Food Products :. Internations
Paper also making n substantial ad
vance. MrXiran Petroleum was strong
est of the oils. and American Car rose
with Baldwin Locomotive. Announr"
mcut of gold imports from the Far EaSt
stimulated furth"r activity at midday
hut trading ccutc, cd largely in special
tics. Prominent features included Cru.
riblr. AtIunti" Gulf. WnrtHngt"n PUml
and Hide aud Leather preferred II, -.
t. 4-uOint gains, whiI" south Porte
Rico Sugar rose II points