New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-12
Rebound of Stock
Market Prices Is
More Pronounced
Hesitation of Previous Day
Supplanted by Evident
Impulse to Regain Part of
Losses; Exchange Strong

The upward rebound OF security
prices from the low levels of Monday
assumed more positive character yes
terday. The hesitation of the previous
day was supplanted by moro evident
impulse on the part of stocks to regain
part of the recently lost ground. The
changed market sentiment was based
on the Interpretation given by traders
to the new Russo-Polish news.
Until the turn in the trend of prices
came the market had been obviously
discounting the possibility of the Cen
trail European situation getting COM
pletely out of hand and resulting in q
| fresh general war. In the absence of
official information professional opera
tors found no effective resistance to
their efforts sensationally to depress
security quotations on the assumption
that disaster might befall the Old
World. The overnight dispatches yes
terday were of more positive nature
They in no way indicated that the key
to a happy solution of the Central
European problem had been discovered,
yet they defined the policy of the Amer
lean and British governments and to
an important degree dissipated the
clouds of vagueness and uncertainty
which have been hanging over the mar
ket for many days.
Market traders stamped the new de-
velopments as favorable by their op-
erations. Shorts, to whom the last
fortnight has been a period of unusual
prosperity, in many instances took
profits by covering their commitments,
and their operations constituted the
main fountains and springs of strength
| in the market. The operations of the
bears, however, were supplemented to
slight extent by continued scale buy
ing and purchases on a relatively small
scale by bargain hunters. The main
dealings were of q professional char
acter, and the volume Of trading, as on
Tuesday, was small. AS on the previ-
Gus day, the market turned to dullness
on reactions.
In the afternoon the advices that
France had recognized General Wrangel
as the de facto head Of South Russia
came as divergent influence, and,
though it was temporarily unsettling,
most securities did we'll in the last
hour of buying and selling stocks, and
closed near the highest prices quoted
during the day. The Improvement,
which was general, was to a large ex-
| tent due to technical reaction to the
oversold condition of the market, and
followed the lifting of the selling press
ure which had been caused by the less
favorable news regarding Poland.
Sterling exchange, which has been
exceedingly sensitive to the European
political situation, was strong all day
yesterday, and, with the exception of
the Scandinavian exchanges, the Con-
tinental currencies followed the lead
ership of the pound, which opened at
1854, up l cent, and closed at $3.68.
In the call money market there was no
marked change. Money renewed at 7
per cent and then rates dropped off to
"a per cent. The split quotation was
the first of it's kind in some months,
but no especial significance was at
tached.
The industrial stocks, which suffered
most conspicuously during recent
breaks, led in the recovery yesterday
Steel common was firm, and Vanadium
the sugars and several of the food Sc
curities rose sharply. Although on the
average not gaining as much as the in
dustrials, the rails were firm yesterday
and D., L. & W. and Reading were the
| largest gamers