Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-05-15
STRONGER MARKET
ON LIGHT TRADING
Belief That Conditions Are
Being Rapidly Adjusted
Helps Sentiment.

Ne" 4otSh, May 11.-N III tHe
Immediate opening, the better feel
ing developed yesterday was further
accentuated. and buying on the part
of shorts over the week end gave the
list much stronger appearance, with
the steels, motors, oils and rails Shar-
ing in the betterment. though many of
the cheaper rails did not show much
ii any change.
Appearance of the market during
the greater part of the day was that
OF an oversold condition, sold to a
standstill. with the bears hesitating
over further extension and the pre-
vailing dullness more or less salts
factory to every one.
With the prevailing spirit of econ
omy and the desire to adjust business
, conditions there seems to be belief
that matters generally will within a
reasonable time become more settled.
The transportation conditions at the
present time seem to be the most
serious. element. including as it does
the general inefficiency of labor.
Settlement of the railroad wage
question might go far toward settling
the transportation question. There is
considerable comment in brokers' OF
fees anent the manner in which rail
shares and equipment stocks seem to
be resisting purely professional pres
sure to weaken them.
Prospects of Gold Imports.
Prospects of a resumption of gold
imports from England. although un-
confirmed. exerted favorable influ-
enre on conditions.
Pools started trading with consider
able activity in shippings, oils and
steels. with some improvement in mo-
tors, which have been weak for some
days. Textiles and tobaccos figured
in the improved feeling, while such
TTninn Papif1c Pa2djnp and
Rock Island displayed an improved
tone.
The volume of business was not
large. with approximately less than
100000 shares changing hands during
the short session.
Liberty bonds continued to shade of,
with nominal dealings in the general
bond list.
Foreign exchange did not show ma
terial change.
Brokers' Views.
Pynchon & Co.-"As expected. the
terday was well maintained. due tc
short covering. However, all offer
ings are readily absorbed and it Il,
noticeable that the market grow.
very dull as. soon as prices show the
least easing off,
Moler-"-The most encouraging thing
about the stock market is that there
Is no big, long interest to act as !:
menace in the event of any fresh bad
news. while the money situation is
now so close throughout the country
that it could not be expected to stiffen
much more.
: TT is quite likely that the conges-
ton of freight has tied UP large sums
of money during the past six weeks
Until this congestion has been dis
sipated we are not likely to see more
impressive rallies"
George W. Summers-'.Bonus bill
again changed and action delayed.
One or two more postponements will
remove it as a factor in market inf1u-
ence. There is no definite trend. sem
timent is still bearish. but technical
conditions favor recoveries."
Dow, Jones & Co.-"High banking
opinion on Wall street is that there
will be definite improvement in credit
conditions within a few months. Lead
ing dnanciers believe the peak Of
F., rates and condition to have been
reached and that an orderly recession
in bank loans will soon get under
, way" 5000
Gains Scored.
In the automobile group the gains
averaged 1 to 2 points. with Chal-
mers supported to an advance Of s
Joints and fairly well held.
Equipment shares also averaged /
to points, Air Brake and Baldwin
than other shares.
Steels were all stronger except
Sloss- Sheffield, which declined IA
points. Gains averaged y to III
points.
Oils advanced with the exception of
California Petroleum. while sugars
were less active and relatively steady.