Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-27
IMPRESSIVE RALLY
OCCURS |NSTOCKS.
Traders Return to Market
Encouraged by Easing
of Credit.
BY GEORGE r. HUGHES.

Special Dispatch to The Star.
NEW YORK, March 27.-With gains
from 2 to points in standard stocks
and more in specialties, today's market
carried the late recovery of the preced-
ing session much higher. In striking
contrast to the wild performance Of yes
terday, trading was conducted in or
derby fashion, with the ticker not far
behind the market.
Perhaps the best commentary on the
character of the trading was the fact
that the turnover was more than o.
OOO, 900 shares under that of the pre-
ceding day.
Among the features in the last hour
was International Telephone & Tele-
graph, up over 20 points. While the
recovery was undoubtedly helped along
by short covering, it was also evident
that distress selling was over and that
the technical position had been enor-
mously improved.
It was In the early afternoon that
the list developed pronounced strength.
The upturn was led by the oils, with
large gains recorded by leading issues,
sucn as Atlantic Refining, Texas Cor
poration, Pan-American Petroleum,
Barnsdell and Sinclair. Atlantic Re
filming was outstandingly strong, up
some points. Houston Oil. generally
fast mover, ran up more than 10
points.
Specialties Show Gains.
Elsewhere in the list Specialties like
Baldwin and Case Thresning Machine
were up, the former 10 points TO $50
and the latter Is points to AS. Radio.
which had wavered during the forenoon,
r,fc TIfJJfDd States SfHat
scored a more modest gain, while Chrys-
Ter and Packard, two stocks In which
liquidation had been heavy at the start
forged ahead. New York Central was
the leader of the rails, up to points.
Prominent financial institutions were
lenders of money in quantity sufficient
TO prevent any increase in the call loan
rate from the renewal figure OF 10 per
cent.
The forenoon trading was hesitant
with irregular price movements. Buy
ing came from those shorts who had
neglected to cover before the preceding
close, from professional spectators and
a few outsiders who were persuaded
that turn for the better had come
and in less degree from bankers and
others interested in supporting particu-
lar stocks.
Some of the selling was leftover
liquidation, part of it forced because OF
impaired margins and part OF 1t volun-
tary from frightened traders. Some
of it was the taking of profits by those
who had supported the market when
it was at the low in the preceding SeS-
sion and some of it was the putting out
of fresh commitments for the decline.
In the early trading the price move
ment was without any uniformity. Some
stocks gained, others lost. In only a
few cases were there any wide swings.
As a matter of fact, the market did Won
derfully well to hold as much OF yes
terday's rally as it did, to say nothing
of carrying 1t further.
Among the strong features was Inter-.
national Telephone & Telegraph, up at
one time over 10 points on the day and
at new high. Above $50, it was up
more than 20 points from the low OF
yesterday. Case Threshing Machine
was 10 points higher at 440.
Better Tone Shown.
The oils and the rails did well.
Against these advances were losses in
Packard Motors, in Chrysler, in Wright
Aeronautical and in National Cash Reg
lister, but most of these were only tenn
porary. BY noon time the whole list
was showing better tone.
The midday strength conferred around
the standard stocks. Kennecott and
Anaconda were both higher. Goodyear
Rubber 81 Tire moved forward point
and more between sales. American Can,
which had sold off in the first hour,
came back vigorously, and United States
Steel similarly Cancelled an earlier loss.