Speculative Sentiment Undergoes Decided Change For Better In Stock Market
SHORTS CONTINUE
TO FURNISH MOST
OF BUYING POWER
NEW YORK, August 16.—Specula
tive sentiment underwent a decided
change for the better In today’s
slock market, with the result that
quoted values were pushed up in all
sections of the list and the buying
embraced a wider variety of shares.
Short interests continued to furnisn
most of the buying power, but com
mission houses again reported in
creased public participation, paticu
larly in high-grade investment
stocks.
Buying for both accounts was in
fluenced by the signing of the min
utes of the Mexican conference, with
its prospect of an early recognition
of that country, overnight indlca
tion^5t>f an early resumption of the
negotiations for the anthracite min
ers’ wage agreement, announcement
of a favorable trade balance in July
and further signs of improvement in
the outlook for domestic trade and
industry. While little attention was
paid to the foreign situation by the
stock market, some comfort was de
rived from the cable dispatches in
dicating that the danger of a Car
man revolution had passed and the
improvement in French exchange.
Oil shares displayed a steadier
tone, despite the further liquidation
of some of the low-priced issues.
The gasoline price-cutting war is
generally regarded as a temporary
situation brought about by the forced
selling of gasoline by some of the
small midwestern refiners and brok
ers who were pressed for funds. The
Pan-American issues each closed
about one and one-half points higher
and some of the other active shares
improved fractionally. Shorts, who
were plainly worried by the recent
favorable domestic developments,
found a rather thin market for a
number of stocks when they at
tempted to cover their commitments.
