Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-06-25
ATTRACT
WALL ST, INTEREST
Business Sluggish and Market
Soft. Due to Tight Money.
turnover Drops

New York. June 25.--Tho New York
Evening Suns financial review this
afternoon is as follows:
Copper shares absorbed most Of the
initiative displayed in today's stock
market. although Mercantile Marine
common and preferred were strong,
particularly the common which crossed
50 Not counting these and few in.
dividual stocks like international Paper,
United States Industrial Alcohol, Will
son & Co.. American Sumatra, Amer
lean Agricultural Chemical and so on
the list was disposed to be heavy and
sluggish. Trading was on consider
ably lighter scale than for long time
and indications pointed 10 the begin
ming of a quiet period which not few
market observers expect to see through
most Of the summer, perhaps.
The impulse behind the movement in
the coppers was of doubtful origin,
There has indeed been hardening of
metal prices in recent weeks and Sep
tember deliveries are being quoted as
high as 1Sas cents, but there was an
even more appealing reason advanced
and that was talk of oil having been
discovered on Anaconda property or at
least OF promise Of its being found.
! When it comes to a question Of oil It
matters little which way you put II,
since oil has become a word fraught
with magical qualities. Gains Of TO 3
! noipts or more we're made in the group,
the widest being in Utah, although
Anaconda crossing I3. started the ball
rolling.
The money situation was real factor
] in determining sentiment, as for the
/ first time this week call loans renewed
at above 6 per cent, that is at per cent
for mixed collateral and ~ per cent
for industrial At midday the rate ros'
TO : ner cent for mixed and 10 per cent
for industrials. and in the afternoon tr
70 per cent for mixed and II for IN
dustrial. While this indicated tigh'
money. il failed to demonstrate tha'
there was any unusual demand for ac'
commodation.
II was pointed out in banking quar-
ters that forthcoming financing or ire
mendous grain crops was a factor o.
greater import this year than ever De
fore. because of the guaranteed price
for wheat at So % The contention wa'
that there would be- no incentive for thu
farmers TO hold back for better prices
Whereas before only a part of the crop
however large or small 1t may nav
heen. has been thrown on the market
this time the burden of financing /
likely to fall on the banks, all within
neriod of a few weeks. This pos
sibirtv cannot be ignored. The bank
keen on calling in their loans and tn
Federal Reserve banks have llkewls
been calling in order to effect wide
distribution of funds against the pron
I able contingency. 1t is anticipated there
. fore, that tight money will prevail a
. least until after the first OF the month. .
The stock list did very we'll indeed /
face of this state of affairs. It was oni
, in spots that there was real weakness
from time 10 time.
The rapid advance in call loan rate
/. in the last hour, due TO increasing call
ing of loans by the banks. made httl
: imnression on stock prices IL genera
s although here and there room trader
I were impelled 10 sell. Changes wer
e desultorv and trading in small volume
, For the first time since April tranSac
tions fell short of the million ShaI
- mark. Business in bonds was also re
D. stricted. Director General Illness M
neal to the interstate commerce commit
a tee TO legislate a definite railroad polio
Is was not reflected in the lall shares
which ruled soft
The Iron Age notes further improv'
= rosnt in the steel Industry. In
iorrnal states that orders are comiI
in faster than the shipment rate TN
production is Low about 60 per cent
g ingot capacity, and that June bids ia
IN 70 exceed May by fully 10 per cent II
l2 demand fol pars. plates and shapes
"a etill relatively small, very nearly,
n not ouite, otfsotting greater activity
"a nine. wire and sheets, The strong
to interests still oppose price changes.
ly There is a marked upward pri
movement in England, and it is int
- esting that Germany has begun to ia
=. steel business in neutral markets
be nricss which Great Britain cannot co
Iiy slider. 1t is expected that Luxembu
70 plants will be in full blast within &
Of months. American pig iron is report
Insss sold at SO. .45 below the British produ
ch Contracts for structural steel contin
TO grow, and the cast Is beginning
. show some of the pace IT the cent
:. West. The June total will exceed Il
ed of MAY, which was double that Of Apl
ooes Corn and oats were also under pr'