The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1919-06-11
IN
STOCK MARKET

NEW YORK. June l0.-R"newed OK
PRESTON OF concern on the part OF inc
federal reserve bank officials IN Wash
inEton regarding excessive Sp"'uIA' .''
vas considered the dominating factor
=, a deprcssion Of from one 10 10
points in prices ON the stock sHchanE"
TODAY The turn over m shares Hp-
-,rnached the two million mark IN.
rate on call money for mixed loans o."
not advance beyond its customary SIN
percent and this contorred 10 the UNI
Outstanding that the federal reserve
bank regarded as impracpcanie @"'
such method Of rav"rinG speculation
owing 10 tho fact that there - 50 "nuIt'
government financing n progress VIII"
,,uat NOT he subjected 10 int"rt"r"h''S'
The rate on industrial loans RUE" ~
nine percent lat" N the afternoon.
In some quarters IN" opinion wa
pressed that an analysis or the ''"' q.
reserve banks letter TO us 'h''
no,r. asking for information az 20 tho
oTtent ~ borrowing for speculative
ru-,ose, showed that tho communi-
not,o, vas not Intended 10 d"al win
.rrcstmcnts in seasoned securities. hut
ro,be- only with certain oil properties
ara o,bc- enterprises believed 10 Nv
--o-+bIess After publication OF this IN
fermentation late in the session, prices
Innroved somewhat. but tho market
closed heavy and its tone was oecloeo'y
uncertain. Spot covering also was
factor in the late Uod"ra'" rrc"NeF'eS'
yir+raly only tho tobacco group eH-
bihited sustained strength during III"
dav and tho advances of SIX points IT
American Sumatra Tobacco and trao'
Stor. IN other shares were attributed 10
announcements that some OF the large
interests had orgaaizcd company 10
extend their operations into the Foreign
retail field.
Aside from the federal reserve bank
determination to stabilize the specuta-
tive situation. several definite influences
served 70 depress certain stocks. Cen
eral Motors. after a sharp oreak or 20
roints recovered some OF its loss nut
closed eleven points under Mondays
closing quotation. the weakness being
associated in part with expectations
that the stockholders tomorrow would
vote 20 increase capitalization. South
ern Pacifc's loss Of 5 SIS points. who
accounted for by is poor April earn"
ingS.
Losses generally ranged from 20
Is pointl in motors, to Is In sh'ppingS
10 in oils. 10 : in rails and TO !"
IN equipments. United states steel
suffered under tho effect 81 rho general
weakness and declined IS. The DC
crease in stool tonnage. failure 81 the
Chicago. Rock Island and TaSihr Z"
take action on preferred dividends and
tho political developments IN Washing
Ton IN connection with IN" rCa'" treaty
wcro no, overlooked ny III" bears AZ
weapons.
After the markets close th"rc was An
immense borrowing demand for stocks
I'm Tho loan market. confirm in other owl
dcnccS Of - largely expanded Sh"r>
account. Sales for tn" day amounted
10 I 300 nn0 shares.
Bonds reflected in 4 moderate way
the weakness Of stocks. with IN" Lib
crtv issues also shading Total sales
Cpar valued aggregated slS.3ohoOh. II
was reported that tho Janan"s" govern
mon. had invested Sl&h.n00.non IN ~"
certificates ~ Indebtedness Of tho I'M
ted States treasury.
Old United States bonds wer" I'M
changed on calls.