New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-06-03
Stock Prices Are
Irregular i'm Dull
Market Session
Dealings Fall Below Half
Million Share Market;
Traders Wait for New I'm.
pulse; Money Renews at8

Wall Street experienced dull and
llstless stock market yesterday bear
ing all the earmarks of a mid summer
session. The performance at the ex-
change was about as uninteresting as
could be imagined and the only ele-
ment which did anything comprised
the professionals. And they held their
operations down to the barest mini
num- The result was that the amount
of stock changing hands fell short Of
the half million share mark.
SO far as price movement went the
market displayed good deal of irreg-
ularity in the fluctuations, but the
changes were without special signfi-
canoe beyond representing the efforts
OF the professionals, who as a general
thing continued to work for lower
prices. They succeeded in certain in
dustrials. However, on the whole the
market offered, as on the preceding
day, fair degree of resistance to
selling pressure that was viewed with
satisfaction by the bullishly inclined
operators.
If the market in its present narrow
trading limits reflects anything at all
it is that the speculative element is
waiting for something to turn up that
will supply the basis for a resumption
there is a disposition on the part of
the biggest part of the trading ele-
ment to mark time. A number Of i'm
pending developments are being looked
forward to with much interest by the
Street, chief OF which are the Repub-
lican National Convention, and tho
move Of the railroads to obtain higher
freight rates. In certain quarters in
the financial district it is held that
the outcome Of the convention at Chi
cago is likely to supply the market
prospects of railroads, it is interest
ing to note that for a week or more
railway issues have shown signs of
coming into greater favor. So far as
the general market goes it is the
opinion of bankers that in this period
of credit strain and business re-
adjustment it is an excellent thing
that stocks have turned dull. The
majority of brokerage houses continue
to advise a waiting attitude on the
part of clients.
In the market yesterday the profess
SIGNALS launched several bear drives
without accomplishing much. Motor
shares were made the particular OBJ
jects of attack by the short sellers
who succeeded in pushing Studebaker,
Chandler, General Motors and Pierce
Arrow off for substantial declines
early in the session, but they came
back we'll in the afternoon and closed
with comparatively small net losses.
There was some selling of the Pan
American Petroleum and Mexican Pc
troleum issues, which were easily alb
sorbed particularly in the case of
the latter, which closed 3 points up.
lowed advices from the trade to the
effect that hhe measures for breaking
the freight blockade are bringing re
suits and heavy shipments of iron and
steel are now moving to delivery
points. In the Mahoning Valley steel
district steel works began the current
week 70 to 80 per cent active. COM
pared with less than SO per cent fort
night ago. In other districts the sit
uation is still acute, especially in Chi
cago. Among the strongest of the
steel shares yesterday we're Bethle-
hem B, Lackawanna and Republic Iron
and Steel Equipment stocks also
came into prominence, with Baldwin
Locomotive leading with a gain of
more than 2 points net.
There is an excellent demand for
prime investment securities, as was
indicated by the quick placing of the
new $10,000,000 Union Pacific equip
ment trust offering. In the money
market yesterday renewals Of call loans
were made at the high rate of per
cent, but in the afternoon the rate
dropped to per cent.