Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-06-12
CLOSING MARKET
DULL AND Strong
Wall Street Handicapped by
Tight Money, With Plenty
Bullish Ammunition

New York, June 12.-Today's clos
ing stock market retained a tone of de-
cided strength regardless Of the further
uncertainty in the political situation.
The trading was rather limited and
confined almost exclusively to the pro-
fessionals. The pool industrial special
ties were again the outstanding fen-
lures, with Crucible Steel once more
the leading attraction with an nddi-
tional advance Of points. Baldwin
Locomotive, Mexican Petroleum, Re
public Iron and Steel and Barrett Co.
also made substantial gains.
In the general list price movement
was irregular. although variations were
confined within narrow limits. Some
of the rails were inclined to droop,
notably the transcontinentals. The gen.
eral character of the market, however,
reflected a disposition to await actual
results at Chicago before making ex-
tensive commitments.
Wall street shifted its scenes this
week from Hudson river to Lake Michi-
gan. The usual financial, industrial and
commercial considerations for the time
being were relegated to the background
by the political Developments and kalei-
uOSCOUlC CNHuRPS dJ tue DlR uTeuH HI
Chicago. While the market world was
undoubtedly greatly interested in the
rapid fire events and seemed to find con-
siderable satisfaction with the various
developments of the convention, this
found little or no reflection in the mar
ket trend of prices, the usual barometer
and guide Of the opinions Of the fnan-
cial world.
On the contrary, never perhaps be-
fore in the midst OF a national conven-
tion has there been such conspicuous
indisposition to make market commit
mcnts. In consequence, the weeks trad
ing was virtually limited to the lesser
professional element and by reason of
the familiar scalping operations Of this
element prices were uncertain at the
best, until near the close Of the week,
when the market community became
thoroughly convinced of the elimination
of the more radical element. Then some
of the pools got busy.
Even il the selected standard bearer
of the G.. o. 2. should size up to the
and requirements Of stock
market test, the question already Is
asked, what will the market do? Much
like, boy with a present he has been
hankering for, receives it, then does
not know what to do with it. So is the
Undoubtedly much bullish
ammunition could be manufactured out
of the happenings of the big convention.
but the market machinery Caunot be run
without fuel. The fuel shortage is acute
because of the dearth Of funds for mar
ket purposes and almost prohibitive
rates exacted for the small rationing
gwen. AS matter of fact, the week
developments disclosed credit restric-
tons to be again country wide. For
rII money, the only resource left to the
market community, there was greater
hrmncss, the weeks range being be-
tween I and II per cent. So, with the
most invigorating bull news, Wall
street at the outset finds itself gagged.
bound and handcuffed by a tight money
market.
From an investors standpoint the out
standing event of the week was the
shocking reduction in the dividends of
the Chicago and Northwestern Railroad
issues. While this brought to home
wider appreciation of the impoverished
Of the cOuntry's transporta-
tion lines. it also created naturally.
Uneasincss as to the
sta bilty of the dividend of other prom
inent standard railroad shares.
In trade circles there were further
reports of reduced activity and down
ward revision of price schedules for
'all delivery. COppers were influenced
)y similar conditions. The violent de-
Zine in price of bar silver seemed to
indicate collapse of another war
speculative bubble.