Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-06-29
SAME L|STLESS,
DR|F TING MARKET
Trading the Lightest Seen This
Year, While Prices Were
Dropping

New York, June 20.-Today's stock
market was in almost every essential a
complete replica Of the preceding ses-
sions. II was IN extremely dull affair
in truth even duller than yesterday, and
what little trading there was done
was confined exclusively to the profes-
sionals.
The constructive party had no en-
couragement to push their side Of the
case, while. on the other hand, the re-
actionists were restrained from launch
ing any great amount Of aggressiveness
by reason of the extreme narrowness of
the market. As a result fluctuations
were confined within narrow limits. and
what changes did occur represented en-
tirely the familiar scalping operations
of the room contingent.
Money market conditions continued
the dominating influence and answered
for the lifeless caliber of the dealings.
With the knowledge of the further
heavy government Withdrawals today
no one looked for material change in
money rates and no one was disap-
pointed on this score.
The renewal rate was fixed at yes
terday'S opening rate of q per cent, in-
diCating how absolutely artificial and
misleading the superficial easing OF the
call loan rate to per cent was in the
late trading yesterday.
Some, however, seemed to think that
with the July disbursements out of the
way there will BE- an appreciable easing
Of rates next week On the other hand.
those who dig down a little deeper were
of the opinion that reserve bank ratios
gave little hope of any great change in
money market conditions.
The developments at the Frisco con-
vention also contributed to curtail
market ventures. although Wall street
apparently is giving. less concern to the
Jacksonian party deliberations than 1t
did to the G.. o. 2. several weeks ago.
The greater majority of the market fol-
lowing apparently are encouraging
belief that no matter whom the Demo
Gratis put up. or what kind of platform
they build. the Republicans are going to
win. OF course. the mere conservative
element are quite willing to keep to the
watchful waiting stand and defer ac-
tivities until il is seen what will turn
up
The market showed an inclination to
droop during the most of the session,
but apart from the chemical shares, the
declines did not amount to much or
carry significance. Possibly one of the
more noticeable movements occurred in
Delaware and Hudson, which suffered a
decline of nearly four points in the
first hour to S3A on rumors of prob
able cut in the dividend from to !
per cent basis.
This is the lowest price at which the
stock has sold in several generations.
The low record for many years was
made in the time of trade depression in
1877. when it sold down to Is Follow
ing the steady improvement in coal
trade, as a sequence of the famous
gentlemen agreement. the stock moved
up steadily until it sold at 240& in
1905. Its lowest price since then was
| 81. made on June II of this year.
The company started its dividend
payment in 1882 and has had an un-
broken record An analysis of its earn
| ingS would seemingly foreshadow a divi-
dend cut, hence the new low record
made today.
Dealings continued to diminish rather
than increase as the day progressed
There was little change in the tone of
the market. except for an extension
of the dropping tendency to the food
shares.