Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-06-18
MARKET A GIVE
AND TAKE AFFAIR
A Little More Vitality Was Dis
played on the Buying
; ..... Side

New York. June 18.--The New York
Evening Suns closing financial review
today says: ...
The stock market today had few
cheering items to reflect in the declara-
tion of the regular Northern Pacific div
idend and in the unofficial but positive
assertions that an important gold move
ment from Great Britain to this country
was impending. There was more vital
ity on the buying side than has been
evident in the last few days and there
was some increase over the recent low
average volume Of trading. but for all
that the market was still profes-
sonal trading affair. in which outside
participation was negligible.
AS is usually the case under such cir
cunlstances. individual stocks looked
quite weak at times under experimental
bear selling and again looked strong un-
der short covering and fresh buying, but
as the bulk Of the operations were en-
tered into with the idea of making q
quick turn prices as whole did not
make progress in either direction until
late In the session.
Professional give and take of this
sort, which always accompanies wait
ing market. continued throughout the
session. although here and there few
shares reflected special operations. The
shorts in Endicott johnson we're smoked
out, accounting for the advances in that
issue to ~. The coal stocks and the
coal rails came in for brief spurt, the
buying apparently being based on the
reports of record coal prices and a
possible famine next winter. Pitts
burgh Coal crossed IS for gain OF
| hpy
S.. '''"'' anu
The entire railroad group acted ohch
better today than II has this week.
There had been good deal of short
selling Of the dividend paving rails in
expectation of a cut in Northern Pa
cific's dividend. which. failing to ma
tcrialize. forced shorts to bid prices up
as they cxtricated themselves. Della
ware. Lackawanna and Western. at
100 was up points. while Illinois
Central. Chesapeake and Ohio and simi
lar properties rose ! to points.
Pan American Petroleum and Mex =
lean Petroleum. selling ex dividend.
were strong features, more than max
ing up IN market price the dividend
subtracted. Several Of the lower priced
oils were also actively bought. Among
the new stock which made their ap-
,
having been transferred from the curb
were Santa Cecilia Sugar. Island Oil
and Texas and Pacific Coal and Oil.
The listings were not given the en-.
thusiastic reception frequently accorded
now arrivals on the board. probably
because the street il unable to get On.
thuSiastic over anything in the markc
just now. Sentiment in speculative cir
cles, however. is apparently swinging
Ground to more favorable view of mar
kct prospects. This was evidenced b,
increased pool activity in number o.
specialtics and the NOR e optimistic
tenor Of commission house gossip.
AS the session wore on. and it be
came creasingly obvious that bcal
raiders were meeting with no important
success in depressing prices. the slum.
bcring short interest scattered through
out the list became thoroughly fgrighten
ed and rush to cover. The market shool
off its lcthargy in the afternoon and 9
brisk forward movement rnsucd which
carried many stocks back to the higl
prices of the week.
While good part of the demand was
for short account. the spectacle of ad.
vancing quotations attracted fresh out
side buying. To help it. the market had
a relatively easy money market. cal
loans renewing and ruling at : PEI
cent. At the same time the report cir
Iculated that tomorrow's bank statement
would make the best showing witnessed
in months. This was regarded as alto
gether probable. in view of the sub
sidcnce of speculation in securities and
commodities. the Improvement in trans
portation conditions and slackening OF
commercial demads.