New-York tribune., 1920-06-24
Stock Market
Drifts; Traders
Merely Look On
Speculative Interest at Low
Ebb; Call Money Rate
Again Rises to III p. c.:
Sharp Decline in Sterling

About the only traders VINO ala any
thing in the stock market yesterday
were the professionals and they did
practically nothing. In five hours
barely more than 100000 shares
changed hands. There existed the
same unwillingness to enter into new
commitments that has tended to keep
the speculative market within narrow
limits for a fortnight or more with no
signs anywhere of desire to break
away from the current state of inertia.
The Street talked confidently of
easier money after July l upon which
to base constructive operations and
the disposition evidently to wait until
then before taking q definite position.
Conditions in the money market we're
unchanged, borrowers at the exchange
paying as high as II per cent for coll
loan accommodation in the afternoon.
In rising to this level after renewals
had been arranged at per cent, the
money market moved precisely as on
the two preceding sessions.
The movement Of prices of stocks
took al exceedingly irregular course.
If anything, the trend generally was
toward lower levels, for more issues
registered net losses than gains at
ing sessions the pressure could hardly
be called heavy and such selling as
came into the market obviously came
from professional sources. Many OBJ
servers were Of the opinion that stocks
were Offering better resistance to
selling operations; indeed in some
quarters it was held that most of the
speculative industrials were oversold.
Those who were of this mind predicted
Improvement on the first signs of
positive betterment in the money mar
ket. On the other hand the opinion
was expressed elsewhere that if the
market did not soon exhibit signs Of
acting in response to constructive
effort more pressure might be looked
for from professional quarters. The
best thing about the market as it
stands at present is the absence of
liquidation.
Strength of Crucible Steel, which
moved sharply forward for time
and held its gain until the close, was
attributed to the covering of short
contracts. The chemical shares again
made up strong group and the Street
was led to believe that an early an
nouncement of the projected merger
WOuIu SnOILly DC forthcoming. OlNeF
strong spots were Famous Players,
Industrial Alcohol, Baldwin Locomo-
tive, Vanadium Steel, Mexican Petro-
leum- and Columbia Gas and Electric.
Steel common, after yielding to 9115 y,
rallied a full point. Rumors of new
financing by Bethlehem Steel were
used as pretext for selling the
Bethlehem issues, but they recovered
most Of the ground lost before the
close. Midvale Steel was also under
pressure, but did not rally One of
the weakest groups was that of Che
sugar shares, which reacted sharply
in sympathy with the continued le-
cline in raw sugar prices.
Calling of loans by banks early in
the day made necessary considerable
shifting of brokerage credits, which re-
suited in establishing higher rates as
the session advanced. The II per cent
rate WAS made in the middle of the
afternoon. The rise in money did not
bring out any selling of stocks. It
merely tended to hcighten the dull
ness. Sterling exchange declined, the
rate on London closing nearly cents
under the high of the day before.