New-York tribune., 1920-06-17
Stock Market
Continues Dull;
Money at 6P.C,
Special Groups Respond to
Special Influences in Mar
row Price Movement
Steel Reports Favorable

Fundamental conditions directly bear
ing upon speculative and investment
security market values underwent little
change yesterday, and the dealings at
the exchange again presented more
or less listless movement in stock
prices, which plainly reflected the un-
willingness Of the professional trading
element to do more than shift commit
ments here and there in hopes Of profit
ing on the turns. Less than $4,000
shares of stock changed hands in the
five hours. OF this small total prob
ably more than 85 per cent represented
nothing more than the result of pro-
fcssional trading. Commission houses
did omparatively little. The public
vas scarcely q factor. After a great
deal of backing and filling the market
closed with an irregular array of net
losses and gains. Even per cent
rate for call loans in the late afternoon
failed to stir the market.
1t was the kind of market in which
special groups moved in response to
special influences, with no general
trend Pools were active in few
| issues. In certain parts of the list ru-
mors of developments directly affecting
particular properties were made a great
deal of and served as the basis for buy
ing or selling operations. Again the
shares of the companies mentioned in
connection with the merger of leading
chemical properties displayed pro
nounced strength. Investment rail-
way issues showed a more vigorous
tone and went somewhat further in .Aa
recovery of the previous day. Wall
Street found nothing in the news which
would account for the better tone in
the rail group, and argued that the re,
cent selling based on the reduction in
the Chicago & Northwestern dividends
had probably been overdone. Crucible
Steel closed slightly lower The Cru
chile directors after their meeting in
Pittsburgh announced after the close
of the market 16 23 per cent dividend
in stock as we'll as cash dishurse-
ment of 50 share. In the oils, Trans
continental came under pressure on the
circulation of rather vicious rumors.
General Motors was q weak spot among
the industrials.
Reports of conditions in the iron and
steel trade were gratifying in view Of
the difficulties with which the industry
has been contending for several months.
In May the output OF steel ingots ap-
proXimated 3,430,000 tons, an increase
of 10 per cent over April. Total ingot
production during the first five months
of the year ran at a yearly rate Of A.
100000 tons. This is quite a remark
able showing considering the troubles
of the steel mills in obtaining q suf-
fcient car supply to keep up the normal
flow of raw materials and fuel.
An important development affecting
the market for silver metal, which has
been demoralized for several weeks, is
the agreement arrived at between gov
ernment officials and American silver
producing interests which will make it
possible for the latter to sell their out
put to the Treasury at price of ap-
proximately 81, as provided for under
the Pittman act. Confusion over the
matter has up to this time made it i'm
possible for the government to pur-
chase silver under the act, although the
metal has been selling many cents
under the stipulated price.
Call money was in liberal supply
yesterday and renewals were made on
basis of 7 per cent, followed by a
further relaxation in the afternoon to
6 per cent