Evening star., 1920-06-23
STEHSAFEATURE
0F DULL SESSION
No Life to Market-Under-
:! tone Shows Resistance to
Bear Efforts.
BY STUART p. WEST.

BY STUART r. WEST.
NEW YORK. June est was an
other stupid session on the stock ex-
change today. For the greater part
of the time there was no drift In
either direction.
week or more there were various in
dividual points of strength which
stood out conspicuously. There were
also numerous points if not of weak
ness, at least of heaviness-
Call money was no higher than the
previous days neither did it show any
signs of relaxation. The renewal
was fixed again at S per cent. which
under present conditions. where the
banks are paving per cent for com
mercial discounts. may be regarded as
normal.
Then starting from s per cent the
borrowers of day-to day money were
forced to gradually raise their bids
Time money was again scarce with
the applica nts for such loans bidding
s11 per cent on industrial collateral
but obtaining only very small
amounts
IncreasfnE Resistance Shown.
The general impression given by
the days trading. however, small as
IL was was that in the leaders of the
share list bear operations were en-
that IL was not as easy to buy as IT
was to sell.
Having become adjusted to an s
per cent money market there was no
longer uneasinesS on this score
Rates are expected to continue high
over the first of the month and over
the Independence day holiday. but ii
is doubtful if they go above the range
Of the present week. The let down
in the money tension which is looked
for the early part of next month
doubtless is one of the things which
the stock market is waiting for. but
the fear of a money pinch over the
rnidyear settlement period bringing
out any liquidation in stocks has dis
appeared
The suggestion continued to be
made today that important financial
interests wish to see who the dem
ocratic nominee is to be before going
ahead with plans which they now
have in the market. But the action
of the greater part of the list. dull
, as 1t WAS, bore witness to quiet under
lying confidence.
Bond Market.
Liberty bonds were generally high
er, with the fourth 4As considerably
tho most active of the lot Belgian
S1S were dealt in at 97h. and the
United Kingdom 5tss of 1921 changed
hands at 81. the same as yesterday.
and the Anglo French IS at 9S1s, at
which hgure they were down 3 of a
point from the high reached just after
the British government made its an
nouncement that preparations for re-
tiring the British half of the loan had
been completed. and thus indicating
that the big buying which had been in
the market for the last several
months was at an end
Corporation Issues Irregular.
Corporation issues were irregular,
but some of the lower grade railroad
bonds were inclined to sympathlze
with the heavineSs in their stocks
This was true especially of the st.
Louis Southwestern first terminal 5s,
which sold at 81 y and 81 Y today. as
against SO yesterday
St Louis Southwestern stocks have
been weak for some time. but not IN
consequence of the earnings situation
but supposedly because of liquidation
needed to settle the Gould estate
Considerable interest attaches to
the offering Of s5,000.000 CLEVELAND
Electric per cent bonds They VIII
be a very good test of the public util-
ity market. In 1911 these same bonds
were offered at 102. carrying a per
cent interest rate Now this new IS
sue of no higher investment ratlng
carries per cent and is onered AZ
a5L The old per cent bonds, which
the public bought at 1o2 are hypothe :
Gated as security against the present
issnA AT 20. where they show the IN
vestor a loss of over 80 points
Big Jump In Belgian g..
The sensation of the day was the
lump of points in the Belgian gov
ernment SIS of 1925. which have pee z
selline around 90. and today changed
hands at 9s. No particular reason was
assigned for this move. but IT was
supposed to be due to the covering OIL
a large block sold shor- some time
ago before the new Belgian loan had
been successfully arranged.
Baldwin Locomotive.
The sensational development in
Baldwin Locomotive affairs is the re-
ceipt of s30.0o0.oo0 order for loco
motives for the French government
This was not known around the
street today except to favored feW
1t is understood that there was a re-
cent conference held by Baldwin di
rectors to discuss the terms OF thi:
order. which is the biggest single in
cident in the equipment industry In {
very long time Baldwin Locomotive
has orders on its books which VII
keep il busy for years to come, and
when one speaks of years he mean!
four years at the very least.
Sugars Were Weak.
Sugar stocks were weak in sym
pathy with the sharp decline yester-
day and today in sugar options. This
seems to be rather significant move
nent.
A rumor went around that Bethle'
hem Steel was planning some new
financing This was quickly denied
but the denial failed to help the stock
which was one of the soft spot'
throughout.
In the same way Midvale Steel fail
ed to respond to the statement which
was made with high authority tina
the earnings are better considerably
and that the dividend is in no dan
ger.
The Strong stocks.
On the other hand. these weak fea
lures were more than Offset by tn
stocks that were strong. Among tn
issues which stood out PROMINENT,
were Industrial Alcohol. Corn Prod
ucts Pittsburgh Coal Ohio Cities Gas
Famous Players and National Aniline
remarkable, but all were being quletl,
taken on what appeared to be yer!
good buying
Call money got up to II per cen
again in the last hour. but withou
affecting the market Francs and llr
on. ton of their notable rise of yes
terday rad a further sharp jump a
the opening this morning. but recede'
later Sterling exchange reacte'
nearly cents in the pounu from IL
top. No further announcements Wer
made regarding gold imports. Fresl
weakness developed in the Sllve
market
COPPER DULL; TIN STEADY.
NEW YORK. June 23---copper-
Dull: electrolytic spot. June an