Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-06-17
PRICE MOVEMENT
AGAIN L|STLESS
Great Interest Centered In the
Meeting Of Great North
ern Directors

New York, June 1.-THE New York
Evening Suns closing financial review
today says:
Today's stock market was Of a piece
with previous session this week and
was significant of nothing whatever
save the absence Of outside interest at
the opening. and for the first hour or so
the price movement was distlessly irregu-
lar with tendency to soften. Thereafter
the list stiffened materially and not O
| few really strong spots came to the
| surface. the chemical group. United
states Food Products and United states
Industrial Alcohol among the number:
| The broad reaction in Crucible Steel
shares in the early session seemed TO
| bring out offerings in measure and
| tempted the bears to try a hand at
short selling. The rank and file of the
street appeared to regard the reduction
in the cash dividend to the exclusion OF
the stock dividend declaration and the
| extension Of the cash disbursement to
the new stock just declared as well as
the 80 per cent declaration at the earlier
meeting of the directors, notwithstand-
ing that the arrangement brings a very
substantial advantage indeed to the
stockholder. The price receded at one time
nearly Z points below the Wednesday
closing level. 1t did not show any great
,fractionally changed downward for the
most part. The oils continued more or
less unsettled throughout.
Railroad shares were under the in.
| huence, of course, of the meetings OF
the directors of the Northern Pacific
and Great Northern companies sched-
uled for the afternoon. The impression
gained ground that neither corporation
would change its dividend rate at this
time. although what would be done at
the fall meetings was a different mat
ter since so much depends on what the
Interstate Commerce Commission does
with respect to the freight rate matter:
In this connection 1t Is called to mind
that the Great Northern had $50
600. 900 gold notes coming due In No
vember and in July, 1921, the S107,-
900, 900 joint collateral trust As. liza
bility on Chicago, Burlington and
Quincy control.
The situation, needless to say, is of
paramount interest in railroad circles
and the meetings accordingly are of more
than usual Importance.
There was a report current that
SO 900 900 more gold was looked for
from England shortly. There was little
change in the money situation here. Call
loans renewed at Z per cent and rulta
at that figure for the most part.
a brisk advance of more than four
cents in sterling sight draft to S3.o0A
featured the foreign exchange market
Continued gains in the Bank of England
gold holdings and the gradual moveme.r
toward adjustment of the tradge balance
: figured in the showing. There was a
further addition of nearly $1,000 900
t pounds in that institutions bullion
store. making. betterment in that re =.
' spect in the last three weeks or so of
t. approximately 500. 900, 900. The bank 5
proportion of reserve to liabilities was
1870 per cent against 1890 per cent
!, last week. Government loans declined
: e.. 307 600 Private deposits lost "a.
+; 321 900. while public deposits increased
C FL .S1S 900 pounds.
!. The market drifted through the last
. hour without material change in prices
g Trading proved to be the lightest in
: volume of any session this year to date
} 1t was announced in the afternoon that
! there would not be a quorum at thu
4 Great Northern directors meeting. The
Northern Pacific directors met shortly
!: after 9 o'clock, but no action was forth
! coming before the market closed.