Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-06-03
ACCUMULAT|ONWAS
STRONGLY EVIDENT
Wall Street Disposed to Marx
Time Until After the
Conventions

New York, June 3.-The New York
Evening Suns closing financial review
today says:
Although it is probable that good
part of the buying in today's very dull
session of the stock market reflected en-
gagement of the shorts its retiring con-
tracts. there were indications neverthe-
less that quiet accumulation of an in
vestment character as well as specula
tive for the long account was taking
place. Wall street expects to see a
dragging affair in securities until it is
seen what the Republican convention,
opening at Chicago on the Sth. will do
in the way of providing a presidential
candidate. IL the choice should meet
with widespread approval, many believe
the circumstances will prove the signal
for constructive initiative. The scope
of the movement, assuming 1t to be pos
sible on the strength of the technical
position within the market. will depend
doubtless on concurrent events of a
favorable tenor or otherwise.
1t would not seem likely to extend
much beyond the interim between the
announced results of the two conven
tions unless happenings in other fields
impart additional momentum to fill the
gap to election time, such as possibly
continued Improvement in the grain
crop, more favorable conditions for
cotton in the two months to elapse be-
fore the final estimate and further
amelioration of the transportation stu
alton and hence the credit situation. At
the moment sentiment is good aided by
the easing money market and the prob
ability of an early adjournment of Con-
greSs. The statement from Washington
that the President had assured the
minority leader in the House that an
extra session would not be called un-
less an emergency should make such a
step imperative was a matter of in
tereSted comment.
The list was fairly strong at the
opening in moderate trading. Animation
was lacking at the outset and there
was little to stir it at any time. The
steel and equipment shares we're strong
throughout and there was a certain
progressive accession Of strength in the
general run of both rails and indus
trials. Numerous specialtes stood out
as strong spots and there appeared to
be good buying in some of the minor
rails. particularly Missouri Pacific pre-
ferred and one or two others.
Crucible Steel again advanced broadly
for time and General Motors felt the
influence of the entrance of the Nor
gans into the stock underwriting plan.
The other motors followed UP the ad-
vantage in q measure. The oils were
not very aggressive and the Coppers,
while consistently firm, were rather
neglected.
Call money renewed at 6 per cent as
against the renewal rate of s per cent
Yesterday and ruled at that figure. Time
funds were unchanged. There was some
activity in commercial paper Mt 1@l and
: per cent and also in bank arccptauces,
Il natural movement in view of the
higher federal reserve discount rates
Gold movements comprised an engage
mcnt of 81. .000. 900 at the subtreasury
for shipment to the East Indies. The
foreign exchanges were lower. tSPrline
sight drafts at 1892 were cent oil
50 down and francs and lire receded 1,
and 9 points respectively to 1.61 anC
J.S1 cents. Marks gave way II points
to 2.24 cents the mark.
The weekly statement of the Bank o.
England disclosed proportion of re.
serve to liabilities of 1890 per CEN
against 1850 per cent last week. Il
was interesting to note an INCREASE il
that institutions gold holdings O
slightly more than f2 ZOO, 900. the first
considerable change in that item in sew.
eral weeks.
Trading died down almost to a stand
still in the last hour. There was some
shading of values. but in the main
prices held fairly well. Crucble wa,
au exception, losing more than the
porlier gains