Evening star., 1920-06-10
INDUSTR|ALS FIRM;
N|ARKETVERY SLOW
Money 8 Per Cent-Under'
tone Strong, Save on
Hiqh.Grade Rails.
nv STUART p. WEST.

NEW YORK, June 1O.-The mar
vet today was in nearly every respect
n replica Of that of the two preceding
days.
Again trading was very dull, again
certain points Of weakness made theil
appearance among individual stocks
and again the list as whole dis
PLAYED a very distinct inclination 10
move forward Doubtless a good part
of what buying there was represent
ed the retreat of a short interest," maoe
uneasy by the persi stent failure oi
the market to respond to bad news
If prices would not go down under
10 per cent money. under a l2-poln.
break in an old fashioned investment
stock like Chicago and Northwestern.
and under the weakness which this
caused in others Of the divfdend-pay-
ing rails 1T was reasonable to ask
what was likely to happen to start
another downward movement lhe
bear party had evidently been asking
itself this question all week. with the
result that the demand for covering
purposes became steadily more in
sistent.
RAILWAY shares Soft.
Railway shares were again unset
tied and there was special selling in
stocks like Northern Pacific, Great
Northern preferred and Illinois Cen
&, trail, which are in more or less the
same position as Chicago and North
western. The idea Is. Of course. that
q similar cutting of the dividend rate
is quite likely in all these cases
But the industrial section of the
list paid no attention whatever to
the weakness in this quarter. 1t
opened irregular: then resumed quiet,
ly, but impressively its drift toward
h{uher prfces The upward move
ment took the form of a series of lit
tie forward rushes by groups. At one
time it was the alcohol stocks. at an
other the oils and at another the
equipments. Baldwin Locomotive.
American Locomotive. Pressed Steel
Car. Railway Steel Spring and Has
kell and Barker all went through
their recent highs.
The Bond Market.
II was another very dull day in
bonds. with the exception Of United
States government issues. All classes
of liberty and victory loans went
lower but the decline was very
moderate as compared with what had
been expected in view of the an
nouncement that the latest issues OF
Treasury certificates would bear in
terest at So and per cent. That
the new fiotations would be maue at
increased rates was. however. Tore
gone conclusion after the increase
of ten days ago in discount rates.
The Money Market.
The market has become Injured to
the daily money program. which seems
to call for a Z per cent call loan re-
newal and a gradual rise to 10 per
cent in the rate on new advances 1t
will welcome the easier condition
which is bound to come about after
next weeks income tax payments and
distribution of liberty bond interest.
but in the meantime it will no longer
be bothered. as 1t was at first. by the
daily marking up Of the loan quota
tion to 10 per cent.
There was no change in time money
today. but there were reports of an
increasing disposition to look for
easier conditions in this department
of the money market later on.
The Bank of England succeeded in
still further increasing it's stock of
gold during the week, this item rising
another s11,000,000.
The fact that gold holdings have
been increased over s20.000,000 with
in the last fortnight strongly sug-
Eests that the Bank of England is
getting ready for another gold move
mont to this country as part of the
provision for redeeming the Anglo
French loan. The Anglo-French bonds
account Of the British government for
some time past. and the British chan
cnellor has announced that Great
Britain's half Of the loan has been
nearly provided for.
Foreign Exchange.
Sterling exchange continued to rest
at the 3.92 level, but held very firmly
around this figure. The far eastern
exchanges were all helped by the first
rally in the price of silver that has oc-
CURED in more than a week.
The stock market went through the
afternoon at a slower pace than ever.
Part of the early gains were lost un-
der profit taking, but the tone through
out the industrial list remained good
There was a growing sentiment of
confidence in the discussion regard
ing the republican convention at Chi
cago, and today's developments in
connection with the compromise on
the treaty plank were all to the lik-
ing of conservative financial interests.