Evening star., 1920-06-15
VERY DULL, STEADY
TONE TO MARKET.
Price Changes Unimportant.
Call Money Easier at 7
Per Cent.
BY STUART r. WEST.

| NEW YORK, June 15.-It was an
other day of extreme dullness in
stocks. and apart from few special
issues the fluctuations were the work
ofp Professional traders and were al
together meaningless.
/ The market had had It's little re-
action yesterday. quite Independent
of the outside news. A fresh short
! interest had accumulated and many
| stocks had got down far enough to
attract substantial buying again. The
| professionals who yesterday found
the market very thin when they were
trying to sell, today found It equally
| thin when they were trying to buy.
| shares ran up point to points Just
| as easily as twentyfour hours before
they had come down.
| The net results of the two days
| fluctuations was to leave the market
substantially unchanged.
Those who thought tho republican
nominations were all that tho street
had been waiting for discovered that
they We're quite wrong.
Likewise those who thought It was
the June Is money demands that were
holding things UP found that their
analysis was not correct The peak
of the money strain had been passed
yesterday and today the money market
began to anticipate the release of
funds in the government bond inter-
est disbursements and in the return
of the income tax money.
Money Opened mt Per Cent.
The call loan renewal was dropped
from to per cent and the supply
for new borrowing purposes was
larger than it has been on any day
for a week. Had immediate money
incidents been the deterring cause
this easing of the rates should have
been the signal for speculative
revival. AS 1t was the market rallied
coincidently with the lowering of
money rates. but the rally would have
come anyway.
The main point was that the soft
ening of the money market was not
followed by any increase in ACTIVITY.
showing that the uncertainty of what
would happen over the middle of the
month requirements was really not
what had been keeping speculation
back.
The market in its dullness and in
ertia is merely bearing out the ira
dition of the early summer. which
nearly always has made the month
Of June and the early part of July
Il waiting period.
Awaits Settlement July 1.
In the first place there is a desire
to await the completion of the semi
annual corporation settlements and
get through with whatever strain is
brought about on this account in the
money market. In the second place.
there is reluctance to expand Wall
street obligations in advance of def
mite news regarding the crops. 1t
seems likely that the market this year
IS determined to follow this prece-
don't
The Bond Market.
The bond market was quite as inert
as the stock market. Again liberty
bonds gave evidence of being at dead
leve, where the new investment de-
mand is ample to absorb all offerings
yet where there is no disposition to
raise buying limits. The third rs
had small advance. The others were
scarcely changed most of the day
standing just about where they left off
la st night.
Anglo-French 5s continued to be
dealt in around 921s and the United
Kingdom 5 y IS of 1921 We're in demand
at 965s and 96s. Third Avenue Ad-
justment 5s in the traction group went
lower.
Industrials were very little changed
one way or the other.
Buying in Own Bonds.
Much of the recent buying of United
States Realty Debenture 5s which has
kept them around 81. is said to have
come from the company itself, which is
in the habit of going into the open
market every year and buying in
certain quantity of this issue.
These bonds now have only four
Years to run. and in view of the inn
proved condition of the United States
Realty finances all doubt about their
being redeemed at the proper time has
been removed But the realty COM
papy is saving nearly twenty points
on every bond it is buying in now
There were no new offerings of
notes or bonds and on account of the
requirements soon to be enforced
that all but very shortterm notes
must be first approved by the Inter
state Commerce Commission, it is
thought that a larger proportion of
the borrowing by railroads from now
on will be done on this sort of obliga-
ton.
Difficult to Cover.
AS an illustration of the extreme
narrowness of the market even in