Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-06-24
CALL MONEY RATE
SCARED TO 14P.C.
Conditions of Market Differed
Very Little From the
Recen tSessions

New York. June 24.--Today's stock
market was little different from that of
other recent sessions. 1t was entirely
q professional affair, but even the ex-
perienced traders were not disposed to
do much. The tone of the market was
somewhat improved, and the tendency,
II there was any was inclined TO be up
ward. This was partly because of the
taking Of short lines put out in the two
preceding days.
There was plenty Of news but all of
it fell as fiat as pan cake. 1t was
perhaps good thin gthat it did. for the
most of IL was not altogether pleasant
reading matter. The unfavorable cop
per conditions found reflection in n re-
duction of Inspiration Copper divi-
dCnd from 6 to 4 per cent. and that of
Green CananPa from @ to per cent per
annum basis. The announcement of
the expulsion of Allan 4. Ryan from
the Stock Exchange was another bit of
adverse news. Then there was the tight
money market. Call money opened at
: per cent, but il was soon obvious that
the Scant supply would not anywhere
meet the requirements. so before half
of the session passed by. the rate had
been lacked up to Is per cent.
The market world continued to prnc-
tically ignore the outlaw strike of the
railroad men. much more interest was
manifested as to date of the award of
the railway wage board. and the action
Of the Interstate Commerce Commission
as to the freight rate advance. 1t was
the consensus of opinion that under the
prodding Of President Wilson quick
81 Httn hn do
award, and 1t was taken for granted IL
only part Of the advance asked for is
granted, tn" plea of the carriers for
higher freight rates will be greatly
strengthened. The weekly report of the
Bank of England was studied with un-
usual interest because of the recent re-
ports Of an early resumption of the
gold movement to this country. The
banks bullion holdings increase of
E125, 900. while the proportion of re
serve to liabilities was raised from II 20
last week to 15.42. which seemed to
confirm preparations for the gold move
ment.
Specialties. as featured by chemical.
sugar and tobacco issues. were firm to
strong at the outset. ShippingS and
equipments also hardened. but oils were
again irregular on further selling of
Middle States and Royal Dutch. Rep
resentative steels and rails manifested
no definite tendencies, recording only
minor gains or losses.
The market took definite upward
turn within the first hour. equipments,
independent steel and automobile issues
leading at gains of to 3 points. Prom
inent features of these groups included
American Car. Pressed Steel Car, Cru
chile. Nanalum. SlOss- Sheffield. Great
Northern Ore, Pierce Arrow and Gen
eral Motors. High grade oils also
gained to IN points and food prod
ucts. Cuba Cane Sugar and Industrial
AlChol extended their early gains. There
was also a moderate demand for spe
cialties in the leather and textile di-
visions
Money. however. became the domi
nant factor in the early afternoon. the
rate for call loans rising to II per cent.
This WAS followed by reactions Of to >
points in the general list. stcelS. equip
ments and oils being the first yield.