Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-06-12
|NDUSTR|ALSF FIRM:
RAILS SELL down
Fear of Cut in Hill Shares
Dividends Brings an
Easier Close.
BY STUART p. WEST.

Ne" 1ORh, June 12.-Wall street
liked very much, of course, the news
received from Chicago overnight,
which made it virtually certain that
the nomination of radical by the re-
publican convention could not occur.
Prices opened up briskly on this news
and continued to gain for the first
half hour or so. Then the mark ct
paused, and from then on reflected the
view that the advance since the early
part of the week had gone far enough
to discount most of the good effects
anticipated when the results of the
convention are made known late to-
day.
The trading element was inclined
to take profits after the early ad-
vance, but this selling was not pressed
to the extent of lowering prices much.
The market held most of its gain
fairly well. Much was said about the
federal reserve bank statements that
were due; after the close of business
it was predicted that the figures
would show, contrary to the disap-
pointing returns of the two previous
weeks. quite an improvement in the
reserve ratio which would at the
same time indicate that some progress
had been made toward def1ation of
credits.
1t was the closely held high priced
industrials that provided the principal
sensation. The short covering in
Crucible Steel was so urgent that
shooting across $50 the stock jumped
points at a time.
High-Grade Rails Slump.
In the late dealing heavy selling
broke out again in Great Northern
preferred and Northern Pacific. reflect
ing the fear that the dividends on
these stocks would be cut like that
of the Chicago and Northwestern.
Directors of the Hill roads are sched-
uled to meet next week for action.
The break in Great Northern and
Northern Pacific caused a renewal of
pressure against other rails. but the
industrials. while coming off a half
point to point. still stood up firmly
The Bond Market.
It was the familiar dull Saturday
market in bonds today. There were
irregular advances and declines, none
of them important, but among cor
numerous than the gains. Trading
was very quiet in all directions.
Government securities did better
than other departments. The victory
~ got up to SO and the 3hs and
third ~ also made some progress
The fourth loan rather hung behind.
The advance in United Kingdom of
Great Britain 5ias was not main
tanned. but the SIS of 1929 were
fractionally higher.
No fresh announcements were made
regarding new bond or note 1otations.
1t was expected that the Great North
ern will come out with its plan to
take care Of the $20,000.000 notes ma
turing in September after next week s
meeting for action on dividends.
The idea now is that the Great
Northern dividend will be cut like
the dividend on Chicago and North
western as a condition laid down by
bankers before they take hold of the
new financing.
New York Curb.
Trading was confined entirely to the
professional element in the two-hour
session on the curb market today
The sentiment. which has been inn
proving for several days. was reflect
SIGNALS of some of the high priced
issues.
Price changes generally were ir-
regular.
Midwest Refining. which has been
dormant for more than week, was
one of the strong features, advancing
sharply on small buying orders. Of
ferings were scarce and it was neces-
sary to put up the bids in order to
secure the stock. Quotations for the
standard oils were about unchanged.
There was good demand for Is
lana. which scored a fractional adj
vance. Texas and Pacific coal and
OIL in sharp contrast with its re-
cent action. moved within a narrow
range. Simms Petroleum, White Oil.
Ryan and many Of the other indie
pendent oils held about steady