New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-06-04
Prices Higher
In Wall Street
In Dull Market
Professional Bears Cover
Part of Shorts; Money
Rates Fall; Traders Glad
Congress Is to Adjourn

With the most important trading
element in the Street indisposed to do
much in the way of buying or selling
stocks. it was not surprising yesterday
that the market should continue to
drift along listlessly without getting
very far in either direction. Profess
sional floor traders who offered stocks
freely at the beginning of the week
in anticipation of a sharp decline on
the advance in Reserve Bank discounts
covered some Of their outstanding short
accounts. Beyond that there was not
much of special interest in the deal
ngs. A dribbe Of liquidation appeared
in the market for dividend paying rails
but this selling was not heavy. The
change fell below the total of the pre-
ceding day, averaging less than 1oO,-
900 shares of stock an hour.
With all the dullness the industrial
share list maintained fair degree of
strength throughout the session, the
majority of the leading issues in this
department. closing with net gains.
Little significance attached to the
movement beyond demonstrating that
OF their ground as few days ago
However, the action of stocks did tend
to cause increasing chcerfulness in
speculative quarters, where it was felt
mat stocks were in position where
they would be likely to respond readily
to favorable news developments
Motor shares as a rule displayed an
improving tendency and it was appar-
cnt that the market following looked
upon the entrance of the Morgan in.
terests into General Motors affairs as
significant, especially so at a time
when so much unfavorable talk has
been heard about the immediate future
OF the motor industry in general Gen
eral Motors common advanced more
than point at It's high price of the
day Further covering OF shorts in
the steel sh res, notably the Bethc-
, hem issues. 'epublic and United States
Steel continu Il to impart tirmness to
this group, although prices tended to
ease Oft somewhat toward the close
Among the oils Mexican Petroleum
stood out. There were rumors of an
early announcement of new plan for
exchange of this issue for Pan Ameri-
can Petroleum B shares on an attrac-
tive basis. The Pan-American A and
b stocks were steady. 1t developed
that the meeting Of Pan-American d.
rectors, at which it was expected
stock dividend would be declared. had
has adjourned. In the specialties
Allis-Chalmers common spurted sharp
ly on the announcement of declara-
ton of an initial dividend of 81
share. An increase in the dividend on
Texas Company stock also helped that
issue Local traction stocks were
strong.
The Street viewed with considerable
- faction the announcement that
Congress is to rest from it's labors
beginning Saturday. This will put
over until after election a number of
matters which have been worrying the
financial community of late, particu-
larly the bonus bill and it's tax fea-
lures, which are frankly not in accord
with Wall Streets ideas. In many
quarters the definite news that Con-
gress is to adjourn is considered highly
constructive from the market view
point.
Offerings of call money were much
more liberal yesterday, indicating that
the stringency at the start of the week
was due mainly to the increased de-
mands fer June l disbursements and
for government purposes. Call loans
renewed at per cent, against the
day before. New loans were also made
at the per cent level.
Although the Street continues to
talk of further large gold imports from
London. the weekly statement of the
Bank of England disclosed no loss in
its metal holdings. In fact, an increase
of more than S10000,00O was reported
count rate, which remained at the 7 per
cent level established few weeks ago.
Recently financial London has been
discussing the possibility of another
rise in the bank rate. The foreign ex-
changes we're lower as q rule.