Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-06-19
CLOSING MARKET
DULL BUT Strong.
Eager Covering Of the Shorts at
Outset Was Not
Continued

New York. June lg.--Further COW
cring by shorts impaired tone of dc
ridCd strength to the ccrly market this
morning. besides bringing substantial ad-
vauccs in prices in most OF the spccu 3
lative 'favoritCs OF the industrial list.
Prospective gold imports gave q fresh
impetus for the recovery movement
which started yesterday and the forward
swing during the first hour of the trad
ing embraced every important division
except the rails. When the more urgent
demands from the shorts slackencd the
market driftcd into a narrow rut and
made little progress either way during
the balance of the session.
Tho action of the Northern Pacific
and Great Northern directors this week
in declaring the regular dividends on
those two stocks did much to diSSipatt
the pCSSimSm concerning the stability
Vt dividends of many of the high grade
investment rail shares which had been
provoked in the preceding week by the
reduction of the Chicago and North =
western dividends. Measured from a
sentimental viewpoint. the maintenance
Dl IUN tlNluNUuS vi lI'St
issues. the effect was far reaching. As
market stimuator. however. it fell
as fat as pancake. Insofar so that is
concerned. it Is a matter of considerable
interest lust what would be required
TO CXtricatc the market from the
lcthargy into which il has fallen.
Five full sessions of pertunctory
trading and very uncertain price move =
mcnts followed the Republican National
Convention. At first Wall street pro-
fessed to be greatly disappointed over
the selection of the candidate. AS the
week progressed il was found the
standard bearer of the g. .. 7. was ac-
ceptablc to the powers that be of the
market and banking world. In truth,
the opinion was expressed his strength
would increase rs the campaign
progressed. in that there seemed to have
been found striking similarity be-
tween Mr.. Harding and Mr.. Mckin-
ley. thereby forcshadowing continued
prosperity of domestic industries.
The apathy of the market therefore
was due to other influences than pOliti-
cal developments. yet one of the reasons
offered for the watchful waiting stand
of the market community was the un-
certainty attending the Forthcoming
convention of the Democratic party,
especially as to the platform to be
built and the selection of the candi-
date. The latter question was further
confused by the open refusal of Mr..
McAdoo TO enter the race.
After all is said and done and in
getting down to rock bottom facts OF
the case. undoubtedly the greater in
fuence of restraint was to be found in
continued stringent money conditions.
7, ,,,tn,ynntl,x.. thut rho hnnTy Income
tax naymCntS and Liberty Bond inter
est disbursements were perfected with
out causing any unusual furry in the
money market. Call money was rela
lively abundant at the ruling rate of
per cent, but no relief from the pro
trartcd stringcnCy in time money was
cvinCed. nor is any favorable change
expected until the end of the current
month. or until after the large July !
disbursements. Rumors persisted Of
another movement of gold to this cen
ter from London and maybe the Far
East. ThPS" ware supported mainly
By the strength of sterling exchange in
this market and enlarged bullion hold
ings of the Bank of England.
In all deliberations of the current
market situation. the ultra professional
calibcr of the trading must always be
taken into consideration. BY reason OF
this indsputablc fact littc Significance
is seemingly TO be attached to backing
and filling process 1t is only fair to
state. however, that in the opinion of
competent observers that market has
entered the stage Of what is popularity
designated as IA sneaking bull mar
kct." The so called public, it is true,
never enters the speculative arena at
the bottom prices, but only shows in
Clination to enter the lists when market
values show a positive upward trend.