New-York tribune., 1920-06-15
Market Yields
InQuiet Session;
Sentiment Mixed
Street Satisfied Over Conven-
tiOn's Outcome: Indus
trial Stocks Lead Decline:
Rails Under Pressure

At least two different interpreta-
dull and uninteresting performance at
the Stock Exchange. One was that the
market in displaying heavy to weak
tone was registering disappointment
over the results of the Chicago con-
vention. The other was that stocks
had discounted favorable outcome of
the political gathering in the moderate
rise of last week, and with the good
news out were yielding to profittak
ing sales.
Whichever view was right, it must
be admitted that the largest part Of
the market following was frankly dis
appointed over the action of the gen
eral run of stocks. For a fortnight or
more the Street has been talking con-
tidently of a resumption of bullish
operations to be based upon the result
of the convention, and when stocks sold
off yesterday instead of continuing the
recovery that set in last week, there
was naturally something Of senti
mental reaction.
Although bankers in speaking for
publication in most cases commended
the choice made by the convention, no
great outburst of enthusiasm could be
discerned in the financial community.
/ The feeling seemed to be that "safe
and sane man had been picked to head
the ticket and that after all in the
impending campaign principles and
policies would count more than any
thing else. The Street is now looking
ahead to the Democratic convention
with great deal of interest.
Stocks were subjected to moderate
selling pressure right at the opening,
| and although the amount of offerings
more than sufficient to offset the early
buying orders that came into the mar
ket. The weakness in the forenoon
was not confined to any particular
group or groups of stocks but extended
to most parts of the list. Actually it
did not take a great amount of selling
to force substantial declines, indicat-
ing thin market on the declining side.
The same thing was true last week on
the upward side, when only q COM
paratively small amount Of buying
sufficed to cause rather extended re-
coveres. This is oftentmes the case
when the market is almost entirely
in the hands of the professionals, as at
present The public showed no more
evidence yesterday of renewing specu-
eral weeks.
A rather disturbing influence was
the pronounced weakness of certain of
the seasoned dividend paying rails
which gave way sharply on rumors of
dividend reductions. Delaware e. Hud-
son broke 314 points on the sale of
300 shares. Northern Pacific, whose
directors meet this week, dropped more
than two points, but recovered all Of
the loss before the close Great North
ern preferred lost II points, while
most Of the other rails were under
special pressure Wall Street naturally
associated the weakness of the railway
shares with the reduction in dividends
last week by the Chicago e. North
western, and the selling yesterday no
doubt represented real liquidation by
investors.
In the industrial department losses
ranged from fraction to five points
in the better known issues. Baldwin
Locomotive, pool favorite last week re-
ceded points. Crucble Steel did bet
ter than most Of the industrials, get
ting to a new high for the movement,
but yielding for a small loss at the
close. Mexican Petroleum was the
weakest of the oil group, with decline
Of 6 points net
C.H tne eve OF Uhe neaVy middle OF
the month disbursements the money
market displayed surprising stability
and call loan rates declined from the
levels quoted last week. Renewals were
made at per cent, and the closing
rate was per cent. To-day the Treas
ury disburses approximately S5O,0OO,-
600 in interest on one of the war loans.
At the same time there will be heavy
drafts on the banks for the second in
stallment Of the income and excess
profits taxes.