Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-06-22
STOCKS ARE LOWER,
NEWS IS bEAR|SH
Money FURRY, Labor Trou.
b!es and Rumors of Indict-
ments Against Market.
by STU ART T.. WEST.


NEW YORK, June 22.-Again today
the market had to cope with some
rather trying surroundings. Call
money renewed at s per cent. as
against Z yesterday, and still higher
hgures were quoted as the day went
on for new loans. The spread of the
outlaw railway strike was disagree
able news. because, if continued, it
would interfere with the corrective
measures that have begun to show
such promising results both in the
transportation field and in the credit
situation. 1t was the strike trouble
of two months ago that contributed
an important element toward the rail-
way tie-up, and in this way aggravat-
ed materially the credit problem. In
addition there was considerable talk
about the Wall street indictments
that are to come out tomorrow, sup
posed to involve more particula rly
houses that have been behind the flo
tation of some of the newer oil con-
Germs.
Fair Reaction.
Had the Wall street position been
really weak this was formidable
enough combination to have done con-
siderable damage. AS it was prices
did go down. but only to the extent
that might have been regarded as a
fair reaction from last weeks ad-
vance. reaction which could quite
well have occurred without any out
side explanation at all.
The money furry was of course
nothing more than a matter of senti-
mental Importance.
Everybody has known that tempo
rarily rates would be high over the
middle of the month tax payments
and that high rates would continue
/ 70, ll- Mt hn T,,l,
settlements We're out of the way. But
this has not meant that there would
be any disturbing of existing Wall
street loans. 1t has simply meant
that temporarily lenders would take
advantage of the relative scarcity pre-
vailing to make their brokerage Gus
toners pay up for their funds.
Labor Troubles Serious.
The latest railroad labor troubles
will be serious if they extend much
further, but If they stop where they
are--that is, confine themselves to a
few localities, as they are at present
they will not have any very impor-
tant consequences.
Whatever the indictments against
Wall street firms may be, the truth
will be welcomed, because this has
been something which has hung over
the market for some time as a fruit
full source of ugly rumors. That the
oil promotions complained of do not
concern the properties listed on the
exchange was suggested by the fact
that the low-priced oils were about
the firmest spot in today's stock mar
ket
The Bond Market.
Despite the higher money rates bond
prices today were generally hrmer
and there was more activity, in the
dealings. The most noteworthy de-
velopment was the rise in securities
which have their primary market in
Chicago and the middle west
The features in this movement were
the industrials and the public utility
bonds The New York market was
rather more irregular and quotations
for liberty bonds were off a fraction.
Still the tone was steady and was
described by dealers as distinctly i'm
proved The market for the new
equipment trusts has been helped
during the last day or two by the
idea that there will be fewer new
issues of this class Of securities from
now on.
The Illinois Central and the Pacific
Fruit Express are to come this week
with moderate offerings, but there
will be no more fioatationS, it is under
stood, outside of these until after the
change in the law goes into effect or
d ulie S5tH whereby PERMISSION TO Issue
the new securities must be sought
from the Interstate Commerce Com.
mission instead of from state author.
tiles.
steel Common Slow.
Steel common did not open unit
nearly fifteen minutes after regular
opening. To be exact the first trans
action, which was 100 shares at 80 "
was printed on the tape at 1914. Thi:
comes pretty near establishing rec
ord.
1t was a further indication of thu
total lack of interest in this recog
nized market leader that the few
sales that were reported during tht
first half of the session were nearly
all 100-share lots.
Just as every one was beginning te
look for better things in the copper
trade and there were stories to the ef'
feet that large shipments of meta
abroad were in prospect it was re-
ported today the selling price of thu
metal had broken sharply, smaller
dealers offering to deliver copper ir
July at IS cents pound and 1SA
cents pound for the later months.
One dealer was reported quoting
the metal fob. refinery at 17a cents
for spot shipment. However the
large sellers have adhered to theil
nominal levels of 10 cents for deliv-
cry up to the end of July and 19A
cents for later deliveries.
One reason for this slump is sale
to, be the Waterbury strike, the bras:
| mills in the Connecticut city con
Stunning approximately 100000 pounds
a day.
Sterling Exchange.
Sterling exchange for the first tim'
since the gold importations of fou
months ago reached the 81 mark
Later rates came down a cent from tn,
| top. but the earlier advance to thu
| highest level reached since March wa
| Zone the less quite an achievement
| The jump of Is cents in the pount
within the last fortnight is a measur
| of the extent to which British credi
has been raised by the measures t.
meet the Anglo-French loan.
| No more gold was announced from
| Canada beyond the small shipmen
| that was officially confirmed late yes
| terday afternoon. 1t was curious tina
| sterling. should have reached, for
second time, almost the highest of tn
| year on the day following the publ
cation of the May trade figures, whicl
] once more entirely COMPOUNDED tn
predictions of the theorists