The Washington herald., 1920-06-22
tARKET CLOSES
AT Low PRICES.
Fross Mismanagement by
Public Authorities Causes
Stocks to Hesitate.
rALL MONEY Is HIGH
@anadium Most Active in
Days S Trading -Chemi-
Gals Dull.

New York, June 2l.-With .
nblic demand for coal beyond
Feoedent. coal miners in Ohio are
lie and their families are suffer-
g for food because there are no
Silroad cars available to transport
be coal from the mines to the con-
Pmers. With business at a mini
um volume in Wall Street. call
|oney loaned as high as IL per cent
day. In the face of these two
cts, each of which Is the result
gross mismanagement on the part
public authorities, the stock mar
Z hesitates. 1t closed today at the
" prices OF the day after q re-
tion averaging two points which
llowed a rally in the morning. The
action began when money ran up.
here was talk of more labor
ouble with the railroads and
knkers admitted that they had per-
tilted the money market to get be-
pnd their control to such an extent
bat the IL per cent rate could not
E avoided.
Cotton also broke badly. some
ptions going down as much as IS
-
ble development for 1t means that
be crop is progressing well.
Wanadium was the most active
lock of the day and from that
act the character of the market
bay be guessed. Vanadium Is a
pod stock, but IL Is a speciality not
idely distributed. The activity
rs for the purpose of covering up
Humulation OF the stock. In an
thinary market with honest call
hney rates vanadium would have
Hbt up 10 or Is points under the
uence of today's operations. The
ILLNESS in standard issues was
Hre marked in comparison with
activity of this speciality.
Chemical Stocks.
fhe chemical stocks which were
active last week turned dull also.
he alleged reason was a hitch In
fganization of the new company.
he real reason was the high
honey rate which discouraged trad
hg In the stocks. Always when a
ew combination is being formed
here are bitches and most of them
re very profitable because they
Furnish excuses for reactions. The
host celebrated series of bitches
|vas in connection with the leasing
Pf the Great Northern Ore lands to
The United States Steel Corporation.
That agony was protracted for
months. Judging from what hap
pened today the chemical combina-
lion Is going to be a very profitable
Dne to those who are lucky In
turns.
Marine shares OF all kinds were
Itrong today. American Interna-
Iionaf advanced two points. Mer-
Ianti1e Marine. preferred. was up
|To points as was also Atlantic
ulf. They lost these advances
hen the general list reacted. There
eems to be a wide difference of
|pinion over the outlook for the
(merican Merchant Marine under
he new shipping law.
Gold imports are rumored again.
As a matter of fact gold In large
Quantities must come this summer
or the account of the Anglo-French
,onds. 1t cannot all be left for
he last week or two.
Sugar stocks were among the
most aggressive when the market
vas strong in the morning, Cuba
Cana and Punta Allegro being lead
RS. The latter was rather heavily
raded in.
Transcontinental OIL was very
lctive. being one of the few stocks
o maintain a material advance for
he day. Its improved earnings are
rom operations OF the mechanical
)lant.
Stromberg and Chicago Pneumatic
FOOL rose easily in the morning.
Columbia Graphophone preferred
lad a sharp advance. Lackawanna
Railroad was twelve points higher
L one time. but lost ten Of II.
The high money rate was a sur
rise for. although the local bank
tatement OF Saturday was bad, the
federal Reserve statement was re-,
n rk n hlv 1nnd