Evening star., 1920-06-04
TRADING IN STOCKS
WASjj|l|MPORTANT
Day of Year-Mot-
ors and Oils Show
Some Life.
It to The Star Office.
by STUART r. WEST.

.JOSIIV IIIOs
BY STUART r. WEST.
NEW YORK. June 4.-Trading on
the stock exchange today came as
near an absolute stahdStill as it ever
does in the vicissitudes of a specu-
la:ive market Here and there indi-
~idual stocks, in which there were
some special reasons at work. had
little spurts of activity.
Pan American and Mexican Petro-
leum were given a whirl on the ex-
pectation that directors of the for
mer company would vote stock
dividend at the meeting in Los Ange-
les tomorrow.
American Car and Foundry was an
other stock that ran up sharply. Some
further short covering came into the
motors at the start, but later these
stocks reacted.
The coppers were inclined to be
heavy on further reports of business
reduced by the transportation diff
culties and following cable advices
from London stating that the entire
metal market there was breaking
badly.
These were about the only features
of the stupidest day that Wall street
has gone through this year. Railway
shares lost their recent snap. although
the low priced members of the group
continued to be we'll taken.
1t seemed something more than a
coincidence that Great Northern pre-
ferred. Atchison, Baltimore and Ohio
Canadian Pacific and Denver and Rio
Grande preferred-in all Of which Eu-
rope and particularly Germany is sup
pcsed to have still quite a fair sized
lntereSt-were weak. while the rest
OF the rails were generally firm.
Market Opinion.
One of the big wire houses in its
weekly comment on the financial sit
uation sent out today said: Quiet
optimism prevails in the financial
community. Conditions have not
changed materially within the week.
Attention is riveted upon the political
situation. In best informed quarters
confidence appears supreme that large
and prosperous years are in store for
the country.
The readjustment that is just now
going on will assuredly bring about
greater production and better ef-
ficiency. The orgy of extravaganza
having subsided there is now appar-
ent general antagonism against ex-
orbitant prices. While the composite
statement of the federal reserve sys-
tenn does not show any Improvement
in the general credit situation, there
continues to be steady liquidation in
mercantile lines which will unquestion-
ably create the basis for necessary
credits in essential industries.
The clearing away of the freight
congestion is progressing as rapidly
as can be expected. In the Chicago
district some embargoes have been
lifted. Liquidation has entirely sub
sided"
More About Immigration.
Farmers in the middle west are look
ing to the flow of immigration, which is
again growing. for their labor, and re-
ports from the wheat and corn belts are
that the planters feel that the immi-
grants will be a big help to them in
the caring for and the harvesting of
their crops. 1t was only recently that
1t was pointed out that the influx of
cheap labor from Europe would be a
big help to our farmers. At the time
1t was said that the large increase in
immigration figures had been passed
over by lot of people. but it seems
that the farmers were not among the
number who took no notice of them.
The big steel interests also are keeping
an eye on this flow of labor. which has
been gaining in momentum since the
first of the year. and while there has
not been any bidding for the workers il
is said that they are moving toward the
centers where they are most needed.
Sterling Soft.
The reaction in sterling exchange
continued, the rate touching $390,
but franc and Belgian bills were
frmer and German marks were also
stronger.
The same conditions prevailed in
time money as had been noticeable
all week-that is, what little business
is done is transacted on the basis of
8 per cent for mixed collateral and
8 Y for industria1s.
With such intense dullness, however
IN the stock market. and with call
money renewing at 6 per cent and
easily obtainable at this figure, there
was no incentive to bother with time
loans.
Extraordinary interest was taken in
tomorrow's federal reserve bank state
ments as to whether they will show
the efforts to restrict commercial
loans as they did a week ago.
The passage of the new merchant
marine bill had some effect upon all
the shipping stocks. and the Senate's
adoption of the resolution for a con-
ference with Canadian officials with
a view to removing the restrictions
was partly responsible for the
strength in International Paper. Unit
ed Retail Stores and Tobacco Products
again stood out prominently and were
favored in the buying.
Waiting for Nomination.
The general impression was that the
market would do next to nothing until
after the republican nomination. and
that good deal depended upon the
choice of the candidate at Chicago as
to which direction the next price
movement would take. In this connec-
ton the rise in the betting odds in
Johnson's favor following the enthusi.
ast1c reception given him at Chicago
yesterday was not at all liked. On the
other hand much satisfaction was
taken in the news that Congress would
adjourn until December.