The New York herald., 1920-01-10
STEEL STOCKS |RM,
MARKET IN GENE RAL
DULL; UNCERTAIN
Professional Spectators Again
in Control-Attack Values
on Political News.

The stock market yesterday demon
stratod it had been we'll liquidated. Shares
mad passed from weak to strong hands
otherwise prices probably would have de-
clined violently as an outcome Of the un.
favorable developments in Washington or
Thursday night over the peace treaty.
professional spectators at the board
who again furnished about seventy-five
per cent of the business on the floor of the
exchange, expected break. They made
concerted attacks on values, especially al
the opening, but failed to reduce prices
materially. They did, however, bring
about considerable irregularity and a
weakening of the tone at the close when
ihey We're aided by higher money.
important Interests appeared to be little
arfected by the popular prediction OF
iurther delay In the ratification of the
treaty of peace with Germany, as an out
come OF President Wilson's attitude on
the contrary some contended that the
division of opinion in the Democratic
camp would facilitate a compromise and
70 that extent hasten restoration of for
mai and official peace, by placing respon-
sioillty for further delay on the Presiden-
tial doorstep.
The buying of steel stocks again was q
feature of the session. United States Steel
common was purchased in large blocks
around 1O6. For several days the accum-
u'ation of that issue up to 1861 has been
noticed. Above that figure the stock ap-
parently has been in free supply. Re-
public Steel and Baldwin Locomotive also
were bought persistently.
Philadelphia Company was exceptionally
strong, while United States Realty regis
tered A big gain.
Trading in oils was exceptionally heavy.
Following news that the syndicate which
had underwritten Transcontfnental Oil
had been dissolved that stock broke Sc
Verely. 1T was evident that some OF the
underwriters were liquidating their alot-
nents because of expiration of their
agreement. Middle States Oil, another
new promotion, also was heavy. On the
other hand there was good foreign buy
1g of high priced oil stocks. London
bought Royal Dutch and Shell Transport
Mexican Petroleum and Pan-American
Petroleum also moved up on announce
ment that English interests had taken
over all the new Pan-American ''B" stock
which stockholders had not subscribed
for under the new offering and that the
syndicate had been closed.
Little activity was shown in the rail-
road and copper division. Sufficient mis-
cellaneous selling developed to give those
shares heavy appearance. Nor did spec
ulators become wildly enthusiastic over
the 1919 per cent stock dividend declared
by United States Rubber. Profit taking
was in evidence i'm that ISSUE notwith-
standing the glowing reports of the bril-
jiai.t outlook for the company. Traders
seemed cautious, having in mind what
they termed the sudden pulling of the
tailboard' few years ago by pool Of
insiders.
The sharp advance in the call money
rate came as surprise to traders. Loans
renewed at per cent in the morning and
reports that funds were plentiful were
spread around the Street. Nevertheless in
the afternoon the rate moved up to 10
per cent payment on the $2,5OO,0OO Texas
Company rights was due yesterday. But
apart from that the banks seemed de-
termned to hold stock exchange credits
within narrow bounds In keeping with
the spirit of Governor Hardings appeal
for general curtaiment of non-essential
loans. Many declined to renew time
maturities.