Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-06-03
TIGHT MONEY WAS
BIG BEAR LEVER
IndustriaIs Upset by the Pass
ing Of Cuban Cane Pre-
ferred Dividend

New York. June 3.---Thc railroad
and industrial problems with which
Wall street has been wrestling for some
time were sidctraCked in today's stock
market by tho unexpected tightening up
of the call money market. As might be
expected. this cxertcd n distinct dc.
pressing and unsettling influence There
were no violent declines nor any seri.
ous marking down Of prices. but the
stiff rates and paucity Of offerings OF
funds bad decided dampcning effect
upon speculative activity, reflected in
the diminishing dealings and the weak
or tone Of the general list.
Raiding tactics similar to those Wit.
messed in the immediate preceding ses-
sions were again in evidence, but lacked
/ tho agCrCSSivcncSs and wide scono OF
/ yesterday and Wednesdays market
| These SkirmiSh drives were again con-
fined almost entirely to tho industrial
division and to n large extent 10 tho
! speculative Spccialtics. Remington
! Typewriter and Cuban Cane Sugar pre-
| frrrcd were the most conspicuous tar
p gCtS. the last named suffering n Scnsa
! tional break of II points around mid
! day. following tho announcement of the
, passing Of tho preferred dividend.
Tho absence of supporting orders en- E
| ahlcd the rcactionists 70 bring about
! further depression in n number of the
! industrial shares. Although the clean
| ing IN Of these weaker spots would
naturally hc supposed to strengthen the
technical position Of the general list,
! tho market however. showed feeble raj
| lying power. In truth. the general
performance strongly suggested an IN e
DERIVING fear of something of an ad-
verse character was ovcrhanging the
market situation. This seeming ap-
prchension partly may have been the
outcome of tho norvouSncss created by
the surprising tirmncSS Of thr money
market. for which no satisfactory ex .
! planation was offered. II was gcner-
Pally attributed TO the large June pay
mcntS and the Withdrawal Of Govern
mont funds. hut many wCrc inclined n
hhrlicvc something more far. reaching
was in tho background.
Call money opened and renewed into
next week at ~ per cent, against yes
t"rday's final quotation of ; per cent,
but the paucity of funds offered made
another furry possible later in tho day
when hclatcd borrowers pndeavorcd 10
obtain financial accommodations over
tho week end. The probability of n
higher rate in all events had n stuprfy-
ing effect upon the trading, especially
on the buying side.
Once more the line Of demarcattor
was tightly drawn between the railroad
and industrial divisions. While the
former group were unsteady at times
thcy lost relatively little ground. II
was different story in industrial sec
tion. Mercantile Marine preferred
Bosch Magnetic. Stromberg Carburctor
I. S. Rubber. American Sugar pre-
forrcd. American Beet Sugar, Nationa
Biscuit. United Drug. Remington Type
writer and American Snuff lost 1a4 t.
points. Among the speculative ia
vorites Baldwin Locomotive, which solo
cx dividend of 81. per cent. and Next
can Petroleum reflected pronounced
pressure. Substantial additions to tn
earlier declines were made in the earl,
afternoon after the announcement o
the passing Of tho Cuban Cane Suga'
preferred dividend.
In the progressive reaction OF the las
| hour Harvester extended its loss TO thre
points on the reduced dividend. Sugars
| oils and chemicals showed increased
Il DrCSSure.