Evening star., 1921-06-24
STOCK LIST WAS
NOT AS ERRAT|C
Trading. Materially Reduced,
Prices Relatively Steady,
Save>for Few SpeciaIties.
NY STUART p. WEST.

NEW YORK. June e4.-The princi-
pal feature in the stock market today
was the greatly reduced activity.
Operations were smaller than on any
day this month. There were inter-
vals where trading was almost sus-
pended. What this indicated was the
extreme uncertainty In the minds OF
the speculative element regarding the
Immediate market position.
On the one hand there was the
very low price level, there was the
consideration that q decline SO severe
and protracted as that OF the past
month usually calls for at least some
temporary rally; and there was the
fact that parts Of the list had begun
to show yesterday and the day before
a distinctly better resistance.
Stock traders. however, nave been
periences of the last few weeks. that
while they may not feel like selling,
they are very cautious about follow
ing the buying side.
Comment On Steel.
People looking for the turn In Steel
common believe that this Is apt tC
come with the announcement OF the
second general price cut. II not oe1ore
They reason that the bad news, Sc
the way. while the compensahng good
news, in the shape Of another wage
reduction, will remain to be discount
ed Moreover, 1t is also felt that new
buying will follow the second price
cut, where 1t did not follow the hrst
because consumers OF steel WIN zee,
much more confident that this second
lowering Of schedules means the VIZ
tual bottom Of the market
Money Not u Facfor.
After the extraordinary bank fg-
ures for the week. published last
night, it Is easy to understand why
call money is going begging in Wall
Street, and why borrowers are not
willing to pay 6k per cent for time
money demanded by lenders
For the federal reserve system az
a whole. the reserve ratio of 60.4 AZ
against 56.S per cent last week and
436 last year, indicates the most
rapid progress yet made along the
path Of defiation- It means that the
bank position has been restored to
where 1t stood three years ago. The
percentage Of "a in the Boston dis
trict. 6S.9 at New YORK and 66 at
Cleveland represents for these locali-
ties a recovery OF more than two
thirds the entire decline since the
outbreak of the war.
News Scnce.
There was very little in the way OF
news bearing ON any Of the markets
Sterling went lower again. but there was
no suggestion that this was due to any
renewal Of operation for German in
demnity accounts The decline In 1tal.
ian lire appeared to have pretty well
run its course yesterday. The grain
trade continued to stress the unfavor-
able weather reports from the north
west and wheat options had a furthe1
advance.
Cotton was undecided which to re-
gard Of greater importance-thes settle
ment of the English cotton mill strike
or the accounts Of good growing
weather for the new crop. A frme1
tendency for the first time in the raw
sugar market was favorable inciden;
which found some reflection in the
sugar shares Coal stocks were veal
on somewhat belated recognition of the
fact that the business Of these com
panies has suffered with tho slump II
tho steel trade
Mercantile Marine Soft.
Mercantile Marine was soft at about
4 points decline. Columbia GRAPHIC
phone was weak. Otherwise the gen.
eral market was fairfy steady.