The Washington herald., 1922-06-08
|DEULToRY S70x
MARKET WITHOUT
DISTINCT nElU
Changes in General Ar
Small and Irregularly
Distributed.

NEW YORK. Tune 1-rrsdins q
stocks today ran mp 70 the million
share mark. which represents. Inca
dentally.. q turnover about equal d,
that Of q 500. o.oeo-share day IN ltif
As far a. trend 10 concerned tn
session was desultoFy. changes foi
the most part being small and ir
regularly distributed Merger
stocks In the steel department. raj
lied. but speculative sentiment wa
uncertain and divided ANON
bonds the Liberty AVS made a new
high record. but the more fpecula
tive issues were irreglar. Cal
was reduced TO 9 per cent drtns th'
second hour. this rate being IN.
lowest since May, 1890.
Active sf start
After a burst Of activity as ths
opening. which carried many issue
TO slightly higher levels. q goo
deal Of selling appeared. and III,
general trend of price movemen
during the remainder Of the morn,
ing was downward There were Z
few exceptions. OF which ConsolL
dated Gas was perhaps the mos
conspicuous. but motors, oils. equip
ments. and most other Eroupi
showed losses by noon. The Fen.
eral feeling In the Street seemes
10 be one OF uncertainty as to tn,
immediate future OF the mark et
No one ventures 20 express IN,
opinion that any turn In the majol
trend Of the market 10 at hand
but the feeling is growing strongei
that technical factors are makini
for something in the nature OF 4
reaction before the advance can b.
resumed. Whether it win be shor
and sharp. or whether stock price
will drag gradually lower durinI
the next month or two. the actor
OF the market during the remain.
der OF the week is expected BY man,
market observers 20 show
TIE short Element.
There is some revival Of tail
about the short interest. one beint
that the uptown operators. com
monty known as the Waldorf GROVE
In the vernacular OF the Street. hav,
been putting out fairly sizable line
of short stock. The short interes
may have increased since last week
but those whose experience its then
to pass judgment on this rather IN
certain quest. do not believe tha
the bear faction has assumed
strength, which makes Il an inpor
tant factor in the technical posi-.
tion Of the market. According C
this opinion the advance in IN,
market since last fall has been tn,
result Of buying by bankers sns
business men who saw improve
ment in business and felt that tn,
market price OF many issues hRt
fallen far below real values. II
this sense the market may be sal,
to be In strong hands. but the In
crease in values has brought then
20 point where stocks in genera
are not particularly attractive Z,
this class OF buyers. Unless tn,
speculative public enters the mar
ket in some force. the feeling O,
these observers is that the sum
mer trading is likely to be a pro
fessional affair without mucl
change in price levels until Il be
comes more clear as TO what cours,
business is likely TO take when &C
tivity is resumed In the fall.
Call Rates Lower.
The marking down OF rates foi
call money this morning ala no
seem 70 hold the market much. i,
spite Of a large withdrawal of gov,
eminent funds scheduled for 70,
morrow. the supply of call money
was so abundant this morning tina
renewal rates was fixed at az pei