The sun., 1917-07-21
FINANCIAL NEWS
AND COMMENT
Prices Move Upward, Princi-
pally on Operations of the
Professionals.
TRADING VOLUME SMALL
Steels Lead Market. u Large
Part of Dealings Being in
Eight Stocks.

The Indications noted In this column
yesterday morning that the technical
position Of the stock market was about
ripe for a reaction In favor OF the ad-
vocates OF higher levels we're well de-
fined in the days operations, prices NOV
ing up in tho best part Of the session
under the influence OF covering Of shorts.
Perhaps the trading element short OF
the market found some announcement
in the course Of affairs in Washington
they said they did-to change their posi-
tion to certain extent, but the chief
reason for the improvement was found
in the position of the market itself.
which suggested TO various operators
that moderate profits might be made on
the long side of speculation.
Outside Of the work of the profession
ais business was limited to unimportant
totals, while the professionals them
selves were not active, as reflected In the
small volume Of trading amounting to
only 445,70O shares, of which the greater
part was provided by eight stocks, with
the chief interest again In the steel is
sues. Talk OF increased export buying
Of steel products was heard in Street
circles, Dut the lQea IAlleu 10
the steel group into activity, although II
was the market leader
The greater number Of persons In
Wall Street and those persons outside
the Street who may be called market
followers are not disposed to make i'm
portant market commitments in the steel
stocks, or, for that matter. in any stock.
pending the elimination of the vexatious
uncertainty over the outcome OF Govern
ment price fixing. 1t is likely. however.
that II an overnight announcement
should come that the price situation had
been adjusted to the satisfaction both
of the Government and the producers
the steel and copper shares and the
whole Stock Exchange list would move
rapidly forward. at least temporarily.
The general position OF the steel trade
and the attitude of the steel men toward
the Government. as exclusively told In
yesterdays SUN, attracted widespread
interest in the financial community. sug-
gesting as II did the possibilities for
danger in the situation and presenting
the fact that with all its talk OF CO.
operating with the steel companies on
concerned the Government so far had
| done little except practically to ask the
manufacturers to provide steel under
| cost.
The steel trade is patriotic, but II can
see no patriotism in selling its goods al
| prices which would wipe out profits and
take from the Government one of the i'm
| portant sources from which ii hopes 10
draw a large war revenue. II the stee
Industry is weakened the business OF the
whole country will be weakened.
Stocks as a rule closed at or near theiI
| hest. prices, bcarish traders Offering nc
| resistance to the upward mover ent
The greater number of those traders car
| see no opening ahead for the bulls, while
on the other hand, they appear to believe
| that II we are to have bull market this
summer II will develop from a price
range materially under the prevailing
! level
| Call money was easy. while time loar
rates were somewhat frmer There is q
scarcity of supply of funds for extended
dates. with loans quoted for November
! and December as high as y per cent,
as compared with 3 per cent. of recen
, days Over the year money is decidedly
scarce lenders being unwilling to commi
themselves for that distant period Out
side OF firmer tendency in rubles tn,
foreign exchange market was withou
feature.