The Washington times., 1917-06-24
COURSE OF MARKET
HELD SATISFACTORY
Week Conducive to Better
Technical Position.
SOME BUYING FROM OUTSIDE
Public Left Trading Largely to the
Professionals, However.

attention OF Wall street this week
practically to the exclusion of other
matters which would ordinarily have
had a marked effect on securities
prices. 1t is scarcely necessary. to
state that New York is very mucn
pleased with itself over the extreme
ly satisfactory result OF the war bond
hotation and the big part OF 1t had
the privilege to play in achieving that
result. The city's labors have been
well rewarded In the satisfaction felt,
but its labors have not yet come to
an end by any means. The problem
OF raising funds needed by the Gov
eminent was consplcuously New
fork's problem, and now the problem
to adjust money stringency incidental
to loan payments and midyear inter-
est and dividend disbursements IL no
less here, with what aid Great Brit
ain may render from her hoard OF
gold.
The way must be paved for the
autumn offering Of the balance OF
$4,000. 100000 war bonds. In many
respects, that project is looked for
ward to with measurably more con-
| hdence than was the case in the In
itial offering. Novice investors have
taken the 1rst step and will, pre-
sumably. be more amenable to per-
| suasion to take the second. The mis-
sionary work already done has been
well done. Much OF II will not re-
quire repetition, and It would seem
reasonable to assume that the means
represented in the heavy oversub-
scription' will, at least partially. be
available when the time comes.
Gold Shipment From Canada.
The move toward relieving the
strain on the money market came
from Canada with the shipment on
Monday OF $50 1000. 900 in gold to this
center. the first inflow OF the precious
metal from that source since last
month. This was followed by daily
consignments which carried the total
for the week to Ss3, s41 900 and for
the year to S4T5,s4l, 900. The effect
OF the movement was not Immediate
ly apparent. That depends on the
amount to be received. Wall street
hears that the aggregate may reach
| 800. OOO, 900 and even as much as
$4,000, 900. That, OF course. Is
merely conjecturaL 1t is to our al
lies interest to keep money rates low.
although perhaps not quite so vitality
so as when Great Britain and France
were obliged to borrow here in the
open market.
Call loans ruled at 9 per cent
through the week. Mixed loans and
Industrial were nominally quoted at
5 to 81 per cent and 5IS to 8 per
| cent respectively. Time onarings
were practically suspended. An i'm
portant factor in this situation was
the failure OF the Treasury authori-
ties to redeposit initial payment on
account OF the Liberty loan with the
banks, as was tacitly promised.
Market Course Satisfactory.
In banking circles. whatever may
have been the case among the trad
ers, the course OF the stock market
was regarded as eminently satisfac.
tory. In the first half OF the week,
news developments were of such a
confusing or unsettling character.
what with the uncertainties in Rus
STA, higher money rates, increased
submarine sinkings, doubts as to
prices of war materials, food control
and export regulation and so en-, that
the floor traders whose incrnations
scarcely without exception are in
curably bearish and seized numerous
| opportunities to raid the list. i'm
| proved sentiment in the middle of
the week materially leSsened the vol.
ume OF short selling and thereafter
trading was largely to a better tech
meal position. II was not to be sup
posed that banking interests would
encourage speculative activity In
view OF the approaching financial
burdens OF the midyear, and the quiet
week. therefore, met with general
approval. There was a little buying
from outside sources when money
rates began to show a tendency 10
yield. but in the main the public
left the trading In he hands Of the
professional operators.
Pending Questions of Interest.
The continuance of this state OF
things depends on the clearing up OF
numerous questions OF wide Interest
and Importance. Not the least 81
these is the matter OF prices for sup
niles furnished to the Government
and to the allies. President Wilson
has delegated full authority to Mr.
Hoover to take charge OF food COM
modIties. The President himself has
been given control OF exports, which
control. Washington is careful to eN-
| plain, IN no EtIFF anus ~ VIZ
barge. The Government merely
seeks to prevent food supplies from
rachInE our enemies either through
neutral countries or otherwise.
Shippers engaged in foreign trade
are naturally perturbed over this sit
nation. but Il would seem to be q
step for the good OF the country.
The controversy between General
Goethals and Chairman Denman. OF
the shipping Board, was based mainly
on the price Of steel supplied to the
CORPORATION which is building ships to
meet the submarine menace. II is re
rarded here as mainly important that
ships should be built as fast as posi-
bile whether Of wood or steel or both
This controversy gave way in point
OF interest to the recommendation OF
the Federal Trade Commission, which
would have the Government take over
control OF coal properties and trans
portation. and also fix the price al
which steel Is to be supplied the
Shipping Board for vessels. While
the prices Of steel products agair
mounted amazingly. the Iron Ages
average Of eight steel products beinG
above SI13 a ton. an advance OF 1920 q
ton, over the previous weeks startling