The sun., 1918-07-24
FINANCIAL NEWS
AND COMMENT
General Undertone Of Market
Improves With Prices
Holding Better.
SPECIALTIES ARE ACTIVE
Money Situation Continues to
Operate Against the Wall
Street Trading.
SPECIALTIES ARE ACTIVE

There was no departure from the pro-
fessional character OF trading In yester-
days Wall Street market. But while
the volume OF business continued the
process Of contraction the general under
tone improved. prices as a whole holding
somewhat better throughout the day,
although showing no we'll defined agrees
sive aspects. In the absence of pro-
nounced tendency toward strength the
speculative element, as on the preceding
day. again centred its main activities
around the specialties and other indi-
vidual shares, which by reason of purely
local developments they found more
attractive than certain other Issues. The
spirit in which trading was conducted
continued remarkably cheerful, but not
withstanding the fact that professional
Wall Street derived even greater en-
couragement from the war news than on
Monday the financial community held
steadfastly to its waiting attitude, which
was easily the most distinguishing fea-
ture of the days session. In some de-
partments there was slightly more ami
nation than in others, but such Instances
were rare exceptions.
In spite of the fact that the ordinary
character OF yesterdays market caused
no surprise because OF the similarity of
the sessions Immediately preceding, there
was still no plausible explanation on the
surface for tie refusal Of the trading
element to take cognizance of the SPLEEN
did war news. The money situation of
course continued to operate against the
trading. and to a certain extent the news
from Washington concerning the draft
ing OF the new revenue bill acted like
wise. That there should be hesitancy
over these matters In the face of the en-
couraging news. however, was not clear
even to the most experienced Wall Street
interests. II there was some doubt as to
the significance OF the victory gained by
tie Franco-American forces It might
provide adequate explanation for the
surprising action OF the market, but in
asmuch as the news which has thus far
come has been of a character which
made It impossible to mistake the i'm
portance OF the fact that the offensive
power Is now resting with the Allies,
AFTER having been forced to take IL de-
fcnsve for more than four months. Wall
Street Is puzzled In the extreme. In
short. the whole trouble seems to be in
the lack or interest in trading rather
than with any group OF factors that may
be operating against the market.
The average loss in the standard
shares did not exceed a point, but in
many cases the declines were fractional.
Steel common was the most important
centre OF what little professional SELL
Ing there was, and at the closing Of the
day the net loss here was only slightly
mere than a point. While In other
directions there were some equally heavy
declines. 1t was only sucn stocks as
Steel and Reading and one or two other
active speculative favorites in which
there was any real pressure. on the
other hand. there were several strong
features among the specialties of the
character OF the tobacco shares. Amer
lean Sumatra, in fact, was one of the
strongest features, moving UP above 1874
| on n continuation Of the short covering
movement. There was also some
strength among the shares which would
have most to gain in case the President
decides to follow the steps outlined In
yesterdays papers with respect to Rus
STA. The rails, with the exception of
Reading, still held aloot from the rest
Of the market. holding rather firm. al
though little or no business was trans
acted in them Bonds and other invest
ment securities were quiet.
Money continued firm without any in
dications of turn for the peter. &C,
cording to well informed bankers, who
are Inclined to believe THAI the prevail.
ms conditions are not SO much due to an
acute shortage of funds as to the dispo-
sition on the part of the lenders to regard
speculation as non-essential Call money
loaned at from to 6ia per cent.
throughout the day. and practically all
that is coming out IL through the So
called money committee Of the Liberty
Loan. The foreign exchange market
was dull and unchanged. except for
Spanish pesetas. which were a shade
easier In tone. Other rates moved
within a very narrow range all day.