The sun., 1918-07-17
FINANCIAL NEWS
AND COMMENT
Stock Market Quiet Through
out Session, Except in Last
Few Minutes.
LIGHT DAY OF TRADING
Transactions Fairly Well Dis
Acknowledgement List
improves.

Apart from n general display OF en-
thusiasm In the last few minutes OF
trading yesterdays stock market was
relatively quiet affair. Dealings were
In a comparatively small volume, and
despite Intermittent periods OF more or
less aggressive strength caution domi-
mated the trading throughout the ses-
sion. Fluctuations were of course gov
erned largely by the favorable character
of the overnight war developments. but
in the absence OF anything that would
tend to show definitely that the main
force OF the new German offensive had
been spent. speculative Wall street was
not disposed to do more than to cover
up some of the short contracts Il had
been Influenced to let out on the pre-
which the market receded following the
resumption OF the offensive. Transac-
lions were fairly we'll distributed, and sc
were the improvements in the general
list. as n matter Of fact, but as IS always
the case with a market under similar
circumstances the tendency was to favor
tf16 tptCIdltleS, III WHICH u BIcdtcI pht
OF the interest inGthe market was cen
tired. Fully one-half OF the trading. ir
fact. was in such stocks.
From q purely speculative point Of
view the market acted precisely in such
a fashion as might have been expected
to follow selling Of the character tina
brought about Mondays declines. Tha
Is. the days advances bore out all i'm
pressions that the selling INDUCED II
Immediately after the announcement o
the resumption of the offensive repre-
scented nothing more than the liquidation
| OF few scattered professional accounts
That there was no further or. to b.
| exact, no greater improvement yester
| day In response to the encouraging wa
news was due entirely to conflicting
| advces from both Washington an,
abroad as to whether the blow infiicte,
| by the Americans on the first day of TIL
offensive had not in reality checkmatet
| any further offensive operations tina
| may have been planned for this particu
| lar sector by the German high com
mand. Whatever may be the result. tn
market during the greater part Of yes
| terday's session was inclined to favo
the suggestion that after all perhap
this was Just one of a series OF blow
which will constitute the new offensive
|. Best prices were made for the ses
sion during the last few minutes, bu
not all Of the strength was confined t,
this period by any means. The open
ing was particularly strong. with price
anywhere from a point to as much as
points above the preceding days Anal
Thereafter. however. interest died out
and trading was confined entirely to sucl
specialties as Corn Products. the to
bacco shares the shipping issue
and other individual stocks OF the typ,
which traders find easy TO move by rea
| son Of special conditions. Then in tn
last hour again activity OF a construc
tive sort was resumed throughout tn
general list. all OF the steel and indus
trial shares recovering practically al
OF the ground lost in the weakness
on Monday and during the latter par
| Of last week.
| There was very little change in tn
money situation. Call money Loaned
on the Stock Exchange all day at from
s to 61a per cent. as was to be ex
pected in view OF the fact that tn,
Government withdrew approximately a
per cent OF the proceeds It obtained
from the sale OF the last offering o
| Treasury certificates in anticipation o
, the Fourth Liberty Loan. Furthei
| Withdrawals are expected to-day and TO
morrow. which Is the day for the pay
ment Of IS per cent. instalment OF
| the Third Liberty Loan. and also .tn
\ day when the final issue OF S5l7.s26,
| 500 of certificates sold in anticipation
| of the third loan natures. The for
! eign exchange market continued quiet
with rates about unchanged.