The sun., 1918-07-04
FINANCIAL NEWS
AND COMMENT
Evening Up Process Marks Ex-
ceptionally Inactive Market
in Wall Street.
TONE Is FAIRLY STRONG
Copper Shares Trading Stimu-
lated by Government Rails
ing Price on Product.
TONE Is FAIRLY STRONG

As was TO be expected, yester IS
Wall Street trading was very inat i've
The prospect Of recess until Friday
would have restricted dealings under or
binary circumstances, but with the addi-
tional uncertainty as to what may happen
to-day in the war theatres, traders were
not disposed to do more than even up
commitments and otherwise readjust
contracts over the period of suspended
ANNA ton. The markets tone was fairly
strong, and the course OF prices as
whole was more satisfactory than at
any other time this wees. That was
about all, however, that could be said
about the trading. aside from the tndi-
vidual movements In the copper shares,
which could be accounted for solely by
the encouraging announcement OF the
War Industries Board with respect to
copper prices for the current quarter
Otherwise, the market was an extremely
tame affair Transactions were only
slightly in excess of 100000 shares. a
total which might easily be outdone In
single hour of an active session. while
the attendance in commission houses
and other features about the days mar
ket showed pretty plainly that 1t was
entirely under the influence of holiday
considerations.
Doubtless much more would have been
accomplished in the market had 1t not
been for the impending holiday. As It
was. however. such considerations as the
announcement that the American Army
In France had passed the million mark.
the encoura cling American victory in the
vicinity of the Marine. the indications OF
rapidly increasing activities In the ship
yards and what not. were passed up in
the market with but little notice so far
as prices we're concerned. While some
attention was paid to the increase In the
copper schedule, 1t was not as much as
might have been expected under ordi-
nary circumstances. The principal en-
couragement which Wall Street saw in
this announcement did not concern itself
SO much with the copper shares as it did
with the general market. 1t went long
way toward dissipating the impression
created last week by the publication OF
the Federal Trade Commissions state
ment on war profiteering. and at the
same time gave further evidence Of the
friendliness Of the Government toward
business. This In a general way was
of more immediate Importance to the
speculative community than the mere
fact that one line of industry or another
had been able to convince the board OF
the justification OF its arguments for
higher prices.
accounted for the strength of the steel
shares throughout the day despite the
holiday tendencies. steel common re-
covered nearly all OF the ground 1t lost
In the sharp break on Monday afternoon.
as did most OF the other industrial issues
Of the standard type. The copper shares.
however. were the outstanding features
of the session. all OF them either moving
up into new high ground for the current
movement or recording substantial bet
terment for the day. The tobacco shares
were active again. and so were number
Of miscellaneous shares of the type OF
National Conduit. which made a net gain
OF 8 points on fairly heavy transactions
The motor shares came back into favor
Maxwell motors was particularly
strong point. On the other hand a few
Of the specialties did very little. The
rails likewise were in this class With
respect to the latter the indifference oil
the financial community to these shares
seemed to be due entirely to the Ions
drawn out negotiations in regard to the
railroad contract.
The money market again reflected the
Withdrawals which are being made by
the Government for war purposes. Cal
loans were quoted at from TO 6,a pei
cent. throughout the day, and there were
very little time funds available at any
rate. The furry is, OF course. only tenn
porary. but it is an indication of wha,
may be expected from time to time, az
the outstanding certificates OF Indebted
ness increase under the new plan Of
financing OF the Treasury Department
Tho foreign exchange market was quiet
with rates about unchanged from thu
preceding days closing,