The sun., 1918-07-23
FINANCIAL NEWS
AND COMMENT
Speculative Element Indiffer-
ent Toward Securities in
General in Wall Street.
STOCKS BARELY STEADY
Reactionary Tendencies De-
velop in All Except Certain
Few Specialties.

Although Wall Street heard more
good news yesterday in the continued
advance of the Franco-American forces
and although there were considerations
which ordinarily would have tended to
strengthen encouragement, the stock
market was still prevented from maxi
Ing any sustained selection OF bullish
factors by the wholly Indifferent atti-
tude OF the speculative element toward
securities in general Indeed. instead of
q bouyant opening. as had been quito
generally expected. stocks were barely
steady. and as trading progressed reac-
tionary tendencies developed every
where except In certain specialties.
which furnished about the only out
standing features to the trading. Deal
ings continued the process of contrac-
ton. and had II not been for the fact
that the news developments are far too
encouraging to influence further con-
traction, II might have been suspected
that the market was being prepared for
a return to the state of inactivity from
which It was dislodged last week by the
first taste of victory which the market
has had thus far this year.
There was no explanation or excuse
in Wall Street for such market except
the general disappointment in the fall
ure of the public to respond to the good
news. The small amount OF selling APP
peared to be mainly Of a minor char
acter, traceable to one or two large
professional operators, whose senti-
ments regarding the war would.
under the circumstances. seem to
be questionable. At least this was
the inference to be drawn from the
trading. There was no other consider
alton which could explain reasonably
the purpose of the selling. In fact
other considerations seemed favorable
from every viewpoint. The encourag ing
increase in the reserve item in the bank
statement on Saturday pointed quite un-
mistakably toward easier money. prob.
ably not in the next few days. but as
soon as the banks have recovered from
the heavy financial operations with
which they have been engaged recently.
One loan was made yesterday afternoon
at So per cent. this being the first time
in more than two weeks that call money
has dropped below the nominal quota
lions of from 6 to ~ per cent. Whether
this was an indication of immediate i'm
provement is difficult to say. but 1t was
nevertheless encouraging.
AS Is always the case In a restricted
market the tendency was to favor the
specialties. In this group Industrial Al
periencing q further rise on top OF the
substantial advance in Saturday at the
outset and then receding quite sharply
at the closing. along with most OF the
other stocks. In all Of Its other aspects
however. the market was an exceedingly
tame affair. The steel and other indus
trial shares moved within a narrow
range throughout the session without the
slightest indication Of resistance to the
light selling, while those stocks in which
dealings were extraordinarily light re-
coded primarily because of the lack Of
interest in the session. The railroad
shares may have been an exception
| to tho general rule in that some Were
| firmer than the others of the list. but
| business in this department was Sc
light that little significance could b.
| attached to the net changes at the enc
OF the days trading. The same thing
was true of the bond department For
eign Government issues, however, con
tinued to reflect the good war news.
There was no change in the money
situation, except the indications tina
were provided by the bank statement
and the one loan made below the gen
| eral market quotation. Call funds ruiet
| firm at from 6 to 6ia per cent all day
with this single exception. There wa:
no call money available AT any figure
The only movement of importance IL
the foreign exchange market was II
| lire, which advanced 80 points. The rat
Yesterday was Ssh to the dollar. com
pared with Ssh last week and the higl
record of about 9.13. The advance wal
explained by the regulations for I'M
sterilization of the rates between I'M
| two countries. Elsewhere the marke
| was quiet and unchanged.