The sun., 1918-08-15
FINANCIAL NEWS
AND COMMENT
Prices React on Submarine
Sinkings and Stringent
Money Conditions.
POOL LOANS $25,O0O,0O0
Volume Of Trading Somewhat
Restricted, but Declines
Were Orderly.
POOL LOANS $25,OOO,OOO

After a display OF moderate strength
throughout the first hour, the stock
market yesterday was subjected TO pres
sure. but the reaction caused net losses
for the day no greater than u points
in the active stocks. with most OF the
declines confined to fractions. The key
note to the market was the resumption
OF stringent money conditions which
made their appearance at III O'Clock.
During the remand of the session the
resources of the money pool were called
upon constantly and at the close OF
the day II was estimated that at least
$25 900. 900 had been supplied rom this
source, owing to the calling Of loans By
the banks In preparation for the hnal
payment to-day on the Liberty Loan
and as a result OF the withdrawal Of
Government deposits. The decline Of
one to two points from the days best
prices was helped along in the late
trading by the reports of submarine
sinkings close to the port OF New York
as well as by the failure of the railway
conference over the rental contract TO
reach a definite and tangible conclu-
sion. That a few rails and industrials
made ret gain for the day and that
the largest declines in the active issues
were inconsiderable in the face of bear
lsh developments were facts thatindi-
Gated the firm tone underlying the mar
ket. which was largely in professional
hands.
The news from the western front
ceased for the moment to be of primary
importance and traders turned their at
tention to such domestic considerations
as increasing damage to the corn crop.
tax and bond payments and the diff
Guilty of financing speculation with the
present small supply of money. 1t was
| asserted that United States deposits
were withdrawn in order to meet the
$3.50. 100000 additional credit allowed
to France and England this week The
Liberty bond final payments are only
100000 in this city but New York
is being called upon to aid other cities,
where a greater percentage of the Third
loan -emains to be paid
The volume CT trading was somewhat
restricted yesterday and the pressure re-
suited only in an orderly and fractional
falling off in market value, the session
becoming dull as trading progressed. In
the active list Hide and Leather pre-
ferred and American Writing Paper pre-
| ferred were strong, with net gains of l y
points or more. American Telephone and
| Telegraph celebrated the successful sale
of its bonds by the underwriting synd-
cate. making net gain of ". Frac-
tional net advances were shown by the
lODdCCOS anu electric manufacturing is
sues. All the other active issues fell off
| fractionally for the day with the excep-
| ton of Canadian Pacific, which lost y
Baltimore and Ohio, which lost /, and
Reading, which showed net decline of
l H. The only feature in the bond mar
ket was the rise in Liberty 3 las 10 l00,OS.
a new high for the year.
Francs established a new high record
for the year by advancing TO 5.65. with
I. centime reaction near the close.
Sterling declined !. point in the late
trading. All the neutral exchanges were
weak, pesetas dropping 40 points. Swiss
. points and guiiders 2. of a point. In
the late dealings throughout the foreign
exchange list demand slackened and the
| market closed easy. There was no sup
ply of time money either for new loans
or renewals, With liberal aid from the
| money pool call money was loaned at
per cent. on mixed collateral and 6 l., per
cent. on all induStrals