Evening star., 1918-07-14
DAY IN STOCK MARKET
/ RECORD FOR DUL[NESS
Transactions Aggregate Barely
l. 10000 Shares and Price
u Range Is Narrow.
BY the Associated Press.

By the Associated Preso.
NEW YORK. July 1s.-The low rec
ord of the year on tho stock exchange
was made today. transactions barely
reaching 100000 shares. Important
stocks fiuctuated within the smallest
area. but some obscure issues moved
to 2 points. mainly upward.
Relatively more activity was mani
Tested by Corn Products. Amerncan
Linseed. American Ice, Booth Fish
,Ieries and similar specialties than by
The recognized leaders. but this move
ment exerted no influence.
United States Steel and associated
industrials and equipments were
firm at the outset. but cancelled part
of their gains in the moderate selling
of the final hour.
Rails were lifeless. many investment
issues remaining unquoted. Sumatra
Tobacco was subjected to bear at
tacks at an extreme loss of 8 II points.
Coppers, oils, motors and other usual
favorites were almost as stagnant
as rails.
Cash Losses Not Regained.
The bank statement failed to cor
previous weeks severe loss of cash.
actual excess reserves increasing by
about 100000 000 with an expansion
of almost s63,000.000 in loans. Re-
serves of members in the local federal
reserve bank increased $41 ,000, 900. or
little more than one-quarter of last
weeks contraction.
The only noteworthy feature Of the
irregular bond market was the in
clusion of new AZ issues. resulting
from conversion clauses in previous
issues. Total sales, par value, ag-
gregated S1.775.000.
Old United States 4s advanced n
per cent on call during the week.
Weeks Developments Bearish.
Bearish influences of an unexpected
character were injected into this
,Ceek's dull and dropping market
Developments pointed to urgent need
turers of war materials. and the pro-
posed luxury tax was also RESPONSE
BILE for some unsettlement.
The terms involved in the Notation
of the Bethlehem Steel fifty-million-
dollar note issue directed attention
TO the mounting cost of capital, apart
from the flrmer tendencies evinved
by general monetary conditions
Call money held at per cent, large
1y as result of the previous weeks
enormous depletion OF bank reserves,
and time rates ceased to possess
actual significance because Of the
meager available supply
Trading in stocks scarcely justified
detailed comment. one issue alone
United States Steel common-con-
tributing 90 to 30 per cent to the
very moderate daily dealings. Steers
heavy tone accompanied boardroom
gossip respecting future dividends on
that stock.
Rails were ignored. except for
Reading and minor coalers, together
with an occasional inquiry for low
priced western and southwestern
shares.
Differences between the govern
ment and the railroads covering in
terest guarantees promisd early ad-
5ustment. but financial institutions
and other important holders of rail-
road securities were hopeful of fur
ther notifications of the proposed
standard form of contract.
The most encouraging note of the
yeek was sounded by the Federal
cserve Board. which reported high
" satisfactory business conditions.
Heavy bank exchanges and the state
ment t--of-mereantile agencies were
conf1rmatory of these conditions.