The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-07-10
FINANCIAL NEWS
AND COMMENT
Volume Of Trading in Wall
Street Smallest in More
Than Two Months.
STANDARD STOCKS DULL
Chief Interest in Market Gen.
tired in Specialties, Shipping
Shares and Rails.

There was no fresh news yesterday 10
provide Wall Street WITH impulse to move
the stock market out of the rut in which
the smallest volume for more than two
months. and although there were no
traces of the weakness which character
lied Mondays trading price changes as
rule were too small to be Of much
significance so far as indicating anything
definite as to the future course of the
market. 1t was the same kind of a
market that has been seen for a week or
more. with the difference that there was
less of 1t and that the railroad depart
ment may have shown somewhat more
aggressive tone In response to the an
nouncement that the railroad contract
has finally been put into such shape as
to be practically acceptable to all par
ties. Otherwise the market was I'M
changed in its principal aspects. with
dealings rejecting little more than n
continuation of the preparations to place
the market in n sound position, IL In
fact that Is needed under present circum-
stances, TO withstand any temporary
shock that may come as n result of the
renewal of the German offensive.
Traders found much encouragement in
the Anal drattzof the railroad contract,
but dealings were entirely too trivial to
expect anything in the way Of apprecia-
ton marketwise. Despite the fact that
the contract is yet to be Signed and that
1t has not yet been finally approved by
railroad executives themselves. there Is
little doubt in well informed quarters as
to the acceptability of the contract Ac-
cording to information also obtained in
such quarters 1t would not be surprising
if the contract obonld racciya n Tool
disapproval at the meeting this Friday.
This, however, would not mean that
there are any main features connected
with the agreement which have not been
accepted by the railroads, but simply
that it would signalize a move to get
the contract into the hands OF the Presi-
dent SO as to eliminate any litigation
that might develop by carrying the con-
tract through the ordinary procedure OF
approval The markets action was
sympathetic with the contract. Indeed
there was little else which 1t could re-
fleet 80 far as the news was concerned.
Statements in the morning papers indi-
Gated that the German offensive Is near
at hand. but outwardly there Is as yet
nothing which the market need fear.
In the absence OF any definite news
considerations outside Of the railroad
contract. trading proceeded along the
same lines which have characterized
most of the sessions recently. The main
interest was in the specialties, shipping
shares and the rails. as well as those in
dividual Issues which, as a rule, always
move contrary to the general market.
The standard stocks were dull to the ex-
IRENE. recovering, however, a small part
OF the ground lost as result of the
weakness on the preceding day. Ameri-
can Can was strong feature and Ma
rine preferred continued active on re-
ports that the deal for the sale Of the
company's tonnage under the British
flag had about reached a stage where II
can be placed before stockholders for
approval On the other hand. Distillers
was weak, breaking at one time as much
as 3 points. following the introduction
Of the bone dry measure in the SEN
ate. The rails were strong all along the
line, but with the exception OF one or
two active issues. advances as a rule
were confined to fractions. Investment
conditions were quiet, the bond list fol-
lowing closely the action of the stock
list.
There was no change again in money
conditions. call funds loaning all day
on the Stock Exchange from to 6h
per cent. Little time money was avail
able. but the outlook was somewhat i'm
proved by the redemption OF a substan-
tial block of certificates OF Indebtedness
yesterday. and Indications all pointed
toward easier rates in q day or two.
The foreign exchange market was quiet,
with pesetas and Swiss francs fraction
ally flrmer. The rest Of the list was un-
changed from the preceding days clos
Ing.