The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-07-19
FINANCIAL NEWS
AND COMMENT
Wall Street Stirred to Great
Enthusiasm by Successes
of American Arms.
TRADING VERY ACTIVE
Business Broadens as Dealings
Progress-Steel Common
Feature Of General List.

There was no m!staking the character
and the sources Of the enthusiasm which
animated yesterdays Wall Street trad
Ing. The fresh successes of the Ameri-
can forces. coming as they did on top
of the news Of the brilliant defence made
along important parts of the Marine front
during the first two days OF the latest
German offensive. created the highest
satisfaction among the speculative fra
ternity. Indeed 1t was the sort of a ses-
sion that suggested that quoted values
required only partial recognition from
the public to reflect general betterment
throughout the whole list. Trading was
on an extremely active scale. as con-
trasted with most of the sessions re-
Gently, and business broadened as the
dealings progressed. Prices throughout
the standard list were uniformly strong
and at times almost buoyant, despite the
fact that a great deal of liquidation in
the form of realizing sales mad to be
taken care of on the way up. The in
clination. as on the preceding day, was
to favor the steel and speciality shares
more than other groups. but as a whole
the market was the strongest and most
significant since the elimination Of the
big upward swing last May.
The dominant consideration IN the
days business naturally was the war
situation. Ali other considerations, in
fact were sidetracked. but whereas the
financial district on Wednesday was
divided regarding the significance and
Importance Of the developments on the
battleAelds on Monday. there could be
very little doubt In that direction yes
tor ha tDh In ttcalf
was OF a character calculated to stim-
ulate the widest enthusiasm marketwise
without reference to such important con-
siderations as the capture of a dozen
or more towns by the Americans in co.
operation with the French. The thing
however. that was even Of greater inter-
est to the financial community than the
capture of ground by the allied forces
was that the Allied high command after
having been forced to take the defensive
ever since the beginning of the first
German drive last March, had at least
deemed It advisable to take the initia-
tive. Whether this policy will continue
to govern Allied operations in the fu-
ture Is Of course matter or greatest
conjecture, but 1t Is nevertheless APP
parent, even to those without military
experience, that II the turning point in
the war has not been rea ched, the time
Is fast approaching at least when the
offensive power will definitely rest with
the Allied forces.
Best prices were made In the last few
minutes Of trading. but the rest OF the
session was by no means weak or mac
tive. Prices were strong from the start
and although the upward trend at times
was halted by rather heavy profit TAX
Ing, the betterment was always resumed
as soon as this character Of selling had
been exhausted. Steel common was the
most active feature of the general list
rising nearly 4 points on n volume OF
business that constituted near quarter
of the entire turnover for the session.
On the other hand. Baldwin, all OF the
specialties. including Sumatra, United
Cigar Stores, Industrial Alcohol. the
leather and chemical stocks all came In
for their share Of the improvements. The
marine shares did not do so we'll as
other groups nor did the rails, with the
exception of Reading. This stock. how
ever, was one Of the outstanding features
Of the day. advancing almost points on
a resumption of activity by speculative
clioues, There was the same strength
among the foreign Government issues as
on the preceding day. French cities lead
the list in this department. but as rule
all of the other foreign issues showed
in, movement, and some Of them made
m Material progress.
There was no change in the money
situation. Call money loaned at from 6
to 61a per cent. throughout the day. but
the indications were brighter for the
future. With the payment yesterday Of
the 35 per cent. instalment on the third
Liberty Loan, and the movement of funds
In connection with the maturity of the
last issue of certificates Of Indebtedness
put out to anticipate the last loan, the
outlook for easier rates was materially
frightened. The foreign exchange mar
ket continued quiet. -Guilders were Il
shade easier, and Stockholm cables were
slightly lower. Other neutrals were gem
orally steady. Lire as we'll as other