The sun., 1918-07-09
FINANCIAL NEWS
AND COMMENT
Profit Taking by Professional
Interests Makes Stock
Market Dull.
STILL IN LAST WEEKS RUT
Marine Preferred Shares
Bright Spot in Heavy Trad
ing in Wall Street.

Wall Street resumed business yester-
day with little or no change In condi-
tons which have dominated the financial
situation for the last week or more.
There were no fresh adverse develop
ments In the way of news. or in fact any
thing which might have been expected to
supply the speculative element with i'm
pulse to buy stocks, with the result that
the general list, after a somewhat con-
fusing movement at the outset developed
heaviness, which continued to character
ize II to the closing. The market as
whole was the direct result OF heavy
profit taking by the professional inter-
ests, influenced by consideration Of
whether last weeks rise had gone far
enough Rumors Of more or less APP
prehensive sort were In circulation. but
they played no more than a small part
in the days operations. The governing
consideration was realizing, combined
with uneasiness over the money situa-
ton, and a certain amount Of hesitancy
over entering into new commitments or
taking a positive stand in a market over
Swallowed by the impending German Of
fensive on the western front.
This condition of aHafrs naturally
brought about a more or less restricted
volume of business, a fact which, taken
together with the lack of speculative
impulse, would in itself have accounted
for whatever weakness there may have
been without reference to other factors.
No doubt, however, such considerations
as the probability that Congress Will
take UP Immediately the question OF the
new revenue bill instead OF adJourning
until some time in August the contin-
ued uncertainty as to whether the new
German offensive can De expected snort
| ", and the impairment Of the reserve
position. as shown In last Saturday 8
| bank statement. contributed to the dull
| ness and as we'll to the weakness. There
was no serious weakness at any stage or
! the session, nor were there any indica-
! tons that Wall Street Is facing these
events with anything like Apprehension;
| that is to say, II there is any real con-
Germ over the new revenue bill. the money
| market outlook or in the possibility tnat
| Germany may reach her objectiVe In the
coming offensive. 1t has yet to make IT.
self apparent marketwise. Under these
| circumstances, therefore. yesterday
weakness could hardly be considered i'm
| portant so far as indicating anything
definite as to the future course of the
| market.
Most OF the weakness was conhned 10
the steel shares which experienced the
most extensive improvement last week.
Steel common closed Off nearly points'
although 1t recovered somewhat at the
| finish, and proportionate losses were
\ recorded elsewhere in the Industrial llst'
| But As a rule declines in other depart
ments averaged in the fractions. except
| for the tobacco shares and some OF the
| shares Of the specially type, in wh'ch
| the net result OF the days dealing was
more pronounced so far as declines were
! concerned. On the other hand, there
were parts of the list which showed not
a little frmness and which in fact
! showed gains at the closing. The most
! prominent stock in this connection was
Marine preferred, which was strong
throughout the session, closing with a
gain of a point for the day. The rails
were disposed to wait formal action on
the railroad contract, and as a result
Welded all around, while the copper
moved downward in response to the
liquidation Of some of the paper profits
which had been built up following the
announcement last week of an increase
to 26 cents per pound for copper metal
Elsewhere there was little or interest
The money market was firm. as was
to be expected in view OF the week
bank statement. Call money loaned Al
from to 6la per cent. throughout the
day, and there was scarcely any time
accommodations to be had even at NOM
inal rates with the exception of Swiss
francs. pesetas and guilders. which were
a shade easier. foreign exchange rates
were about unchanged from last weeks
closing figures.