The sun., 1918-09-20
FINANCIAL NEWS
AND COMMENT
Narrow Movement Of Shares i'm
Wall Street Indicates Gen.
eral Dulness.
DAYS BUSINESS SMALL
Specialties Monopolize Mar
ket's Activity-No News to
Influence Trading.
DAYS BUSINESS SMALL

Speculative effort In Wall Street yes
terday continued to be confined to a half
dozen or SO shares of the speciality type,
in which incentive was provided by the
various impulses of the professional and
semi-professional element. Elsewhere
the market was virtually at a standstill.
although generally firm in all its princi-
pal aspects. So far as net changes In
the standard shares were concerned the
market might Just as we'll have been
closed. Steel and other speculative
favorites at no time fuctuated more than
half a point from the outset figure, and
the same was true in all other depart
ments, with the exception of such issues
as American Sumatra, shipping stocks
and the oils. These shares constituted
such little feature as there was to the
trading. making some fairly wide ad.
vances In special cases. Notwithstanding
the total turnover for the entire session
seaFccly exceeded 10000 shares.
There was nothing in the news to In.
terest the financial community. In a
general way, however, there was some
ing papers with respect to the puzzle
which Administration authorities find
themselves confronted with In regard to
raising the additional $4,000. 0OO. 900 re.
Quired to train, outfit and transport the
new selective army. The fact that init.
nations have been made indirectly tina,
1t might be necessary to reconstruct the
new revenue bill so as to make some pro-
vision for the estimate did not, however
concern Wall Street. 1t was realized
that Congress has gone about as far as
1t can in taxation without great disturb
ance to the industrial life of the country
and for this reason the discussion was
not reflected marketwise. The concern
In regard to the Capital Issues Commit
tee extending its supervision over all
loans of 100000 or more on capital was
also abruptedly dropped following. the
return OF the delegation which went to
Washington Wednesday to confer with
the committee. as might have been ex-
pected. All such loans are now super.
vised by the banks to the best of their
ability. and 1t has been obvious from
the start Of the discussion that further
extension Of the regulations in this
direction would only result In inter-
ference with legitimate trade and work
hardships all around for business
Ahcie was great zeal more interest
In the Foreign Legion parade than In
the Stock Exchange. There was real
enthusiasm in connection with this. but
II there was any enthusiasm in the stock
market yesterday it has yet to make
itself apparent. The opening was ir-
regular. with profit taking tendencies in
various departments but as soon as this
had run Its course, the general list
hrmed considerably. Attention was then
directed again to the specialties. At
lantic, Gulf and West Indies made a
sharp gain: Mexican Petroleum. Su-
matra and the marine shares came to
the front. In the last hour profit taking
was again freely indilged and most
of the specialties receded from the high
of the day. although most of them closed
well above the preceding days final.
Elsewhere there was not enough anima-
ton to give scope for comment.
There was no change In the money
situation. Call loans were made more
freely, but the rate was unchanged from
the preceding day. There was no time
money available at any figure. In the
foreign exchange market. weakness in
Spanish exchange continued to feature
trading. There was slightly easier trends
to other neutral rates, but with this ex-
ception declines were not wide enough
to be Of special significance. Belligerent
rates continued firm as general rule.