The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-07-21
FINANCIAL NEWS
AND COMMENT
Trading in Wall Street Ex-
tremely Light, Even for a
Midsummer Saturday.
STANDARD SHARES FIRM
Interest Again Centres Chiefly
Among Some of the
Specialties.
STANDARD SHARES FIRM

There was no abatement OF interest
in Wall street yesterday regarding the
brilliant achievements of the Franco
American forces In the counter-offensiVe
against tho Germans on the western
front. but, as on the preceding day, busi-
ness was characterized by an utter alb
sence OF inclination to follow up the
splendid news. Trading was on an ex-
tramely small scale even FOR Saturday
session in midsummer. and interest again
converged mainly on few of the special
ties Of the type Of the tobacco shares.
the chemical stocks and one or two
other Individual Issues which for one
reason or another happened to be more
In favor OF the speculative element than
some of the more active issues. The
standard shares were firm throughout
the trading and even made some slight
progress here and there. but that was
about all that could be said of them.
There were no new indications of buy
ing anywhere, and whatever gains there
may have been in them could be ac-
counted for entirely by weekend ten
denotes without reference to other con-
SlQeratlOnS OF importance.
Whatever the reason is for the with
holding of appreciation Of the war de-
velopment. there could be no doubt yes
terday as to the extent and Significance
OF the Franco American operations. II
there had been any doubt heretofore as
to the Importance OF the counter Often
sive and what II meant to the Allies
all Of that must have been pretty def
initely removed by the announcement
Of the capture Of approximately $4,000
prisoners and more than $50 guns.
Whether there was any relation be-
tween the lack OF aggressiveness yester-
day and the sinking OF the American
cruiser San Diego Just outside of the
harbor was OF course difficult to say,
but II there was It was nothing more
than sentimental. In addition to the
encouraging news which came from the
battle fronts not a little satisfaction
was derived by the financial district
over the revision OF the fortnightly
policy of offering s750.000.0o0 of GER
tifcates Of Indebtedness. The reduction
of the offerings to $500. 100000 every
other week will only relieve the banks
partially. but nevertheless any tendency
there is toward lessening the tax on
the financial institutions Of the country
Just now could hardly be considered
other than favorable by speculative
Wall Street
The outstanding feature of the session
was the movement Of industrial alcohol
which crossed 1870. and which repre-.
sented a net gain Of about points for
the day. Otherwise there was nothing
OF Importance in the trading unless 1,
could be found in the strength of Amer.
lean Sumatra. The steel shares were
quiet to n degree. and so were most OF
the Allies industrial Issues The cop.
| pers were firm again in response to the
conviction that producers will be able
| to increase the present schedule to 81
cents. The rails were dull, and SO the
most part moved within a very narrow
| range: that Is to say the few OF then
| in which there was any trading at all
The weekly bank statement showed ar
increase In surplus Of $lS.144.150
bringing that item up to 374.4o6,62o. As
| there was little change in the cash hold
| ings Of the banks, the betterment in the
reserve position was due almost entirel,
to the loss Of deposits. Aside from tht
| increase in reserve. the outstanding fea
| ture OF the statement was a decrease o.
| SIS. 900 in United States Government
| deposits, which brought that item dowr
J to the smallest since April 6. with 9
| single exception. There was no feature
| to the foreign exchange market outside o.
| slight firmness In Swiss francs. Other
| wise rates were about unchanged from
| the preceding days final.