The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-04
PINANCIALNEWS
AND COMMENT
Stocks in Wall Street Market
Strong Throughout Trad
ing Session.
STEEL SHARES TOP LIST
Come Within Fraction Of High
Record for Year-Rails
Move Forward.
STEEL SHARES TOP LIST

As might have been expected In con-
sequence OF the continued favorable
war news over Sunday yesterdays
stock market was strong from start to
finish. There was nothing so far as the
volume of business was concerned that
could have been construed as violating
the warning sent out last week by the
chairman Of the local money committee
regarding transportation, except pos
sibly during the last few minutes, but
Notwithstanding only moderate activity
and quite extensive profit taking in the
early afternoon the general list i'm
proved materially and held practically
all gains to the closing. Interest con-
verged mainly on Steel, which not only
made up the dividend which came on
last week. but came within fraction
OF its high record for the year. The
rails continued to anticipate early an
nouncement of the rental contract, and
with few exceptions moved into new
:: high ground for the current movement.
Elsewhere, however. there was little OF
, interest outside OF few of the special
ties of the type of American Hide and
Leather, and one or two individual is
sues.
There were no new developments out
side OF the war news. which continued to
dominate all other market consldera-
tons. The continued advance Of the
British. the capture of Lens. the near
| Ing of Cambria by allied forces all
combined to produce rather enthusi-
astic session. during which a good part
of the list moved into either new high
ground for the present movement or
for the year. The money situation nat
| urally continued to operate against
! trading. but with the present volume
Of business this consideration Is not
tending to hinder appreciation Of the
Allies successes except in the way of
keeping the market within the bounds
set for IL by the money committee.
Scant attention was paid to the intro
duction Of the new revenue bill into the
House. and other factors which under
ordinary circumstances might have been
expected to exercise some influence on
the course of prices. An interesting
| and somewhat significant feature of the
day, aside from the general advance of
the standard shares, was a rather sharp
drop in neutral exchange rates. There
was no fresh explanation Of this other
than that which has been advanced in
connection with growing confidence In
the allied cause among neutral nations.
The outstanding feature of the day.
however, was the buying of Steel. Fully
one-thlrd Of the entire turnover was In
these issues. which closed at 115% after
touching ZIG, a figure only half a point
below the high record touched last week
prior to the statement from the money
committee concerning speculative finan-
cling. The other steel and industrials re-
sponded proportionately. Aside. how
ever, from steel and a few of the rails.
there was relatively more interest and
significance in the bond department,
where the news OF fresh successes Of the
allied forces influenced practically all
of the foreign Government issues to new
high records. There was nevertheless
some good buying among the low priced
rails of the type OF New Haven. Rock
Island, Missouri Pacific, Kansas City
! cording to the speculative viewpoint
may have somewhat more to gain than
! the stronger roads by reason OF the ex-
ecution of the rental contract in Its
present form. The contract Is now In
| its last stages Of construction. and Is
expected to be announced following the
meeting In Washington to-day of the
| railway executives.
The money situation was about I'M
| changed from last week. There was a
| significant drop again in neutral ex-
| changes, Stockholm rates reacting from
SIS to 100 pointsS Swiss francs 8 points
and Denmark from So to 100 points
| Grain was strong. Cotton made another
| sensational advance on the publication
| OF the Government report showing the
| smallest yield per acre for the staple
ever reported.