The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-07-31
FINANCIAL NEWS
AND COMMENT
Speciality Stocks Attract Most
Attention in Wall Street
Market.
STANDARD MORE ACTIVE
Speculative Element Lacks Ag.
gressiveness Pending U. s.
Steel Dividend.

Interest In yesterdays stock market
most entirely on the specialties. with the
exception Of a short period In the last
hour. The standard shares we're some
what more active than In the average
session recently and prices were slightly
more irregular. but beyond the curious
professional. movement at the finish
Wall Street showered all OF dts attention
on few favored individual 81 ares
Sentiment continued favorable. and al.
though the financial district was pretty
we'll convinced that the Steel directors
would not make any change in the divi-
dend. at least this quarter. speculative
any aggressiveness whatever in the alb.
sence OF official information. There was
nothing in the action of the market
however, that would have led to the be.
lief that the dividend would not be forth
coming. On the contrary, bearish
traders were inclined to depress stocks
not because there was any doubt in this
connection but primarily because of the
lack of interest shown In listed securities
in general.
Perhaps the most influential considera.
ton in the days market. aside from a
certain amount OF hesitancy over enter.
ing into extensive commitments fol
either account In tie absence Of direct
| information regarding the Steel divi.
| dend. was the continued firmness Of
ariN 30 Ual
Street interests are inclined TO regard II
SO. it is becoming increasingly evident
| that the stock market cannot do much
so long as there Is any doubt as tc
whether there will be any question as tc
the financing Of Stock Exchange opera
lions. So far as other consideration.
| were concerned Wall Street took little
notice OF them. TIE Steel dividend wa,
Of course an important factor. but the
announcement came after the close OIL
| the trading. The continuation OF tht
! dividend was entirely in line with ex
, pectation. but the earnings were ever
moro favorable than Wall Street hat
been looking for. Taking the half veal
as a whole the statement was particu
| larly satisfactory. the corporation no
only earning the dividends paid In those
quarters after setting aside substantial
sums for taxes. but came within 2 pei
cent. OF earning the dividend for the
entire year.
Best prices for the session generally
| were made at the outset, after which
the standard list was inclined to sag
There was no very pronounced pressure
however. until just before the closing
when q block Of steel started a reac.
tionary movement which brought about
declines Of about point on the aver
! age. AS soon as this selling had beer
exhausted the list firmed mmediatel,
and recovered partially. That was abou
all that could be said of the standard
| list Through the rest OF the session
interest centred in the specialties of the
type OF the tobacco shares. a few Of
| the chemical issues and one or two other
| individual stocks. several OF which mad,
new high records either for the current
| movement or for the year. There was
| nothing OF interest either in the copper,
or the railroad shares, although both
| of these departments were inclined &c
sag along with the rest OF the marke
toward the closing. The investment
market continued quiet, prices as a rule
| moving within a very narrow range al
| through the session.
The money market continued firm
| particularly toward the close OF tn,
| market, indications being that the sup
ply of money which brought about the
easier rates at the end of last week ha.
| about been exhausted and that the mar
ket Is again tending to firmness unit
| there Is another shifting OF fund!
toward this centre to relieve the situa
ton. The foreign exchange market wa.
quiet. and except for slight firmness II
rates on neutral nations was about un
changed from the preceding days final