The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-08-09
FINANCIAL NEWS
AND COMMENT
Wall Street Market Continues
in a Slump, With Few Shares
Changing Hands.
GENERAL LIST STRONGER
Feature of Trading Centres in
Standard Glass, Such as Steel
Money Easier.
GENERAL LIST STRONGER

Professional dealings In a dull market
were chiefly responsible for the surface
price changes in yesterdays Wall Street
trading. which in many respects closely
resembled that OF the preceding day.
The only difference was that the general
list showed slightly more aggressive
strength. although. as in all sessions OF
late, the bulk of the gains were re-
corded in the first hour. The spirit In
which business was conducted continued
cheerful. as might have been reasonably
expected In view of the beginning Of
new offensive by the Franco British
forces in Picardy. but nothing which &C.
Cured during the trading could be con-
strued as indicatirss possible departure
from the professional Ncourse which has
characterized business for a period of
almost a month. On the contrary, trad
ing continued the process of contraction.
The total turnover was only slightly in
excess of 10000 shares, as compared
with 5000 shares last Friday, which
was the most inconsequential market
from the point of view OF business in
volved since the early part OF 1916.
The news developments were generally
of an optimistic character. The begin
, ming of an offensive on the British front
on top of the favorable statement OF the
British Premier in the House OF Com
! mons on Wednesday aroused the highest
satisfaction. but. as has been the case
with previous sessions recently. such
| considerations did not seem to be able
to create even the most ordinary inter-
est in listed securities. There was not
great deal in the British Premer's
| speech which could be characterized as
| exactly new. The financial district has
| long suspected that the turning point OF
| the war has passed and that from now
on II is more than likely that military
operations will for the most part favor
| the Allies But at the same time II can
| see no early ending of the war. In the
| absence. therefore, of anything definite
| in this direction the financial community
Is apparently disposed to do very little
marketwise. This feeling is of course
| intensified by the uncertainty regarding
the new revenue bill. by the proximity
of the next Government loan and by
several other highly important consider
atoms. rot to speak OF the unsettlement
that surrounds money conditions.
| The chief feature of the trading wa!
| the slightly more interest taken In stan
dard shares of the type of Steel. which
|
session. Traders. however. were no
able to push it beyond this figure, an,
| the consequence was that pressure de
Neloped each time any attempt was mad
| to\ run II up further. There was ais,
| slightly more interest in the coppers
Notwithstanding the fact that the Wa
Industries Board has decided to let tn,
present schedule as to prices stand unit
/ some time in the fall. Otherwise inter
est again converged almost entirely OF
the specialties. Distillers was a fairl,
active feature and there was likewis
some animation in Can, Mexican Pc
| troleum, Sumatra and two or three rails
including Reading and st. Paul. So ia
as the rest OF the list was concerne,
there was nothing OF interest In tn
Investment market Liberty ~, s made
new low record, the selling being due ap
! parently to the announcement by Score
tary McAdoo that the next loan nigh
be $4,000, 100000 and to the deiinit
statement that the interest rate woul,
not be raised above ~. per cent
The money situation was easier for M
apparent reason. however. en- the suriac,
of things. Call money loaned on III,
stock exchange at from 5ia to G pc
cent. throughout the session. and Their,
was some call money loaned for thirt,
to sixty day periods at 6 per cent Til,
foreign exchange market was strong tn
continued good war news apparent,
finding some reflection there. Franc
advanced more than "A centime. and ster
ling stiffened slightly. All of the neu
trails rates were also strong, Scandina
Wan in particular. which advanced from
20 to 80 points. Cotton continued ir
regular, although it developed som
| strength later.