The sun., 1918-07-11
FINANCIAL NEWS
AND COMMENT
Wall Street Market Remains
Unchanged Over Earlier
Part Of Week.
RAIL SHARES EXCEPTION
Trading Lacks Stimulating In
fluence-Money Con-
tinues Firm.

There was no variance yesterday In
the professional aspects OF the dealings
on the Stock Exchange. Trading was
scarcely more active than on Tuesday
and price changes were hardly sas sig
nificant, IL indeed such a term could be
used to characterize any Of the cur
rent series of markets. The general
undertone may have been somewhat
weaker. but the narrow range Of prices
meant nothing more than a continuation
OF the expectant attitude which Wall
Street began to register during the lat
ter half Of last week In anticipation or
the renewal of the German offensive.
There was no fresh news to provide the
speculative element with impulse to
| move stocks either way, with the result
that the market turned to heaviness In
the final hour after fractional gains. The
railroad shares were an exception to this
rule holding we'll throughout the day
Although the action OF this department
indicated clearly that all that was
needed as a stimulus to an expansion or
activity was an announcement convey
ing the favorable attitude of railway ex-
| ecutives toward the final contract.
| traders naturally were disposed to do
little in the absence OF any definite
| action on the agreement.
The failure Of the days events to pro-
QuCe anything WHICH HllSnt udNo pcc'i
expected to interest Wall Street left the
| speculative community with little to talk
about except the railroad contract. SEN
| timent in this connection, however. was
| inclined to be more favorable toward the
| latest draft Of the contract-than on the
preceding day among the railroad ex-
| ecutives as well as among the trading
| fraternity. While there was no intima-
ton as to what might happen at to-mor-
| rows meeting, 1t Is believed that senti-
| ment has now drifted sufficiently In IA
vor of the agreement to assure approval
| by practically all Of the principal rail-
road presidents. This OF course would
avoid the roundabout way OF placing II
in the hands Of the President and would
be more pleasing to every one concerned
| There was little else u interest the
Street. Rumors Of an apprehensive char-
| acter concerning the renewal OF the Ger
man offensive were floated freely, and
undoubtedly went a long way toward
| producing some of the weakness in the
last hour. but outwardly they appeared
to have no more foundation. SO far as
the starting Of the drive was concerned
| than any number of other rumors which
have been manufactured this week &c
serve the purpose Of the professional
bears
The principal weakness in the las
hour began in the tobacco shares Trad
ers apparently finding that their efforts
in this particular group met with sue
cess extended their operations to the IN
dustrial department and the steel shares
The result Of their operations. however
was not marked except in the tobacco
and specialties. The steel shares recedet
an average of about point on SINAI
volume Of trading. closing about the low
for the day. There was little more
pronounced weakness among some o
the motor shares. based on the fore
casts Of the heavy tax on passenger au
tomobiles. But the rails and the ma
jority of individual issues held fairl!
well to the finish. American Can ant
Continental Can were strong features
In the railroad department there wa
quiet investment buying throughout tn
session, and although few issues sus
tanned early gains to the closing. tn
average losses in this group were con
fined to the fractions. The investmen
list was quiet, with little or no features
The money market was again un
changed, call funds ranging from s to 6 y
per cent. all day. The explanation o
the continued firmness in money appar
emily is to be found in Withdrawals b!
the Government Of lareg amounts from
the New York depositary banks. Ther
was a withdrawal on Monday and Their
will be one tomorrow, which probabl
will be the last for some time and whicl
will probably mark the beginning
easier money rates. according to bank
ers. The foreign exchange market wa
generally firm, but Swiss francs declines
fracttonally. Particular firmness wa
shown by guilders, pesetas and Denmark