The sun., 1918-08-16
FINANCIAL NEWS
AND COMMENT
Stocks Yield Fractionally I'm
der Light Selling
Pressure.
MONEY POOL Is ACTIVE
Government Withdrew DepOs-
itsAS75,OOO,OOO More to
Follow To-day.
MONEY POOL Is ACTIVE

Stocks were again under pressure In
yesterdays dull and relatively inactive
market, with total saleS considerably be-
low 300, 900 shares, but the active Issues
generally yielded only fractionally and
such shares as feathers, shipping. paper
and Canadian Pacific were strong
throughout the session. The money stu
alton continued to dominate the course
Of quotations, and the money pool was
called upon to as great an extent yes
terday as IL was on Tuesday. when some
thing like s25,000.00o WAS provided. The
Inability of the banks to. supply funds
on call and the consequent recourse to
the money pool was due to Government
Withdrawals, the Federal Reserve Bank
notifying member institutions to provide
sac, 000. 900 yesterday and to prepare to
supply s75.00o.o 900 to-day. Under the
circumstances the dulness caused no sur
prise, and the bankers are not looking
for much change In investment and spec
ulative conditions until the subscriptions
to certificates Of Indebtedness approach
the $4,000, 100000 mark. The Treasury
Department announced yesterday that a
total OK approximately $4,000, 100000
had been subscribed.
Under the mistaken impression that
the conference with Director-General
McAdoo had produced no tangible result
and had unduly prolonged the settlement
OF the railway rental contract, there
was considerable amount Of profit
taking in the rails. The fact Is that the
conference cleared the air and a settle
ment can be expected within a week.
Director-General McAdoo called upon
the parties interested to supply briefs by
the close Of business Monday and prom
Used a speedy decision thereafter. He
intimated at the conference that he
would grant the right of court review
| and other minor concessions. With the
exception of a IN point drop In New
Haven. the declines in the rails were in
| considerable. In fact, the action OF the
entire market indicated underlying
strength. although the business was
, again largely professional.
The steels did not do much in either
direction, but the rise in Central Leather
| Of %. in Hide and Leather preferred of
ass, common III, American Writing
Paper preferred 2&. and more than a
point in the Marine stocks and per cent
bonds was impressive. Only three active
| stocks showed more than a fractional
| decline. American Sumatra off 2h. New
Haven of III and Southern Pacific
| Off I.
There was no supply of time money
either for renewals or new commitments
! Through liberal loans by the money pool
the market for money on call was held
down to s per cent. for mixed collateral
! and 6 II per cent for all Industrial. The
latest issue of $500.000.000 certificates
| of indebtedness was oversubscribed by
| more than $75.000,000 and a new issue
| will be put out within a few days. The
Bank Of England weekly statement
| showed slight improvement in the pro-
| portion of reserve to liabilities. Liberty
3hs duplicated the recent high record OF
| 100,0s. The feature Of the foreign ex-
| change market was rise in francs to
5.65h in the early trading and a subse-
quent reaction to 5.66%.
Sterling and neutrals were all easier.