The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-07-03
FINANCIAL NEWS
AND COMMENT
Share List Displays Firmness
and Becomes Strong Near
Closing.
TRADING ON SMALL SCALE
Wall Street Market Continues
Professional and Highly
Irregular.
TRADING ON SMALL SCALE

There was not much to be said about
yesterdays Wall Street trading except
that there was no continuation of the
weakness that characterized the preced-
ing days session Otherwise the market
underwent no great change. The share
list, however. displayed frmness. becom-
ing rather strong toward the closing on
a partial resumption of investment buy
ing and short covering. Trading was on
an extremely small scale, and despite
substantial recoveries in the standard
Issues dealings continued more or less
professional and at times highly irregu-
lar. Speculative impulse was lacking
and outside of the recovering movement
there was very little to distinguish the
days business. What the betterment re-
flected primarily was n general shifting
about of contracts in anticipation of to-
morrow's holiday and a realization that
there was not as much significance as
was first believed in the report OF the
Federal Trade Commission on profiteer.
ing. The fact that the balance hap
pened to be on the constructive side OF
the market in the matter OF holiday re-
adjustments of course contributed to the
recovery.
The news developments with which
the market was confronted at the outset
were not of great Importance. About
the only exception 10 this rule was q
rumor from Washington to the effect
that the German offensive might be re-
newed soon. On the other hand the mar.
ket received some encouragement from
the fact that the preceding days selling
movement seemed highly professional
and of no consequence SO far as the i'm
mediate course of the market is con-
cerned. The reconsideration of the Fed
eral Trade Commissions report also re-
vealed no further unsettlement, but any
effect that this might have been expected
to have on the general market was
largely offset by reason of the holiday
tendencies. Toward the closing there
was an abrupt change in the money sit
uation, which Influenced slight recessions
from the high points of the day, but
this came too late to have any general
influence on securities as a whole. Other
wise there was little of Importance in the
news. with the result that speculative
elements showed a disposition to await
developments over to-morrow's holiday
before entering into new commitments
of Importance.
About the only thing OF real I'M
portance that was demonstrated by the
days transactions was that despite the
sharp selling movement there has
been no departure from the narrow pro-
fessional course of trading. There was
some buying that was not wholly pro
fessional, hut the movement for the most
part was animated by the same consid-
erations which have governed the mar
ket for the past week or more. The
advance in Steel carried the stock up
about points, although 1t lost some OF
this gain later. There were proportion
ate gains all through the industrial list
and the speCialtes were strong again
One of the outstanding features OF the
trading was the demand for copper
shares. With respect to these the shares
strength was again based on the expec-
tation that the War Industries Board
would grant higher schedules for the
next three months. The petroleum
shares were in better demand. but the
rails, with the exception of Reading. die
little or nothing. The investment de-
partment continued quiet.
Call money loaned at the closing at from
6 to IA per cent, compared with about
4 per cent. on the preceding day. The
explanation of the sudden furry in thi:
department was to be found in tn,
withdrawal of substantial sums by tn,
Government from the depository bank.
ana also in the fact that the time i!
again approaching for the Offering o
another block of certificates of indebt
edness by the Treasury. There wer,
some offerings of time money during thu
early afternoon, but they disappeared
entirely In the last hour of the session
The foreign exchange market was quie
and with the exception of a slight,
easier tone in pesetas rates were un
changed from the preceding days final