The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-07-20
FINANCIAL NEWS
AND COMMENT
Wall Street Spectators Fail
to Follow Up Thursdays
Advances.
COPPER STOCKS STRONG
Less Aggrcssiveness in Stand
ard Shares-MOney Market
Unchanged.
COPPER STOCKS STRONG

Thursdays enthusiastic and somewhat
excited movement of prices was not con-
tinued in the stock market yesterday.
The session was quieter from start to
finish. and although PROFIT taking was
heavily INDUCED In by the professional
traders in consequence Of the failure OF
the market to make further progress. the
selling as whole failed to make great
deal of impression on the standard
shares. Dealings were more active at
the closing, and the tendency was to re-
gain some of the ground that had been
lost earlier in the day. but there was
nothing sufficiently outstanding that
could be characterized as a general re-
covery. There was no explanation on
the surface OF things to account for the
weakness The war news was as good
as could be expected: In fact IL was
better than had been expected. But con-
sideration OF whether the rise yesterday
had gone far enough apparently induced
traders to take some profits. There was
slightly more animation in the special
ties and individual shares as a result
of the tendencies prevalent elsewhere.
but this could hardly be called more
than q minor feature. 80
The most important factor in the dis
inclination of speculative Wall Street TO
follow up Thursdays advances, aside
from technical considerations was the
indisposition Of the public to take part
in the trading Whether Wall Street had
expected anything like general apprecia-
ton In yesterdays session from the pub
lie Is of course difficult to say. but the
fact was nevertheless apparent that II
II did. expectations were not Fulfilled
There may have been small volume
OF public buying at the outset, but on
the whole 1t was too small to be Of sig
nincance In the general movement OF
quoted values. In addition to this there
was also tendency among the trading
fraternity to go slower until more facts
are known of the results which the
Americans and the French have obtained
thus far There was Furthermore not a
great deal OF encouragement to be gained
from the money situation. Both classes
OF funds were in scant supply all day
This situation. together with other tao.
tors mentioned and the quietness OF
trading at certain periods, influenced
traders to depress stocks. At least this
was the most plausible explanation OF
the action of the market. One thing
however, was certain: that selling in.
centive could not be found in the DAYS
war news.
In the absence of course of any great
amount OF aggressveness among the
standard shares speculative Wall Street
turned much Of its attention toward the
specialities. In this group American
Sumatra and some Of the other tobacco
issues displayed strength. The stand
ard issues Of the type Of Steel common,
after lively opening and further prog
ress. receded gradually to the closing
which, however, was fairly steady, so
far as the greater number OF issues
were concerned The average decline
was about a point. There was very lit
tie Of interest in the rails. with the ex
ception Of Reading and one or two other
favorite speculative shares. The copper
shares were strong. rejecting the belief
that the producers will be able to con-
vince the War Industries Board of the
justification OF their arguments for 81
cent copper at their meeting in Washing
ton in August. There was the same
strength as on the preceding day among
the foreign Government bonds. City of
Paris IS opened up more than 4 points,
and although there were recessions after
the outset here as we'll as In other SIM
liar issues gains were sustained fairly
well to the finish.
There was no change again in the
money situation. Call funds loaned on
the Stock Exchange at from to 6h
per cent all day, while time accommo-
dations were in scant supply. The eX-
PLANTATION of this lay primarily in fur
ther Withdrawals by the Government OF
funds paid on the last instalment on the
Third Liberty Loan. The amount with
drawn from this district was not large
but the effect of the Withdrawals at other
important financial centres Of the coun-
try was plainly felt in the local market
The foreign exchange market was quiet
and without feature, with the exception
OF firmness in Swiss francs. Other rates
were about unchanged.