The sun., 1918-07-12
FINANCIAL NEWS
AND COMMENT.
Wall Street Market Steadier
Near Closing, With Dimin-
ishing Pressure.
SHARP DECLINES NOTED
Steel Common, Equipments
and Some Industrials Show
Losses Of Ground.

Whatever the sources OF the selling
which carried prices downward in the
final hour Of Wednesdays session and
again for the first two hours OF yester-
days market. diminished pressure and
steadiness were apparent at the closing,
There was no more news to account for
the selling than presented itself on the
preceding day. and although the pres.
sure Influenced rather sharp declines
throughout the general list, the charac-
ter OF the trading was such as to indi-
cato that outside of It's immediate effect
upon the course of prices it was Of
small consequence so far as Its relation
to the future was concerned. Numer-
GUS explanations were advanced by the
financial community to account for the
weakness, including the hours suspen-
sion of business out OF respect TO the
late Major Mitchell. But In view Of the
dulness which marked general trading
during the best part of the afternoon.
and its comparative steadiness at the
closing after losses OF from l to as
much as points in extreme cases. none
of these considerations seemed to have
much merit except those which con-
cerned themselves with liquidation OF
certain blocks of stocks by important
professional interests
The exact reason which prompted the
liquidation of so large an account was
difficult to fathom in a market so bare
Of news as yesterdays. Had 1t been
fear of stringency in the money situa.
ton 1t would have been more likely to
have been accomplished, not when. i'm
provement was In sight but earlier IN
the week, when everything pointed to a
flrmer trend in the financing side OF
Stock Exchange operations. As for the
war situation. that question could hardly
have entered into the situation, unless il
was with respect to the Forthcoming
German offensive, which, however would
seem to have been pretty well prepared
for marketwise in view OF the action OF
the general list for the last week OF
more. Reason might have been OBJ
tanned easily enough from the taxation
| outlook. but the financial community was
more inclined to believe that it was
simply another case where trader. be.
ing convinced that everything indicated
narrow. restricted market for some
time to come. disposed of his holdings
altogether in order to rid himself OF
Gtocks until the prospects for an eXpan.
sion In activity are brighter. Whether
| this was the explanation of the days
market. trading nevertheless was un
| mistakably professional in all of its prin.
| cipal aspects and OF not great signifi
| cameo.
The principal selling as well as weak
| ness centred in Steel common as on tbs
| Anal hour of the preceding day. bu
Losses throughout the list were NOR,
| general than on that occasion Tn,
| loss of ground in fact, in the equip
nents. tobacco and some OF the indus
trial Issues were larger than in stee, it
self. where most of the activity cen
! tired. The relation between the selltn.
| in steel and in other departments wa
sympathetic, being merely the results o
professional operators to further the
| advantages gained in case of steel Bald
win declined more than points. ant
there were equally large declines else
wSere among the individual shares
specialties and coppers. There were. il
fact. only few strong points anywher
in the general market, and these con
sisted mostly of railroad stocks. Read
ing's loss was quite extensive. but out
side of this particular issue declines il
the rails were confined to fractions. TIL
| steadiness here apparently reflected init
nations of favorable action to-day b.
the railroad executives with respect L
the contract and an early settlement o
all difficulties involved.
AS was to be expected, money rate
were unchanged, call money continuin
firm at from to 6la per cent. Their
were further Withdrawals of Government
deposits, and the banks were called upo
to pay the balance of tax moneys to In
Federal Reserve Bank, which smounte
to s70,o00.000. and which forecast an
other unfavorable bank statement o
Saturday. Bankers. however. hoped 10
an Improvement next week at the lates
The foreign exchange market was que
with gui!ders and Swiss francs firn
Il Other rates were practically unchange
from the preceding davis Closing