The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-08-10
FINANCIAL NEWS
AND COMMENT
Early Advance Movement in
Stock Prices Nippcd by Re-
newcd Money Stringcncy.
LIBERTY BONDS TOP PAR
First Issue Reaches High
Mark Of 1O0.02--U. s. Steel
and Baldwin Shares Active.

The stock market at the start yester-
day promised to be unusually active, with
relatively large gains in prices. but af-
ter a rise OF to ~ points In the first
hour the advancing movement was
nipped In the bud by the resumption of
stringent money conditions. The under
tone nevertheless continued strong and
the early gains were maintained
throughout the late trading. While the
market was more active than on any
preceding day this week. the total sales
were only slightly in excess OF 100000
shares. and the characte of trading con-
tinued largely professional. There was
IL evidence, however. n moderate amount
OF buying for investment and sentiment
was more cheerful than It has been for
many a day. The restriction of business
was heavy. owing to the fact that there
was no supply OF time money and that
the money pool mad to supply large
amount OF funds on call-it was esti-
mated that the sum was close to $780,
900, OO0--to keep the rates at 6 per cent
for mixed collateral and 6la per cent. for
ali industrial.
The greatest amount OF the days en-
thusiasm came in the first hour as are
suit of the news from the western front
and the developments at Washington in
connection with the railway rental con-
tract. The British and French, acting
in close cooperation. have made sufficient
gains on the Picardy front to indicate
that the Entente Powers hold the initia-
tive successfully and to promise larger
u IL u, N.
deed the possibilities OF a decisive vic
tory appeared impressive and could not
be ignored even by market held in
check by the lack of supply of funds for
speculative purposes. The question of
railway rentals Is near settlepent, but
rails responded only moderately to this
favorable factor. although a number OF
issues gained full point.
There was nothing spectacular about
the trading yesterday. but the list was
uniformly strong and the market closed
firm United States Steel and Baldwin
alone. proved about half of the days
business, the former rising to 1l1S and
closing at 1l1as. with 4 net gain of y
points. apd the latter going to 96S and
closing at 95L, with a net gain of IN
points. In connection with the advance
in Baldwin there were reports that there
would be n Reimbursement OF capital at
directors meeting on August %.
There was no especially favorable news
regarding the steel issues. but the talk
of impending labor troubles at steel
plants had no effect on the course of
prices. In fact the splendid war news
oversha dowed other considerations.
Canadian Pacific stock. which is held in
ternat!onally. gained IL points. St
Paul common. at 45Ss. made new
high for the week.
An especial response to the striking
war rews was made by all of the Tor
eign Government issues. which sold at
the highest average for the year. City
of Paris 6s sold at 81, up ~. City OF
Bordeaux 6s were firm at 50. French
Republic . iAs registered a new high fol
the year at 9Sns. Liberty 3 lss sold fol
the first time this year above par. while
Tsome of the tlXable issues made fTac.
tioral gains. The high mark this
year on 3las is 100.O2 and the low 972O
In 1917 they sold at 10000 just before
their actual issue, and the low In 1871
WAS gS0S.
The immediate outlook for an.improve
ment in money conditions is not bright
There was no supply of time money yes
terday. although time loans of abou
$500. 900 for forty-fve day maturit,
were made on Thursday. There were ne
renewals OF time money yesterday. al
though a moderate amount Of renew 4
business was made earlier in the week
Tic call money rate ruled all day ac
| per cent. for mixed collateral and G l,
per cent. for industrials The none,
poo was called upon to the extent O
nearly $10,0O0.000 contracted with n
call on Thursday and moderate amour
on Tuesday and Wednesday, There wa