The sun., 1918-09-21
FINANCIAL NEWS
AND COMMENT
Wall Street Stock Market
Again Lacks Animation
and Initiative.
TRADING Is MORE ACTIVE
General Character of Business
Only Slightly Changed From
That Of Thursday.
TRADING Is MORE ACTIVE

The most conspicuous feature Of the
lack Of animation and initiative in all
directions. Trading was on n slightly
more active scale than on Thursday,
but although the undertone was dis
posed to be somewhat stronger. particu-
larly with respect to the speculative ia
vorities of the type Of the steels and
equipments, the general character OF
the market underwent very little change
from the preceding day. II was in fact
the same kind of a market that Wall
Street has been experiencing for the
past week or more. with the difference
that there was q trfe more of 1t. The
spirit in which the business was con-
Quoted continued cheerful and, generally
speaking, the trend was distinctly up
ward. But with the amount of money
available for speculative purposes nee
essariy restricted by the action of the
money committee. and the financial
community preparing for an intensive
campaign for the next loan, Wall
Street was disposed to do very little in
making commitments for either account.
Under these circumstances, therefore,
the news Developments counted for very
little. Indeed IL there was any response
or an inclination for n response to such
encouraging events as the continued
progress of the allied forces in France.
the further discussion of peace on the
part of the Central Powers and the def
mite knowledge that nothing further will
be added to the tax programme this
year, 1t has yet to make itself apparent
on the surface. That Wall Street is still
in an exceedingly favorable frame Of
mind as regards securities. however.
| cannot be doubted but 1t is also equally
certain that until the Liberty Loan Is
| we'll out of the way and until there are
some definite indications of an improve
| ment in the money situation, the best
| that can be expected on the Stock Ex-
| change is semi-investment market.
| The question. in fact. is whether or not
| even this class of buying will be sus-
tained while the Government Is onertng
| its own securities. That in a nutshell
| is the situation which Is confronting the
| financial community.
so far as the range OF prices were con-
cerned the net changes at the closing
were almost entirely on the constructive
side. But there were only few distinc-
tive cases, such as American Sumatra.
| the oils and one or two of the motors
| that experienced any wide improvement.
| Steel was an exception, advancing nearly
| a point on a relatively large volume OF
business, but elsewhere the net results
Of the session were confined almost to
fractions. There was equally as much
interest in the bond department as in the
stock list. In this quarter buying was
| continued in the foreign Government
bonds, French Government s lss making
a new high record. So did Paris 6s. The
| buying here was attributed to neutral
and foreign sources on the theory that
peace may not be as far off as most peo-
pie believe. Whether or not this theory
is correct the buying has continued for
almost a month, and most Of the foreign
| issues, with the exception Of course OF
the Russian bonds. are at or near their
high records for the year.
There was no outward change in the
money situation. Call money continued
| to be quoted on the Stock Exchange at
| from 6 to 81 per cent. with very little
offered, and there was no time money
available. Swiss francs were slightly
lower in the foreign exchange market.
but otherwise rates were only fraction
ally changed from the preceding days
closing. The grain market was firm.
Cotton advanced sharply because Of the
frost and cool weather in tho Eastern
and Western belts.