The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-07-28
FINANCIAL NEWS
AND COMMENT
Wall Street Has One Of DulleSt
Sessions Of Trading
This Year.
FEW SPECIALS ACTIVE
Markets Tone Generally r.
regular, Prices Moving Down
ward Fractionally.
FEW SPECIALS ACTIVE

There was no particular change In
conditions in Wall Street yesterday and
the stock market gave evidence of this
in one of the dullest sessions this year
Trading continued restricted, specula-
ton following the narrow professional
course which characterized practically
all sessions last week, except in a few
special shares in which there were In
dividual movements Of no great conse-
quence. Otherwise the session was
absolutely at standstill The markets
tone as whole was irregular. prices
moving downward fractionally from the
preceding days closing, although at no
time showing any indication of serious
selling pressure from any quarter
There was no news development to pro-
vide speculative Wall Street with in.
centive, and in the absence of such
considerations whatever weakness there
was could be traced entirely to the
usual week end evening up process
which by reason of purely technical con-
ditions tended to influence prices down.
ward rather than upward
So far as other considerations were
concerned there was nothing to in
iluenCe prices. mere may nave Deen
seine disappointment over further state
ments in Washington regarding the new
revenue bill, but IL there was business
was too trivial to expect adequate re-
Election on the Stock Exchange The
indications of a slowing down of the
Franco-American offensive did not at
feet the market in the slightest degree.
Neither did the weekly trade state
ments. Notwithstanding that all they
disclosed was not satisfactory to traders
from purely speculative point of view.
In short there was nothing in the news
to influence the market, and in the fall
ure of the days events to produce some
thing calculated to be of value as a mar
ket factor the general list naturally
followed the easiest line of resistance.
which was downward because of the
lack of interest in the trading, the char
acter of which may be inferred from the
fact that less than 10000 shares were
turned over in the two hours OF BUSH
ness. This. with a single exception. Is
| the smallest turnover for a Saturday
session this year
Except in few instances final price
changes were unimportant. A new low
record was made for American Tele-
phone and Telegraph. General Motors
dropped off points at one time and
| otherwise there We're neither advances
nor declines of great Significance. There
| was, however, more interest in the bank
statement than in anything else. the
| statement showing n decline OF $2O22,-
| 90 in surplus reserve, bringing that
| item down to s72,3S3.710. The most
| surprising thing about the statement
| however. was an increase in loans to the
extent Of S11S,000,000, which was en-
tirely unexpected because Of the easing
| of the call money rate during the latter
| part OF the week. That there should be
i so small a decrease in the reserve item
| was due to the fact that the banks were
| able to increase their loans through the
redeposit Of Government funds to the
amount of approximately $l42.oOO.0Oo
There was very little change in the for
| eign exchange market scandinavian
rates eased off slightly and there was
| trifling recession in Swiss francs ou'
| otherwise this market was about I'M
| changed from the preceding days fnal