The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-07-13
FINANCIAL NEWS
AND COMMENT
Great Contraction in Volume
of Business i'm Wall Street
Market.
SMALL GAIN IN PRICES
Inactivity Indicates Trading
Is Again Dropping Into
Sluggish Rut.
SMALL GAIN IN PRICES

All Indications yesterday went to con-
Arm the impression that the selling
which brought about thei loss OF ground
in Thursdays wall Street market was
of an unlmportant character. prading
quieted down materially. and the man
ner in which prices moved forward on
the restricted volume OF business sug-
gested pretty clearly that the market
was about to sink back into the rut OF
inactivity from which 1t was tenn
porarily dislodged by the selling move.
ment which was inagurated In the maj
hour OF Wednesdays session There was
no news which might have been expected
to provide the speculative element with
impulse to move stocks decidedly one
way or the other, and in the absence OF
such developments the market resumed
all OF the characteristics which have
marked business on the Stock Exchange
for the past week or more. There was
some buying OF shares of the specially
type and other individual issues based
on purel! local incentives, but for the
most part whatever strength there was
in the general list was obtained from
the covering OF short lines put out
rather hastily on the preceding day un-
, der the influence OF equally hasty pro-
fessional liquidation.
That no further progress was made
yesterday by thesbears was due appar-
emily first to the sound technical con-
ditions within the market itself, and
secondly to the unimportant character Of
the selling. which came for the most
part from one or two professional trad
ers Whatever the reasons which
prompted the selling, nothing OF char
acter detrimental to the market was IN
evidence yesterday. Sentiment was inn
proved In fact. The failure of the Ger
nan drive to materlalize and sugges-
| tions that the French may begin an OF
| fensive on a large scale on some part
of the Western front. together with in
dcations that the worst is over for the
present so far as the money situation
| is concerned, counteracted whatever un-
| settlement there may have been in con-
sequence of the ease with which prices
declined on the preceding day. There
was no aggressive strength. however
but that was explainable for the most
part by the failure of the days events to
produce ANYTHING OF value which could
be expected to influence a resumption
of the buying movement which ended in
| the first half OF last week. From a
purely technical point Of view the re-
covery may not have been as much as
expected in view of the extent Of the
declines. This was due wholly to the
lack of interest in trading.
The outstanding feature of the mar
! ket, If there was any, was the marked
| contraction in the volume OF business
transactions being only about 22o,00O
| shares as compared with about 100000
| on Thursday. Apart from this there was
nothing of striking interest. unless II could
| be found in the partial recovery of prices
which was small for the most part. The
| average gain in the industrial list was
not more than half point. in fact q
gain Of five-eighths OF a point In Stee
common being typical or the whole &C
| tive list. In the specialties there were
| Individual movements based on various
| local Developments. American Wooler
| and some of the tobacco issues provided
| the principal attraction among such
! issues. That the railroad department
| should be neglected caused no surprise
| in view of the uncertainty as to the
stand that would be taken at the meet
| ing OF executives to consider the Ana
| draft OF the contract which is to be exc
, Cuted between the Government and the
carriers for the period OF the war. As
| n rule, however, these issues showed
| more underlying firmness than any othel
department OF the market.
There was virtually no change II
money conditions Call loans were still
negotiated on the Stock Exchange on 6
| and GU per cent. basis. but the feel
ing was more general that next weef
would see an easy trend in this par
ticular department. although 1t woult
not be surprising to see very little i'm
provement In the reserve position In to
days bank statement.