The sun., 1918-07-18
FINANCIAL NEWS
AND COMMENT
Wall Street Shows No Aggres-
sive Spirit Toward Securi-
ties Market.
STANDARD LIST is DULL
Banks Call in Some Loans to
Meet Heavy Withdrawals
by Government.
STANDARD LIST rs DULL

While in Wall Street there is q view
to which the underlying frmness OF
quoted values lends itself that the stock
market has discounted about the most
unfavorable turn that the latest German
offensive can possibly take, yesterdays
stock market was characterized. as on
the preceding day. by an utter absence
Of a rush to buy listed securities before
prevailing uncertainties are more def
nitely removed. Al least such was the
inference from the days trading. which
was as bare of interest as any for a
long time. Indeed business was en-
tirely too trivial in volume to be sig
nificant, and although the general list
at the closing averaged slightly below
the previous days final. such losses con-
stituted only fractional parts Of the
ground gained in Tuesdays recovery.
There may have been somewhat more
activity again among the specialties and
individual shares, which attracted trad
ers because OF special conditions, but as
a rule the standard list was dull and
uninteresting throughout So far as
price movements were concerned the
trend was too narrow to be of much i'm
portance In indicating anything definite
as to the future course of the market.
As a matter of fact, thexfa!lure Of the
market to take cognizance of the I'M
doubtedly encouraging news from the
battlefront was not at all surprising.
The fact that further developments of a
military character are expected to grow
out of the present offensive Is pretty well
recognized by the financial district, and
in the absence of anything definite that
would
has been definitely checked for the pres
ent at least, Wall Street Is not inclined
to show any aggressive aspects toward
the securities market In general. On the
face Of the news. the fact, however.
could not be disputed that the situation
at present Is far more encouraging than
has been the case with any previous Of
fensive thus far this year. No doubt
speculative Wall Streets waiting atti-
tude was somewhat further Influenced
by the cautious statement given out by
Secretary Baker warning against undue
optimism over the first days results OF
the drive. There was some calling OF
loans on the part of this banks in order
to meet heavy Withdrawals by the Gov
eminent, and this may have influenced
Wall Street to some extent, but as a
whole the market was entirely under the
guidance of the war news.
terest in the bond department than in
the stock list itself. In this department
all Of the foreign government issues
maintained a strong tone all through the
session, and some OF them made mater
ial improvements. So far as the stock
list was concerned such interest as there
was centred In the specialties OF the type
OF American Sumatra, which moved err
radically. Corn Products was strong
again, but not as aggressive as on the
preceding day. probably because OF
profit taking tendencies. The steel
shares were irregular from the start.
closing fractionally below the previous
days final, as were most of the other
industrial issues, including the equip
ment, copper, &c. There was no life
among the rails. The few in which
there was any trading held fairly firm,
but in the absence OF definite develop
ments concerning the progress in the
approval of the final draft Of the rail-
road contract, traders were not disposed
to do much with them.
There was very little change in the
money situation. Call loans were I'M
changed. at to 6a per cent. all day
and there was very little time funds
available. The continued firmness was
explained easily enough in further with
drawal yesterday by the Government OF
the proceeds Of the last sale Of certifl-
Gates OF indebtedn ess, and preparations
for to-day's maturity of The last issue OF
certificates put out to anticipate the
third Liberty Loan. There was very lit
tie interest In the foreign exchange mar
ket, rates being about unchanged.