The sun., 1918-07-14
FINANCIAL NEWS
AND COMMENT
Wall Street Market Lapses
Into Dulness and General
Inactivity.
LIFE IN ONLY FEW SPOTS
Price Fluctuations Have Up
ward Trend, but Trading
Is on Narrow Scope.
LIFE IN ONLY FEW SPOTS

| Stagnation as complete as the abysma
dulness OF the average midsummer
Saturday session characterized TIL
stock market yesterday. Indeed, there
was not the slightest semblance o
animation anywhere unless II could
be found In the Individual move
ments Of one or two OF the spe
cialties and a few OF the rails based
on appreciation of the approval Of the
| railroad contract by the executives al
| their meeting here Friday As far as
the general market was concerned, how.
| ever. interest was at minimum. Price
! fluctuations were generally upward. but
OF such narrow proportions as to bs
hardly worthy OF comment. In the
| main whatever firmness there was e
the session came primarily from the
| usual week end evening UP process By
! traders who were not disposed to carry
! stocks over the holiday. For the rea.
| son that the short side of the market
| may have been somewhat overdone In
the weakness Wednesday and Thurs
day the balance in this process wa:
necessarily on the constructive side OF
the dealings Otherwise there was alb
solutely nothing of Importance in the
trading. There may have been some
investment buying intermingled in the
! covering, but II this were true the vol.
rme was entirelyrteo small to be con-
s.dered OF real Importance.
Wall Street would have like to believe
the report of more internal troubles in
Germany. as we'll as the numerous stories
that the Germans were getting ready 10
launch a peace drive instead Of the
grand offensive on the western front
Under the circumstances. however. and
particularly because of the impending
holiday, the financial community was
not disposed to take much stock in the
reports. II the trading signalized any
thing. In fact. II indicated further prep
arations for the Offensive That the Al
lies are gradually overcoming the supe-
riority of the Germans and other d!sad
vantages prevalent at the beginning Of
the first offensive last spring Is not to
be doubted but It Is nevertheless appar-
ent that this situation has not yet
reached a point where speculative Wall
Street can afford to throw all caution to
the winds. As for the railroad contract,
that document has not yet secured the
proper approval to expect any general
appreciation from the stock market. At
least that was the inference to- be drawn
from the action Of the majority of rail-
road shares in yesterdays session. Trad
ing was entirely too small in volume to
considerations
The Importance of individual fluctua-
tons may be inferred from the fact that
the total turnover was less than 100. 900
shares. Steel commons range was about
half a point. and the majority Of other
industrial issues moved in no wider
range. There was a little more more in
terest in such shares as Corn Products.
American Linseed and other low priced
specialties which traders found easier
TO move by reason Of purely local de-
velopmen,s. The railroad shares dis
played a firm undcrtone throughout the
trading. but there were only one or two
issues that did anything at all. In
fact. there seemed to be more interest
in the bond department than in the
stock list Here trading began for the
first time in the converted an and 4 per
cent. Liberty bonds The range was
somewhat surprising In that the Idiscrep-
ancy between the original Al and the
converted AZ We're rather wide No rea-
son could be assigned for this other
than the fact that the converted bonds
have not yet found their proper market
level.
An increase OF approximately 800
100000 In surplus reserve in the bank
statement came as surprise. and in
dictated easier money conditions next
week The gain was accounted for
largely by an increase of 40.s02,00o in
the reserve of member banks with the
Federal Reserve Bank. Total cash re-
serve increased s+t.735. 900. while total
deposits increased SSH 900 The
amount of United states deposits de-
creased only 1881 900. outside Of a
slightly easier tone for guildcrs the ex-
change foreign market was about I'M
changed from the preceding days clos
ing