The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-08-01
FINANCIAL NEWS
AND COMMENT
Wall Street Market Tone Firm
and Unaffected by War
or Domestic News.
GAS STOCKS ARE ACTIVE
Respond to Favorable Develop
ments in West and Middle
West on Rates.

Wall Streets apparent Indifference to
domestic situation was strikingly Illus
trated again yesterday In the manner in
which It responded to the announcement
OF the continuation of the Steel dividend.
Despite the fact that the corporation was
able to maintain its disbursements at the
old rate after giving its laborers a sub
stantial increase in wages. the stock
market seemed disposed to take equally
MS little notice Of 1t. so far as prices ware
concerned. as II did of the highly en-
couraging war news last week. AL
though the markets tone was firm
throughout the trading and prices recov-
cred practically all OF the ground they
lost In the reactionary movement earlier
In the week. there was no such response
na might have been expected under ordi-
nary circumstances. Much was heard Of
the excellent character of what little
buying there was. however. but whatever
impression this might have had on the
financial community must have been en-
tirely Offset by the ease with which
Steel along with the rest Of the list re-
acted from the high Just before the clos
ing.
Whatever other reason there may
hive been for the failure OF the mar
ket to respond. there was no disappoint
nent over the Steel Corporations show
ing for the last quarter. On the con-
trary. second consideration Of the earn
ings by speculative Wall Street re-
vealed disposition to regard them in
an even more favorable light than on
the night before. The fact that the
corporation was able to increase the
wages Of Its unskilled labor notwith-
standing Hlf the uncertainty that exists
as to the new revenue bill and other
equally important considerations in the
steel industry. pretty well established
the conviction In Wall Street at least
that there was no question as to the
corporations ability to maintain the
dividend in the Immediate future. There
was little else as a matter OF fact which
Wall Street paid any attention to In
the way OF news. The announcement
Of higher rates fer public utility CON-
psnies In Chicago and one or two other
centres Of course found reflection in
individual shares. but so far as other
considerations were concerned. the finan-
cial district was disposed to overlook
them. with the exception Of the money
situation, which continued to operate
against trading.
Interest naturally converged on the
steel shares for the greater part OF the
session. They were, with the exception
OF one or two other groups. in fact, the
outstanding features. Prices here opened
upward. but reacted Immediately after
the outset. Then again in the afternoon
buying was resumed and Steel touched
10sA. from which point. however. it
reacted TO 1884, at the closing. The ex-
PLANTATION of this apparently was to be
found in the disappointment among the
speculative element over the failure of
the public to take cognizance OF the ex.
cellent character of the quarterly earn
ing statement. There was some anima-
ton in the gas stocks in response to
the favorable developments in the West
and middle West affecting rates. but this
was about the extent Of the markets ac-
tivity. Elsewhere business was ex-
tremely quiet and unimportant. and
prices tended toward reaction whenever
there was any indication of a let UP of
interest in the active features. The in
vestment market continued quiet. prices,
however. holding firm.
The money market was slightly easier
toward the closing. call loans being
uuOteu NJ from n ~ 10 per cent, Dut
the indications here were not quite
pointed enough to expect any general
betterment In the immediate future.
Contrary. conservative bankers do not
expect any relief until the latter part
of this month at least. There was little
of interest In the foreign exchange mar
ket. In fact. with the exception of a
slightly easier trend in pesetas. rates
were about unchanged from the proceed
ing days closing.