The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-07-07
FINANCIAL NEWS
AND COMMENT
Wall Street Session Turnover
Amounts to Slightly More
Than $4,000 Shares.
MARKET CONTINUES DULL
Mexican Petroleum Shows
Sharp Upward Movement in
Final Hour of Trading.

Naturally very little was expected OF
1t was of two hours OF trading inter
posed between two closed holidays
Nothing Of importance bearing on quoted
values developed overnight, and the at
toners in commission houses were no.
ticably slim. The movement of prices
in consequence was unimportant for the
most part, averaging a trifie upward al
the closing, but as a whole showing nc
clearly defined aggressive aspects. In
the main 1t was the same kind Of a
market that has been seen for the last
week or more, quotations following the
least line Of resistance as a result OF
the continuing lack of selling pressure
from the professionals. and rejecting the
wholly Indifferent attitude Of speculative
Wall Street. pending the settlement OF
Va rious conflicting influences which for
tho time being are tending to hold spec
ulative enthusiasm to very small pro-
portions. The steel ehares may have
displayed a little more-streugth than has
be Ell characteristic OF them recently, but
as genenal rule the market chung
closely to it's narrow professional way.
The unusual week end evening W
process having been accomplished
largely on Wednesday and Friday, had
very little bearing on the course OF
prices This naturally tended to In
tensify the dulness, as wen as to make
difficult any plausible explanation OF
slight animation. There was very lit
tie in the way OF news which might have
been expected to influence prices, and In
the absence of anything out OF the ordi-
nary speculative Wall Street spent most
of its time discussing the impending
German offensive and the relation which
the vastly improved outlook for the
Allies would have on the next military
movement. Developments in Washing
ton were not of great interest. and SC
far as quoted values were concerned, ex-
ercised little influence on the days mar
ket. There was scarcely more interest
in the weekly trade reviews, despite the
fact that they disclosed several things
that were not pleasing to stock market
followers In short. there was abso-
lutely nothing in the days news which
would have proved of value in moving
prices one way or the other. even II
speculative Wall Street had been SC
inclined.
If it could be said that the trading
was sufficiently active to have any
feature, that feature probably lay in the
rather sharp upward movement of Mex'-
can Petroleum In the final hour. Other
wise fiuctuation, while slightly upward
bore little direct Significance with re-
spect to the future course Of the market
The steel shares opened up, and continued
to advance gradually until the last
hour. when interest fell away. and they
closing not far from the preceding days
closing. the final tone being barely
steady. Speciaities of the character OF
Sinclair OIL the tabocco issues and Gen.
eral Motors, in which there was q
further running in of the short. fur
nished the rest of the interest in the
trading An idea OF the extent OF this
interest may be inferred from the fac,
that the total turnover for the session
was only slightly in excess OF $4,000
shares, a total which Is extremely small
even as Saturday sessions go. There
was even less interest in the bond de-
partment than in thd stock list
Following the sharp increase In sur
plus reserve last week, yesterdays bank
statement showed a decrease OF approx
mateIy $4,000 900, bringing that item
down TO the lowest point since March
last. The decrease was due mainly &c
the withdrawal by the Government Of
deposits In New York banks and similar
withdrawal in other financial centres
amounting TO sl4O, 100000 in connection
with the July l settlements. The for
eIgn exchange market continued quie
and EXCEPT for another slight advance II
rates on Holland. closing quotation,
were about unchanged.