The sun., 1918-08-02
FINANCIAL NEWS
AND COMMENT
Trading in Wall Street Re-
verts to It's Recent State
Of Inactivity.
GENERAL LIST REACTS
Money Situation Continues
to Affect Dealings Dur
ing Most Of Session.
GENERAL LIST REACTS

Trading In yesterdays Wall Street
market reverted to much the same state
OF inactivity that prevailed prior to the
declaration OF the Steel dividend. Busi-
ness quieted down materially and the
general list suffered somewhat OF a re-
action from tho levels touched In
Wednesdays market under moderate
pressure Of profit taking. There was
no explanation Of the weakness other
than the disappointment among the
trading fraternity over the failure OF
the public. and the financial district in
particular. to take cognizance of the
splendid earning statement Of the cor
poration for the past quarter. The days
news continued highly encouraging. and
with the exception OF the money situa-
ton, all other considerations were IA
vorable from a purely speculative view
point but in the absence OF any ag-
gressiveness on the part OF prominent
financial interests speculative Wall
Street was not disposed to do more
than take some OF the profits which
It had built up in the gradual rise last
week. There was slightly more ANNA
ton in some of the individual shares
than elsewhere, but this could hardly
! be called more than a minor feature.
The failure Of the days news develop
ments to ind ny,rehection in the course
OF prices was due primarily 10 the money
situation. which continued to operate
against trading for the best part Of the
day. Although there was a somewha,
easier trend toward the closing as con-
| trasted with other sessions this weel
Wall Street was not inclined to pay
much attention to II for the rea son, ap.
pare ntly. that any tendency toward east
| ness Is not expected to be permanent
This feeling was further emph ASKED BY
| the announcement from Washington Of
the definite date OF the fourth Liberty
Loan and the inference that the loar
might he $4,000, 900, 900. In view Of thu
proximity of the new loan the financia
district was disposed to believe that II
| there In to be any improvement in the
money market as II affects the freedom
Of funds for speculative purposes 1t |,
not likely to develop until after the loar
| Is hoated and the Treasury Department
| has begun to take OPP some OF the out
| standing certificates OF indebtedness
, These are still being put out in anticipa
ton Of the new loan, and the natural in
he no permanent Improvement in the
money outlook until the banks are re-
| lieved of this strain.
The principal weakness in the share
! list centred in some Of the railway
shares. a direct reflection. apparently, o.
| the continued delay over the settlement
! OF the railway contract controversy and
| the passing. CT rather 6eferring. Of sew
eral other dividends in consequence oil
the delay. There was some selling Of
the steel. copper and other industrial
| issues on account OF the failure OF the
| list to respond to the favorable news
but for the most part the slight weak
| ness came primarily from the prom
taking tendencies. Among the indi
vidual shares there were few trigh
| spots where the trend was contrary e
| the market as r whole, but these in
| stances were few and far between. The
| investment market was inclined 10 b,
| even less active than tho stock list
| with no change OF consequence In prices
Liberty bonds continued heavy and for
eign government issues strong, but out
side OF such cases prices underwear
| practically no change.
| Cal! money was easier at the closing
| being quoted at from 4 to AZ per cent
| for the first time since the latter par
OF the last week. There was no chang,
in the time money situation. however
The principal interest in the foreigl
exchange market was in pesestas. which
| continued weak in response to report
that the Government had succeeded II
making arrangements for a loan of from
500 100000 to sl2500O,000 in Spail
for the purpose Of stabilizing the dolla
in that market. There was no chang,
elsewhere.