The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-08-06
FINANCIAL NEWS
AND COMMENT.
Wall Street Market Throws
Off Lethargy in the Last
Hour Of Trading.
PRICES RISE SHARPLY
Volume of Business Done COM
paratively Small-Steel
Moves Up to no.
PRICES RISE SHARPLY

There were intervals in yesterdays
stock market which suggested that Wall
Street was beginning to feel the release
OF some OF the restraining influences
which have tended to hold optimism In
cf eek for several weeks. While this was
obviously only partially true. there was
nevertheless some change in the general
character OF the business in the last
hour, when prices rose rather sharply
on an expanding volume OF business in
manner which showed pretty clearly
that the shorts were becoming more or
less uneasy over the failure OF the bears
to make much of arr impression on the
short side of the market Business con-
tinued in a comparatively small volume {:
In fact, the first four hours of trading
were as dull and unnteresting as any
within recent memory. WI ether the
upturn represented anything further
than covering operations on part OF the
bears was difficult to say. This question,
however. was not allowed TO detract
from the fact that the rally was the
most encouraging display of strength
which speculative Wall Streetvhas ex-
perienced for long time back.
What made the movement even more
difficult to fathom was r. at there was no
particular change in the general char
war developments continued favorable,
and there was a satisfactory interruption
of the domestic factors. but if last
weeks sessions can be taken as crl-
terions, such developments exerted no In
fiuence upon the course OF the market
There was some announcement to be
found in the settlement OF the Harvester
case without further litigation. hut Il is
as was the case with other domestic
considera tons were not expected to have
wide influence on the general list. Or
the other hand, the market for money
continued firm. and there were reports
about some new development In the con.
trolling OF funds for speculative purposes
which might have an unfavorable effect
upon the market as a wtole These re.
ports were borne out In part at the close
of business by n statement from the Fed
eral Reserve Bank, in the light OF which
the sharp upturn at the closing appeared
to have close relation to the future
The best prices were made at the
finish. Steel. after having fiuctuated
nearly all day within a quarter OF a
point. was moved up 10 10, and pro-
portionate gains were recorded else.
where In the industrial list. But other
wise there was nothing of much signih-
canoe in the session. interest convergins
as IN the CLOSING markets last week en-
tirely upon the specalties OF the type OF
General Motors and American Sumatra,
both OF which showed material better
ment at the finish on short covering
International Harvester Corporation OF
New Jersey improved nearly points on
the settlement OF the long standing dis
solution case, but there was practically
no response In the stock of the foreign
corporations, whose shareholders are not
so favorably affected as those in the do.
nestle concerns. The investment mar
ket continued quiet, with prices practi-
cally unchanged from last weeks clos
ing.
As was to be expected, money con-
tinued at to Ga per cent. The ex-
PLANTATION OF this. II one was needed
could be found easily in last Saturday s
bank statement WI ich showed a further
sharp falling Off of excess reserve. The
foreign exchange market also continued
practically unchanged, with the excep-
ton OF the marking up OF the official
quotations for lire from sol to 791 by
the foreign exchange division OF the
Federal Reserve Board