New-York tribune., 1918-07-01

ued during the last week under the
influence of the more favorable news
from the theatre of war. Although
some unsettlement developed toward
the end Of the week as result OF
the cabled reports of counter revo-
luton in Russia and the overthrow
of the Bolshevik regime, which are
yet to be confirmed, the trend OF
prices in the stock market was stead
lily upward. Representative indus
trial shares made further progress
in the recovery begun fortnight
ago, and a number Of important is
sues, notably United States Steel
common stock, touched the highest
levels that have been reached since
the bulge in May. Professional
operators were to large degree re-
sponsible for the day-to-day price
fluctuations in many of the indus
trial specialties, but at the same time
there was evidence of quiet absorp-
ton Of the better class of stocks by
outside interests. The buying of
this character that has come into the
market in recent weeks is looked
upon as the most favorable feature
of the general market situation, for
it apparently reflects increasing con-
fdence on the part Of the public in
security market values. Steady buy
ing of this nature always tends to
reduce the floating supply of stocks,
which at the present time is said to
be unusually small.
How much further the public par
ticipation in the market will go at
this time depends, of course, almost
entirely on the news. At the moment
the financial community is waiting
anxiously for information that will
afford a clear idea of what has hap
pened in Russia and it's meaning
from the Allied viewpoint. The
cables have been rather confusing in
that they have conveyed the idea that
Germany has had hand in the re-
ported overthrow of the Bolsheviki.
Military news is much more hopeful
and the effects of the Italian defeat
of the Austrian offensive effort are
likely to be farreaching In the
meantime another German drive on
the West front is looked for, but the
security markets are facing it with
equanimity. Wall Street is conf
dent, as is the rest of the country,
that future German efforts will be
frustrated now that the United
States has 100000 men in France.
Further improvement was noted in
the bond market last week, and a
number of fresh offerings met with
a quick response from the public.
Developments in this market attested
again to the high rates that corpora
tions with the best of credit have to
pay for new capital. The most i'm
portant announcement was that Of a
new issue of S20,000,0o0 of ten-year
6 per cent bonds Of the Union Pa
cific Railroad, which was sold to a
group of bankers at price that
made the cost of the money to the
road in excess Of 61a per cent. Sew
eral municipalities came into the
market during the week with short
term issues, the city of Newark pay
ing 4.49 per cent for six months
loan. Municipal offerings have been
so few during the last year that new
issues are quickly taken. Foreign
government bonds dealt in in this
market underwent improvement. The
Anglo French per cent bonds solo
up to 92h, the highest price II
weeks Russian bonds were strong
United States Liberty Loan bonds
held their own in the market despite
the fact that Congress has passed E
bill authorizing new bond issues tx
the amount of $8,000,O0O,000.
4 A condition Of comparative ease
hoe y,rova;1od IN tho ,ooono1y m rl.o+c