The sun., 1918-07-30
FINANCIAL NEWS
AND COMMENT
Wall Street Interest Absorbed
by Revenue Bill and Steel
Corporation Dividends.
TRADE VOLUME SMALL
Prices Turn Irregular After
Week End Orders Are Ex-
hausted-Money Easy.

Tho interest Of the financial district
was engaged wholly yesterday in the
discussion OF such topics as the new rev.
enue bill and what action the directors
OF the Steel Corporation will take re-
garding dividends At their meeting to-
day. There was no disturbance of the
routine, but the ordinary character Of
the days business showed pretty clearly
tho preoccupied absorption OF tho Wall
Street community with matters not al
together pertaining to listed securities
Dealings In consequence were entirely
too small In volume to be Of much sig
nifcance. But while prices as a gem
eral rule showed no great change from
the preceding session there were several
instances where fluctuations were quite
business and the amount Of interest in
volved. Beyond this there was nothing
to indicate any wide variance from the
waiting attitude which marked trading
all through the previous week. There
was an absence of news Developments
with a direct bearing on quoted values
the continued optimistic character of
these reports speculative Wall Street
was not disposed to pay much attention
to them.
- As a matter Of fact Wall Street
seemed to be moro interested in to-
days Steel meeting than anything else
Tho opinion prevailed quite generally
that there would be no change in the
dividend. but there was nothing in the
market that would indicate this unless
1t could be found in tho frmins up Of
quotations during the last half hour Of
the session. On the contrary the action
Of the market in this matter as well n
In other matters was entirely opposite
to the opinion expressed in the best fln-
ancial circlcs So far as other considera-
lions went speculative Wall Street took
no interest one way or the other. aside
Of course from the reports coming from
Washington concerning the new revenue
bill. This, however, is still In too vague
a form to allow the formation of any
thing more than tentative opinions OF
what II will look like when 1t Is ready for
Congress. Nevertheless from out OF the
mass OF reports that have come to the
financial district there is one point
which is becoming increasingly evident
This is that the committee which IL en-
S"eSe III tho hhSoSu'o w
It fairer all around than the one which
caused so much disturbance in the mar
ket last year.
Prices at the outset showed fractional
improvements. but as soon as the ac-
emulation OF buying orders over the
week end had been exhausted the list
as a whole turned irregular. with some
specialties making rather wide declines.
General Motors sold off about Q points
and Sumatra nearly 4, while American
Telephone and Telegraph went down to
the lowest prices in years On the other
hand Worthington Pump made a new
high for all time, and Pressed Steel Car
and Tobacco Products new high records
for the current year. Canadian Pacific
was a strong feature throughout the
trading. and there was little more
aEeressiveness shown in some OF the
other rails. But elsewhere there was
nothing of interest. Steel moved back
and forth within n very narrow range,
and so did all OF the other industrial
issues with the exception possibly Of
one or two in which there was local
incentive for animation. The copper
shares were neglected almost entirely
and there was scarcely moro interest
in the marines and other specialties.
The same was true OF the bond depart
ment Trading here, as in the stock
list, was on the smallest scale for a
long time back, with prices fluctuating
narrowly.
The money market was easy for the
greater part OF the day. but flrmed up
at the closing. The tendency was not
surprising inasmuch as the easing OF
funds last week had been built entirely
on Government deposits. which might
be withdrawn at any time. and there
fore leave the market in exactly tho
same position It was In prior TO the
shifting OF funds to this centre 10 relieve
the situation. Whether there were any
Withdrawals yesterday could not be
learned. but they would not be surpris-
ing IN view OF the action Of the money
market. With the exception of the an
nouncement OF a new official rate OF sol
for lire by the Federal Reserve Board.
the foreign exchange market was I'M
changed