The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-07-06
FINANCIAL NEWS
AND COMMENT
Dealings the Smallest Since
Close Of Third Liberty
Loan Drive.
STRONG AT INTERVALS
Industrials Show Some Activ-
ity-Copper Shares Move
Upward.
STRONG AT INTERVALS

! Yesterdays Wall Street market, sand
! wichcd in between holiday and to-
/ days abbreviated session. presented
! title OF interest either from the view
| pom OF price fluctuations or the yolu Q
Of business involved. Dealings we're
on the smallest scale for full Ave hour
Sc. s.on since the market broke away
| from the deadlock ut the conclusion OF
the third Liberty ,.in campaign, and
al,horgh there was a fairly god SEM
b,ance of strength at intervals, the scope
o. thr business was 50 rest ri as u
ron Ter unimportanf from a pu 'eS spec
ulative standpoint any progress that
may have been recorded at the finish.
| Interest centred almost entirely In the
industrial department In when there
was a continuation Of the buying move
ment based on the decision OF the War
Industries Board to increase the cur
vent copper schedule TO % cents per
pound otherwise the session bore lit
tic significance. Trading WAS wholly
professional. and outside OF u :tw slie-
c!al cases dealings represented mainly
lie eroris OF pools OF cliques in stocks
which they found most easy 10 move
b. reason OF purely local developments.
While price movements--we-e ne"es-
sGrilv restricted on account Of the ho'-
day character OF the market. there was
rc,,rtheless the same underlying firm
ness which has characterized most 81
the sessions recently, and whicn at the
same time suggested ttat all trat was
needed to reap the benefit OF some OF
this suhdued enthusiasm was a piece OF
favorable news. Such news az confronted
the market at the outset was of course
encouraging, but II was of hardly
enough Importance to supply motive
power for any sustained movement up
ward. even II Wall trcet had been in
clined TO disregard the holiday consd-
erations There was. in fact, onl! one
wback TO the generally optimistic
SCI tment. and that was in respec. to
the money market. which continued firm.
This naturally brought forward the
suggestion as to whether conservative
interests would attempt to base any ris-
ing movement on so unstable a founda-
ton. The fact that the present furry
is more or less temporary is OF course
conceded. but with the Treasury De-
partment Offering approximately $780,
600, 900 OF certificates every fortnight.
speculative Wall street is wondering
whether this situation in itself would
be sufficient influence to restrain any
tendency there may he toward expan-
sion in dealings.
Probably the primary consideration In
the advance OF prices on SO small vol
lack Of offerings Indeed. the supply OF
stocks was unusually small, compelling
purchasers to bid up stocks to effect a
purchase. At any rate there was no
news to account for the betterment. and
in the absence of such developments. this
argument appeared to he as plausible as
any otter. There were suggestions OF
increases in the steel schedule to account
for some OF the buying in the steel is
sues but in the light OF recent utterances
that have come from Washington, any
increase at the present time appears
high ~ speculative, TO say the least. The
copper shares all made further advances
| In recognition of the price advance. but
otherwise there was little of Importance
anywhere unless it could be found in the
specialties. In this group Maxwell
! Motors again made substantial improve
ment, and there were intermittent dis
plays q. strength in International Nickel.
Wortl ington Pump, National Conduit.
the tobacco and gold shares. The in
vestment market continued quiet.
There was very little change in the
money situation over the holiday. Call
money continued Arm. rejecting the Of
ferng of another block OF certificates of
Indebtedness and further Will drawals OF
funds by the governments. which have
| been held on deposit here. There was
practically no time money available,
| Interest in the foreign exchange market
! centred entirely on a conference between
the Federal Reserve Board officials and
| local bankers witt respect to Spanish
| exchange. In regard to rates. the only
movements OF Importance were in guild
Srs and Swiss francs, which were in
clined to firmness.