The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-07-27
FINANCIAL NEWS
AND COMMENT
Wall Street List Advances
FractiOnally, but Trad
ing Is Dull.
LULL AFTER WILD RUMOR
Professional Element and Pub
lie in General Show Little
Interest in Market.
LULL AFTER WILD RUMOR

Thursdays highly sensational reports
Of fresh victories for the Franco-Ameri-
can forces were not borne out in full by
yesterdays war statements. and the
stock market acted accordingly. Trad
ing was dull. and although the general
list was disposed to move forward frac-
tionally the absence OF anything hat
succeeded in cutting off all avenues OF
escape for the German army Of tie
Marine tended to check whatever incli-
nation there may have been to continue
the enthusiastic outburst in the final
hour Of the preceding day. Conditions
within the market in consequence were
but little changed from the previous day {;
u at is, outside of a slightly better I'M
dertone. the market simply moved for
ward again without any material change
in sentiment and without the appearance
of any new buying power. The net re-
suit of the session was of course more
satisfactory. but much OF the signifi-
canoe which the trading might have had
in relation to the future was offset by
the small amount of interest that was
m infested not only by professional
Wall Street but by tie public as well.
The news developments as whole
were encouraging as far as they went
The war news was satisfactory notwith-
standing the fact that there was not a
little Disappointment over the failure Of
the somewhat sensational reports OF
Thursday to materialize. There was
furthermore much of a favorable nature
ha ,,ht atn
Washington concerning the new revenue
BILL but in tie case of most OF these
considerations. the reports were of a
tentative character and therefore not
of great value as market factors. The
only real change for the better was In
the money market. where the rates for
call money dropped to 4 to ~ per cent.
as contrasted with prevailing rates Of
from to 6ia per cent. on the preceding
day. This was highly encouraging to
speculative Wall Street. and the only
reason there was not more response
marketwisc apparently was because of
the disposition of the financial COM
munity to await further developments
In the war situation In connection with
the easier trend in money. however
there was tendency to regard 1t as
only temporary, and due for the most
part to the lack of demand as a result
of the great curtailment OF business on
the Stock Exchange rather than TO any
great supply OF funds
While there was much more attention
paid to the standard list than on recent
sessions the speciality department still
occupied a great deal OF Wall Streets
interest In this group Tobacco Products.
as we'll as American Sumatra. Haskell
& Barker and one or two other indi-
anl
strong. With respect to the former a new
high record was made for the current
movement. 1t was not until the after
noon that the standard list came In for
It's share of attention. and even then the
gains recorded were not sustained fully
to the closing. Steel common, for eN-
ample, after selling as high SIS lOSA. re-
acted to 1918 at the closing. at which
figure it represented a net change of less
than a point for the day. Other indus
trials of course were fairly active and
higher as a rule. The rails did very
little. with the exception of st. Paul. in
which there was active short covering
again. notwithstanding the fact that the
directors have again decided to postpone
action on the dividends until the rail-
road contract between the Government
and railroad corporations Is ready for
| final signature. The investment marke,
was quiet.
Whether the easier trend in money Is
to continue could not be ascertained def
nitely, but there was still much talk
heard around the financial district con-
corning the stabilizing of rates around
per cent. and holding them there. In
fact, with respect to yesterdays market
1t was regarded as rather doubtful as to
whether the banks would consider II
wise under present circumstances to
leave the rates at these figures, par
tlcularly in view Of the vast amount Of
money that Is needed by industrial con-
Germs and for other purposes necessary
for the successful prosecution Of the
war There was no change in the for
eign exchange market with the excep-
| ton OF continued ease in pesetas and
Scandinavian rates