The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-08-04
FINANCIAL NEWS
AND COMMENT
Wall Street Remains Dull
Even Under the Influence
Of Splendid War News.
MOST OF TRADERS ABSENT
Business Of Short Session
Amounts to Turnover Of
Over $4,000 Shares.

The financial district was treated yes
terday to the remarkable spectacle Of
another absolutely featureless market In
face OF what was admittedly the most
confident war news Of the year. II II
were not perfectly obvious that the
stock market has sunk to depths from
which there would seem to be no arous-
Ing except by some unusual event It
might have been surprising. But as
It was, Wall Street accepted 1t without
comment; In fact 1t was regarded as a
natural occurrence after Fridays slug.
gish session. Prices, as on the preced-
ing day. held fairly firm all around. but
while there was no distinct weakness
anywhere in the list the continued alter
alton from firmness to marked ipegu-
larity showed beyond all doubt that the
financial community Is not yet in a
frame OF mind to give adequate consid-
GRAFTON to controlling factors OF impor-
lance. The dizziness was of course inten-
sifled to some extent by conflicting state
ments regarding the new war taxes but
this was only a small influeno67n COM
parison with the untter lack of interest
manifested by speculative Wall Street
anu oit hooA
and in commission houses.
The news developments were OF a
conflicting character. although favorable
for the most part. On one hand the
market was confronted with increasingly
encouraging war news, and on the other
by statements tending to indicate that
after all the new war profits tax may
not be as favorable as Wall Street would
like to believe. Why there should be
any surprise or disappointment was not
clear. to say the least. in view of Secre-
,ary McAdoo's announcement some time
ago as to the amount OF money that
would have to be raised from taxation
this year to help pay for the cost OF the
war. But there was nevertheless dis
tinct disappointment, due in all proba-
bility TO the fact that speculative inter-
ests had taken altogether too seriously
the tentative draft of the new tax as
announced several days ago by the Ways
and Means Committee. There was no
surprise, however, among conservative
banking interestS They have never
changed their view that taxes are going
to be materially increased. and II Is their
opinion that so long as the war must be
paid for in one way or another II might
be just as well for the trading fraternity
to form its opinions as to stock values
accordingly.
An inference OF the exact Importance
of the individual movements in stocks
| may be gained from the fact that the
total turnover aggregated only slightly
more than $1,000 shares for the two
, hours. OF this total most Of the ac-
tivity centred in such specialities as
| Booth Fisheries, Burns Brothers, Gen
| eral Motors and Baldwin. Steel fluc-
! tuated narrowly. opening upward but
| recedlng gradually as the session ad
vanced The same story was true OF
| the rails as we'll as Of the other in
dustrial issues There seemed to be
more interest. in fact in the bank state
| ment than in the stock list, In view OF
| its relation to the money market this
week. The statement showed de-
crease of Sl7.l0O,O00 in excess reserve
which brought that item down to about
s55,2O0.000. The decrease was due ir
large Part to the withdrawal of abou
s24,0O0. 900 OF Government deposits from
| the banks.
! The foreign exchange market wa'
strong but quiet. French francs gained
| fractionally. and so did all other neu
trail rates with the exception OF
| pestas, which reached to 26.45. Othel
rates were firm but about unchanged
F, from the preceding days final.