The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-08-03
FINANCIAL NEWS
AND COMMENT
Most Trivial Business in Wall
Street Stocks Since Early
in 1916.
PRICES ARE FAIRLY FIRM
Money Situation Again Has
Deterrent Effect on Specu-
lative Element.
PRICES ARE FAIRLY FIRM

Nothing needs to be said about yes
terday's stock market except that there
as the most trivial volume of business
surned over in stocks since the early
part Of 1916. that dealings in the bond
department remained as OF late vir-
tually at a standstill, and that prices
In both quarters of the market were
fairly firm all around. There may have
been slightly more animation among
some Of the specialties Of the type Of
General Motors and Industrial Alcohol,
but beyond this there was absolutely
nothing Of interest The spirit in
which trading was conducted, however.
continued remarkably cheerful notwith-
standing the character Of the trading.
but no matter how satisfactory the war
news may be or how favorable the main
aspects Of the domestic developments
are. speculative Wall Street, IL would
seem, is not disposed to do. anything
marketwise so long as there Is any
doubt about the money situation. The
net result Of this Is a drifting market.
frmness alternating with great irreg-
ularity, and prices as whole getting
nowhere in particular. with the excep-
ton OF a few individual stocks.
There was no news OF Importance
with wide influence on prices outside OF
the war developments. But notwith-
standing the continued favorable char
acter OF these developments. the best
that could be said Of their effect on the
course Of prices was slight aggressive
ness in certain departments at intervals.
The news concerning the tax situation
was not of great interest and neither
were any OF the reports concerning in
divfdual corporations. The only real
change, in fact. was in the continued
ease for money. which loaned at more
satisfactory rates than at any other
time for a month or more. There was
disposition here, as on the preceding
day however, to regard the improve
ment as temporary. and in consequence
no great amount Of reflection was to
be had in the general list But while
the great majority Of speculative in
terests held the view that the present
furry was only temporary, due perhaps
to the movement of funds to this centre
from other districts, a more optimistic
tone was observed in banking circles,
where there was an inclination to be-
lieve that SO far as this particular mar.
ket Is concerned. about the worst strin-
gepcy has been passed.
Outside a rather wide movement of
General Motors, which went up more
than points. and less important gainu
In Industrial Alcohol. Marine preferred.
Mexican Petroleum and Baldwin. there
was little or no interest in the individ-
ual movement Of stocks. Steel huctu-
ated back and forth after gains at
the outset, and there were slight i'm
provements in some Of the other indus
trial shares. but with the exception of
these instances, prices stood practically
still, In fact there seemed to be a great
deal more interest in Liberty bonds,
particularly the 31as. which touched
par for the first time in several months.
There was nothing new in connection
with these bonds. the betterment being
due for the most part to the continued
purchase Of the bonds because of their
tax exemption features. Some Of the
foreign government issues were also
strong. but otherwise the invcstme mt
list was unchanged
The money market continued fairly
easy. call rates ruling a. from to 5 l.
per cent, for tine best part of the day,
There was at least plenty of funds avail
able, and. although Wall street was dis
posed to regard this feature as salts
factory II made absolutely no attempt
TO record this>satisfaction in the course
Of prices. believing. 1t would seem, tina.
the>trend is only temporary and that
as soon as the present supply of funds
Is exhausted the market will drop back
to where II was in the early part of
the week. The foreign exchange mar
! ket was unchanged, save for slight i'm
provements in francs and pesetas, the
improvement in the latter taking place
notwithstanding the fact that a credit
has been practically arranged for the
United States in Spain. whereby II is
hoped to bring this rate back to near
parity