Salt Lake Tribune | 1918-06-16 | Page 37 | Speculative Stocks Hold Sway in New York Market

SPECULATIVE STOCKS HOLD SWAT IN NEWJORK MARKET Trading- Very Much Contracted; United States . Steel Accumulated in Industrial Indus-trial Lots. NEW YORK, June 15. Speculative , Mocks contributed the chief percentage to today's dull and contracted tniding, I Kieels, equipments, motors und tobaccos i overshadowing the Investment, group. 1 nMo,l utes Steel was again steadilv accumulated in largo individual lots at a net anvance of 2 points to lu."; Uepub-Vi' Uepub-Vi' , ?" i?ai1H'l ? points, and Crucible, iMMvHle an.d Sloys-Sheffield sleets, liald-uin liald-uin Locomotive and New York Air ilraku rose j, io ii..;. Ceneral Motors forfeited part of its -" -point advance, but other automobile hates and their subsidiaries weru 1 to -!s points higher. Koyal Dutch was again the striking leature ot the petroleum division, holding Mrtually all its T-poini gain, or a net advance of almost p; points in two daws. has is and other investment stocks were steady to tirm, Reading starting with a ucmonsiration of strength, but voiding toward the close. Sales. aus.Oi'O shares. The heavy shifting of loans to meet in- i come lax payments was reUected in the . bank statement, actual loans expanding ' by $H..60..0(iii. cash holdings of member I banks in the local federal reserve insti- ' tutiona increasing almost fob.iioO.iiOO, in id excess reserves showing a yam of about The bond market was narrow and featureless, fea-tureless, Liberty issues absorbing the greater pari of the dealings at nominal recessions. Total sales, par Value, ag-givyaied ag-givyaied ?-.$7.:, ueO. I "nitc.d Slates bonds (old issues) were unchanged on call during the week. i'KV YOliK. June L. The course of the stock market throughout the week oilercd additional proof of (ho underlying strenulh. I valines seldom rose above moderate proportions, but the almost uninterrupted un-interrupted ud vance indicated a scarcity of supply. Tniled States steel's undisputed leadership leader-ship was perhaps the most reassuring feature fea-ture to speculative interests, that stock closing at its top quotations of the week, with a net gain of points. -Ml the equipment shares and the better-known war issues closed at varying, but material, gains, leathers and numerous numer-ous specialties also tending substantially higher. Kails fif the better class were again under partial restraint. Minor transportations reflected in moderate mod-erate degree the further brilliant crop reports, re-ports, but the movement In that group did not embrace cotton carriers, southern and southwestern shares being neglected. Hanking interest s viewed with i merest the revival of gold imports from Canada, the first in almost a year. The crisis -in the war situation was without effect on remittances to London and Paris, and Italian- exchange rallied sharply because oi" the adoption of protective measures.