The sun., 1918-10-04
FINANCIAL NEWS
ANDCOMMENT
+.
Stock Market Comparatively
Quiet Throughout the
Session.
MARINE PREFERRED UP
Steamship Stocks Rise to
III 1-2 in Final Hour-Ex-
change Rates Drop.
MARINE PREFERRED UP

Speculative conditions in Wall Street
yesterday were little changed from the
preceding day. and TIE stock market
was comparatively quiet throughout the
, session in most Of its principal aspects.
Reactfonary tendencies were not as pro-
! nounced as on Wednesday, and there
were periods when the general list was
disposed to rather firm. but there was
nothing anywhere suggestive Of advano-
! ing strength. except IN certain peace
specialties and marine preferred. The
latter constituted tho most distinguish
ing feature OF the trading, advancing
to a new high record for the year on a
volume OF business that aggregated
NEARLY one-sixth of the entire turnover.
Buying continued on \ scale down in
the steels. but they wore a tired APP
pearance for the best part of the SEES
sion and evidence continued to accumu-
late to show that, so far as these shares
were concerned The peace demonstration
had been carried too far to suit the
money conmittee. As 4 whole, however,
the market was unsatisfactory,
Interest continued to~centre In the
| war situation, and there was a great
deal Of speculation as to whether or not
the reports that Turkey had surren-
dered Internationally had official foun-
dation. But it was apparent from the
start OF the session that the financial
+, community had gone little too far in
its peace talk. as It does with everything.
There 10 no question that Turkey, soon
or late, will be forced to make peace
| with the Allies, and the view in this con
nection is rightly held that II may be
an accomplished fact before many more
days have passed. but as regards a gen
eral peace with Germany and Austria,
Wall Street now realizes that perhaps
II has been a little hasty in assuming
an immediate collapse OF the enemy
resistance all around. At least this va s
the inference from the behavior OF the
, market. 1t is true that Wall Street has
; not been able TO express it's opinion in
the way IN which II would have liked
to because of the money situation; but
1t was equally as true In yesterdays
session that the edge Of the enthusiasm,
concerning immediate peace had worn
off
Despite this conviction there was
nevertheless n good deal Of evidence OF
discrimination in the dealings. Ameri-
can Telephone and Telegraph continued
to be we'll bought on the peace theory.
and there was an excellent demand for
Brooklyn Rapid Transit. Canadian Pa
l-c4fic. International Paper. Ohio cities
Gas. Peoples Gas, the motors and to-
, baccos, all of which made material adj
| vances during the session. But the real
feature OF the day was Marine preferred.
This issue rose to III Il In tho final hour
in a rather sensational manner, holding
substantial proportion Of It's advance
to the closing. With respect to this
issue buying was based on two theories
First, that the deal for the sale OF the
company's British tonnage has been vir-
| tually completed, and, secondly on the
theory that peace would naturally ad-
vance the negotiations, inasmuch as the
return of conditions to normal would
/ eliminate the question Of how to trans
fer the payment for the ships to this
country.
There was no change in the money sit
uation. Exchange rates on European
neutrals reacted against this country,
as might have been, expected after the
sensational rise IL has experienced In
the last few days, There was only one
exception and this was the Spanish rate.
The weakness hero stood off prominently.
They sold as low as 21.60, against 21.90
on Wednesday and 22.s0 a week ago.
The London stock market was strong.
There was full advance Of per cent.
in British consols This makes
per cent. advance since last Friday. Rus
sian issues were also higher in London.