The sun., 1918-11-09
FINANCIAL NEWS
AND COMMENT
Stock Market Receivers From
Upheaval Caused by False
Peace News.
RISE IN MOST SHARES
Traders Turn to Equipments,
Which Show Substan-
tial Gains.
RISE IN MOST SHARES

tended the violent movements In the
eleventh hour Of Thursdays session was
absent from yesterdays stock market,
and after a fairly busy first hour. DUR
ing which stocks receded fractionally rs
result Of the discovery that the armls-
tice story had been premature. quoted
values as represented by Stock Ex-
change securities assumed a somewhat
more normal aspect Dealings were
quieter all around. and despite the
irregular tendercy which characte
ICED the list at the closing the nu-
merous gains displayed at the end of
the day furnished rather eloquent tes-
timony OF the strength OF the markets
technical position. The financial COM
munity in common with the rest of the
country was keenly disappointed over
the way the story turned out, and al
though this feeling was quite general
the fact that the list did not recede very
far showed clearly that Wall Street is
convinced that peace Is at hand in any
event.
There was still a great deal Of discus
sion in Wall Street as to whether the
story did not have at least some founda-
ton Of the source from which the re-
port Was obtained lent itself favorsbly
to this viewpoint. But whatever the out
come Of the present negotiations with
the German Government one thing is
certain. and that is that no such DEM
onstration as was carried on in the
Stock Exchange In the last hour of
Thursdays session will be permitted in
the future; that Is to say. SO long as
SO much Of the burden Of financing the
war rests upon the banking fraternity
OF the nation. This much at least Is
clear. That the market got out of the
control of the money committee tenn
porarily goes without saying At any
rate Wall Street had two previous occa1
sions in mind yesterday when the same
thing happened. and so far as the pro-
fessional element was concerned It was
not disposed TO do anything In the way
OF new commitments that might bring
about even more drastic restrictions on
speculative operations than those al
ready in operation. That apparently ac-
counted for the sharp curtailment of ac-
tivity.
BY the >way of diversion more than
anything else the trading element shifted
its main attention during the day to
the equipments, which enjoyed a fairly
substantial rise. But in comparison with
the movements that took place on the
preceding day the market as a whole
was comparatively tame affair. al
though Satisfactory inasmuch as that
days rise was exceedingly well main
tained. AS a matter of fact there were
only one or two weak spots in the
whole list. and even they were disposed
to firm as the session progressed. The
most conspicuous instance In this con.
nection was Bethlehem Steel, which was
heavy from start to finish. despite its
fractional advance at the closing. A,
the same time Steel common, Midyals
and the leather issues were weaker thar
| the average war issues. although hold.
ing well In the main. What was lost
in the way of prices in this department
however. was more than made up by
| the action OF Baldwin. American Car and
Foundry and American Locomotive. TIL,
bond department was active again anC
the trend was upward. but as In case
| of the stock list bonds were disposed
to react slightly after Thursdays sharI
| advance
The money situation was UNCHANGED
call funds loaning all day at from {
| to q Il per cent, and SO far as could bt
| learned there was no meeting O.
| the various committees that have takel
it upon themselves to look after tn.
money market. Strength in sterllnl
and francs continued to feature the for
eign exchange market. Rubles were
strong and nearly all of the neutra
rates lower. But the most significant
changes were in sterling. where indica
lions pointed even more strongly thar
heretofore that this rate Is about e
break away. from the level at which
1t has been pegged from almost til,
| start Of the war.