The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-26
FINANCIAL NEWS
AND COMMENT
Wall Street Feels Withdrawal
of Investment Money for
Liberty Loan.
TRADING rs RESTRICTED
Advance in Marine Shares
Conspicuous Feature of
Session.
'RADING rs RESTRICTED

The fact that prices were again lower
on tho Stock Exchange yesterday, not
withsandlng the continued favorable
progress of tho Allies on virtually all
FONTS, did not indicate any material
change In the underlying situation;
simply meant that the speculative mar
ket Is beginning to feel the withdrawal
OF investment support in consequence
of the forthcoming Liberty Loan CAM
paign. The rank and file OF the fnan-
c,al district was inclined to attribute
the decline to the reversal OF the Steel
Corporations policy with respect to the
eight-hour day. and this consideration
undoubtedly entered into the market as
much az any other factor from a purely
speculative point OF view But 1t was
equally as obvious from the manner In
which the market acted in tho ANAL hour
that the professionals would not have
accomplished as much nor would the
market have sold off so easily had there
been the same investment support which
the market experienced earlier in the
week.
Otherwise there Was very little change
in the status OF the market situation.
Trading continued restricted and after
early weakness the general list turned
dull, with the exception OF the marines.
In some circles there was apparent dis
appointment because Secretary McAdoo
had not seen At to make shorter ma
-urlty for the new loan, and attempts
were made to connect up this disap-
pointment with the weakness Of the
market. 1t r. true that 1t had been hoped
in we'll meaning quarters that the Treas
ury Department would finally decide on
a bond of five years or so maturity.
But not in conservative circles The
fact of the matter Is that any change
in the policy of the Government In Is
suing short term bonds instead of long
term securities would under the most
favorable circumstances have involved
not only a c ,mplete about face or the
current policy hut II would have re-
quired the education OF the public all
over again to a bond OF this character.
There is and has been great deal OF
confusion over the present issues, and
the only thing that could be gained by
change would be further confusion.
So far as individual price movements
were concerned there was nothing oil
great interest anywhere in the list out
side Of the initial declines. which aver
aged about a point all around. and the
advance in the marine shares In the
afternoon. The latter issues IN fact
| constituted the outstanding features OF
the session. The preferred. after having
sold below 103 IN sympathy with the
selling In the standard issues. turned
strong in the afternoon and advanced to
new high for the current movement
| OF 10s, retaining nearly all its gain to
the closing. With respect to these
shares there were several reports as to
| the deal Involving the sale OF the COM
panys' British tonnage. The directors
| were to meet to-day: the negotiations
had been complete; the date for the
| announcement OF the deal had been SCI
for October Is, and what not. But nc
| official word one way or the other. That
was the only thing lacking to have com
pleted perfect day for the marines
There were fractional recoveries In some
| OF the standard issues along with the
marines. but It did not go very far ex-
cept In case Of specialtes. Elsewhere
| there was little of interest.
There was no change in the money
situation. Call loans continued to be
there was no time money available. 'Neu-
trail exchanges were all frmer, with
the exception Of Swiss francs Span
ish exchange advanced to 2sE, suilders
to Ash. and Stockholm cables to 33.45
| There was no change OF importance in
belligerent rates. A good deal wat
heard again in foreign exchange circles
over the possibilities Of the Balkan stu.
alton, and the reaction which the allied
Victories in that section may brins
about. There Is no disposition to over.
estimate the Importance OF what Is now
going on at these fronts, but the situa
ton nevertheless Is being watched tc
|