The sun., 1918-10-02
FINANCIAL NEWS
AND COMMENT
Broad Selling Movement in
Standard Shares In Wall
Street Market.
PEACE STOCKS FAVORED
Marines Show Advancing
straightforward Exchange
Rates Decline.
STOCKS FAVORED

To the practical exclusion OF all other
subjects wall Street yesterday continued
to discuss the changed outlook In the In
ternationai situation. together with the
circumstances leading up to the sur
render OF Bulgaria and It's possible effect
on Turkey and Austria. But whereas
, there was some doubt on Monday as to
its relation TO the length of the war, yes
terday's stock market showed quite
clearly that the financial district is con-
WINGED that tho collapse OF the whole
enemy structure 10 only matter Of
time. There was q broad selling move
ment again in tho standard shares and
speculative fsvorites. with selective buy
ing in . the peace shares and other
quarters of the market. But for tho
most part The day was given over in the
peace shares very largely to tho process
of absorbing speculative profits accruins
from the rapid upturn on the preceding
day. There were several individua ]
movements in shares like the Marines.
| but they had no relation 20 the general
| trend OF things.
Despite the profit taking tendencies
| there was no mistaking. however, the
decided preference for sharea which are
not altogether dependent upon war con-
tracts for their dividends. This feeling
| was naturally increased by the continued
progress Of the Allies In Belgium and
other points along tho western front and
by persistent reports that Turkey had
already tentatively approached the
Allies with peace proposals. But It was
not in the Stock Exchange that the
peace indications found their most def
mite reflection. It was In the foreign
exchange market. where the rank and
, file OF the financial community had long
| since felt that the first definite move
toward peace would be most likely to
| End reflection first. In this department
there was continued decline i'll pract-
cally all neutral rates There was a
break of approximately 20 points In
Swiss francs from the previous days
high; grilders were down to 4ets. and
there was special weakness also In Span-
ish pesetas. Bell8erert rates were
firmer all around as a rule. but the gen.
eral feeling was that there would be no
| special reflection In these rates until the
| prospects had taken more definite form.
Trading continued considerably in ex-
cess of the recent scale of activity. the
total turnover falling only slightly short
OF the 100000 share mark. Fully a
fourth Of Il. however. was confined 10
Steel common alone. which after show
ing fair amount OF strength at the
outset sold down to 10sL, near the
close. The same was true Of other
steel shares. On the other hand there
was a wide movement in Royal Dutch
all Of the motors showed strength a,
| one stage Of tho session or another and
selective buying again featured the rail.
road department. So far as strength
was concerned the main features of the
i day however. were the Marine shares
Both issues showed advancing strength
all day. the preferred in particular
| which rose TO a new high record fol
the current movement. There was moth
| ing new in connection with these shares
II The argument for their advance wa,
based entirely upon reports as TO the
possibilities Of the early closing of tn,
II deal for the sale OF the company;
British tonnage.
There was no change In the money
situation. both call money and time &C
commodations remaining at previou,
quotations. There was a good deal o.
talk. however, IN conservative quar-
ters as TO whether or not the presen
scale Of activity in the stock marke
was out OF line with the views Of tn,
money committee. II Is true that recen
speculation has not involved any large
expansion In loans. and that II woulc
have been highly unreasonable to eX
pect the market to refrain from respond
ing to such news as that which has de-
velopsd recently. But II Is equally tru.
that the committee had no markets II
mind like those OF Monday and yester
day when II outlined its position as I,
speculation.