The sun., 1918-11-24
FINANCIAL NEWS
AND COMMENT
Reactionary Tendency in
Stock Market Makes
Further Progress.
PRICES CARRIED LOWER
Shares Under Pressure Most of
Session-Few Strong
Spots in List.
PRICES CARRIED LOWER

The stock market during the two
hour session yesterday was a relatively
quiet affair. The reactionary tendency
which agi;ated the share list for the
greater part OF Fridays session made
further progress In a good many depart
ments, but on the whole the market
acted fairly we'll considering the fresh
factor of complicating uncertainty which
was suddenly thrust upon the financial
community by the unexpected with
drawal of member OF the Administra-
ton. Although disconcerting. Mr.. Nc
Adoo's resignation was not of as much
practical value to the bears as might
have been expected. being Offset on one
hand by the optimistic talk concerning
the appointment OF a strong advisory
committee by the National Association
OF Owners OF Railway Securities, and
on the other by a good deal Of miscel-
laneous covering on the part Of pro-
fessionals who have been operating al
most exclusively OF late on the short
side Of the market.
Stocks were under pressure, however,
for the greater part OF the day; In fact.
from the opening on, and while the
selling was not as pronounced as ex-
nected II showed pretty conclusively
that the unexpected turn OF affairs in
Washington was not without some un.
settlement upon Stock Exchange condi-
tons. On the contrary, II was the gov.
erning influence Of the day and there
was no disposition to overlook its imme-
diate and future consequences so far as
It concerns the financial community.
What was most unsettling about the
whole matter was the uncertainty con-
corning Mr. McAdoos successor. Sew
eral were mentioned in the morning pa
pers and nearly all were unacceptable
from the Wall Street viewpoint In
short, the financial district felt. all
things considered. that Mr.. McAdoo was
the best man for the Job in the circum-
stances and that in any event the change
at this time could hardly result in any
great benefit either to the railroads or,
as a matter OF fact. to the direction Of
the country's financial Affairs. Among
the conservative element there was a
disposition to withhold judgment pend
ing developments. but the professionals
were dispoed to make the most of II,
on a reactionary tendency set in which
carried prices to about the low for the
current movement.
There was a eemblance Of q rally at
the closing. but It did not go very far.
and with the exception Of a few issues
which have held well throughout the re-
cent movement the market closed at
practically the low OF the day. The
average decline was q little more than
a point In the standard list, although In
numerous instances, such as Baldwin.
against which the main pressure was
concentrated. losses were somewhat
larger. The list included American Beet
Sugar. Wilson & CO., Brooklyn Rapid
Transit. which sold down to the lowest
point since tho suspension OF dividends,
and some Of the higher priced rails. On
the other hand there were several fairly
strong spots. Steel held well and 90 did
Republic. Bethlehem Steel and other
Issues which went through the nre dur
ing the first stages Of the readjustment
period last month.
The bank statement showed an in
crease In surplus reserve OF $6S,251 900.
making that item $97,o63,ss0. This was
accounted for in large part by the pay
ment during the week of the second In
stalment on the Fourth Liberty Loan,
which increased the member banks cash
position with the Federal Reserve Bank
of New York by $50 900, 900. This gain
in cash was practically equal to the gain
in reserve being an expansion In de-
posits OF less than 100000 Foreign
exchange rates were dull and for the
most part about unchanged from the
days final