The sun., 1918-10-09
FINANCIAL NEWS
AND COMMENT
Standard Issues Rally in Wall
Street Market and Close
Higher.
PROFIT TAKING NOTED
Marine Shares Advance Sharp
ly-Steel and War Stocks
Strong.
PROFIT TAKING NOTED

More as q reflection Of the vastly I'M
proved technical situation than because
Of any real change in considerations
which have been most influential lately
tina Wall Street market rallied in the
standard department yesterday and most
issues closed the day wen above the pre-
vious days final Al the same time
there was a good deal Of profit taking
In the peace specialties which have gone
ahead most recently. Tho indications, in
fact, were clearly that the market on
one hand had not only been sold but
Street, at least from a technical stand
point. had gone little too FAR in its
readjustment on the idea of an early
termination of the war. Trading was
less active all around and there was a
good deal less excitement. except In so
far as shares Of the type Of the Marines
were concerned. These issues were
strong. making for higher levels for the
best part OF the day, but the movements
In them had absolutely no relation to
peace.
The expectation that President Wilson
would reject the Austrian and German
peace proposals may have had something
to do with the strength in the standard
list as well as the irregularity In the
peace issues, but II was hardly q SUBJ
stantial factor in the days business. 1t
was considered as near assured as any
thing could be that the President would
reject the proposals even moro sharply
than he did other peace overtures and
FOR that reason Wall Street was not in
clined to spend much time In mental
speculation over what he would say in
answer to the notes. The real factor be-
hind the market was the technical posi-
tion. Stocks have now been under more
or less selling pressure for over q week
and 1t was not surprising yesterday that
professionals should cover in order TO
realize some OF the profits that have &C
crued in the meantime. The same thing
was true with respect to tho peace spe-
cialties, particularly those which have
experienced the largest advances. Traders
figured that the inside position of these
issues had become weakened by the
steady advance and were inclined to
take their profits.
1t does not necessarily follow, how
ever. that Wall Street has completed all
the readtustment It intends to. On the
contrary. II simply meant that the fnan-
cial district was experiencing a breath
ing spell In an endeavor to bring about
somewhat OF a digestion Of the new price
range both as concerns the war stocks
and the peace specialties. At least this
was the inference to be drawn from the
trading Steel and all the war stocks
were strong throughout the day. making
fairly substantial gains. while shares Of
the type Of Mexican Petroleum, Texas
Company and few other Issues reacted
quite sharply. About the only excep-
ton to tho latter rule was American
Telephone and Telegraph. This stock
was strong all day. But the Marines,
especially the preferred. were the out
standing features The preferred rose
70 a new high Of 113B. nearly points
above Mondays close, following the an
nouncement OF a special meeting Of the
directors. When 1t was reported that no
action had been taken on the ship deal
the stock receded, closing. however. 3
points net higher.
Money conditions were unchanged, al
though 1t was reported there was O
plentiful supply OF call funds. The for
eign exchange market was again weak
all around 30 far as neutral rates were
concerned. In fact this was the only
department in which peace continued to
have any important effect. New low
records were made by pesetas, guilders
and Scandinavian rates. The crop re-
port was highly satisfactory. Not only
did the wheat estimate come up to ex-
pectations but the corn crop exceeded
previous estimates. Liberty bonds were
easier, as might have been expected at
ter their steady advance OF the last few
days,