The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-12-22
s s
FINANCIAL NEWS
AND COMMENT
Trading Quiet in the Week
End Session of Stock
Exchange.
UNDERGONE IS FIRM
Bank Statement Discloses Gain
in Surplus Reserve Of
$19,OOO,OOO.
UNDERGONE IS FIRM

II was a relatively quiet day on the
Stock Exchange The weeks reaction
airy movement made further progress at
the outset, but on the whole the tone
was strong The indications were. In
fact, that the list had been greatly over
sold, but in the absence OF anything that
would make for a change in the CUSTOM
airy disposition TO make the week end
session a rather inconseQuentl ahair.
the financial community was not dis
posed to interest itself in much more
than the usual week end evening UP
transactions for both accounts. There
, was free profit taking In tho specialtieB'
and also a general absorption Of profits
on the short side OF the market by those
who had taken advantage of the weeks
reactionary trend for a quick turn. In
the main. however. It was a rather
unimportant AFFAIR, although under the
circumstances the list gave a fairly
satisfactory account Of itself
Despite the week end tendencies and
additional reasons for inaction provided
by to-day's holiday there were certain
features about the trading that pre-
scented a good deal of encouragement.
These concerned mainly the better feel
ing that existed in the street as TO the
immediate future of the market There
was, of course, no disposition shown to
disregard the important industrial and
railroad problems with which the Stock
Exchange community IL now engaged.
Nevertheless there were intimations OF
more satisfactory turn OF affairs in
the railroad situation within the next
few days. 1t was said In conservative
circles. for instance. that there were
good reasons to believe that there might
be an announcement from Washington
this week which in effect would be
reversal of all that the Railroad Ad-
ministration has advocated with respect
to the quick return OF the roads to
private ownership and the Ave year con-
troll proposition There was nothing Of
fetal of course. but II was said that the
protests on the part Of the railway execu-
tives had made such an impression in
Washington as to warrant expectation
OF a complete about-faLe in policy. At
least this was the inference obtained
from those who are on the inside.
So far as the individual movements OF
prices were concerned, there was moth
ing OF great interest on either side Of
the market. The tobacco shares were
strong, and there were evidences Of ac-
cumulatBon among some of the low
priced specialties. such as have provided
| the main centre of attraction to the pro-
! fessional element of late. The steels and
minor industrlals showed a firmer tone
| In response to short covering by those
who make IL a rule never to carry COM
mitments over a period OF suspended ami
| nation. A number OF the rails made
| fractional improvements, but by far the
greater number held at about the pre-
| vious days closing figure. The only
really disturbing features about the trad
| ing, however, were fhe fresh declines
| ir Liberty bonds, particularly the Fourth
ANS. All of the Government issues
made new low records and their weak
ness tended to check whatever DISPOSE
| ton there may have been to anticipate
aggresively constructive factors. Trad
| ing was maintained on the same scale as
| In other recent sessions.
| The bank statement disclosed a gain
| In surplus reserve OF approximately $1S,-
900, 900, which brought the total reserve
! up to S59, 900. The increase In re-
serve was accounted for mainly by a
| gain In cash reserve at the Federal Re-
serve banks and in the vaults of the
| banks themselves. The statement also
! showed contraction in loans OF about
$50, 100000. The statement as a whole
again provided plenty OF evidence thai
the money committee is keening a close
check on Stock Exchange affaira and al
the same time also provided a reasonable
| explanation OF Inc easier trend in the
money market in the last few days
The foreign exchange market was auie'
! and without any special features. Rate:
were about unchanged from the proceed
| ing days closing Bank clearings fol-
the week totalled $1,2S4,145,417, agains
$7.00S,2l7.S55 last week and Sc, 30s,l34,
$50 in the corresponding week a year
ago.