The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-29
FINANCIAL NEWS
ANDCOMMENT
Stock Market, Influenced by
Good War News, Is Strong
Throughout.
TREND AGAIN UPWARD
Marine Shares Advance Con-
siderably-Standard
List Recedes.

All the best Impressions which Wall
Street had formed az to the possibilities
in the Balkan situation were berne out
by overnight cablea. and the stock mar
ket yesterday was strong from start
to finish. despite considerable realizing
But at the same time there was an alb
sence OF the highly enthusiastic response
which marked DEVELOPMENTS in the pre-
vious days session. The trend continued
upward. but. financially speaking, 1t
was better appreciated in yesterdays
market that the only thing that could
result from a continuation OF such spec
ulation as took place on Friday would
be Tightening of the strings on the
money purse. For this reason the
financial community was disposed to let
the market take a more orderly course.
and was content to centre its interest. as
in most OF the sessions of late. chiefly
In the specialties and marine shares. Tho
latter constituted the outstanding fea-
lures Of the trading, advancing quite
| vigorously. while the standard list re-
ceded fractionally under generous proft
taking.
Interest nowhere. however. was quite
| as keen as on Friday. 4 good part OF
| the banking fraternity engaged its at
tention principally with tho opening OF
| the Liberty Loan campaign and had nc
! time to examine the war news, which
was as good, X not appreciably better
| than on Friday. 1t was fully confirmed
| that Bulgaria had asked for a truce In
| order to arrange peace, and in addition
| to the optimistic news concerning OPP
| erations already in progress on the
various fronts, Ii was announced that the
British. in conjunction with the Bel
gians, had opened a fresh Offensive in
| Flanders. Altogether II was as good
day for news as has been experienced
and Wall Street could not help thinking
that. with the Bulgarians appealing fol-
peace and the allied armies making sub.
stantial progress everywhere. the be-
ginning Of the end of the Central Powers
military resistance had come. That
there was not more reflection in the mar.
ket was, of course. due to the money sit.
uation. Indeed II Wall Street had IT.
own way about things it would not yet
be thinking aboutStaking profits, despite
/ the week end.
! AS it was. selling OF a quite vigorou,
/ character made its appearance in thu
| standard list at the outset, but despite
its continuation to the closing made yer,
little impression on the market as
whole. Steel reacted three-auarters o.
n point and all the rest of the list re
| coded fractionally along with the mar
kets leader. except certain specialties
In case, however. the shares Of tn,
| type Of Mexican Petroleum and a few
OF the equipments, the reaction was &
little more extensive, carrying then
down considerably more than point
On the other hand there was a yoot
deal OF advancing strength all through
the trading in the marines. the pre-
ferred coming within a fraction of rea CHI
ing its previous high for the curren
movement, and then reccding FRACTIONAL!
toward the close. There was also
fair amount Of strength displayed by tn
leather and tobacco shares. American
Hide and Leather gaining considera bl,
and likewise Tobacco Products in the to
bacco group. In the bond department
business was quiet.
The statement of Clearing Hous
members showed a reduction in surpu
reserve OF SIS. 200. 000- which was unim
portant az compared with changes /,
this particular item OF late. Neithe
was 1t In any way connected with tn
preparations for the Liberty Loan cam
paign on the part of out of town banks
There was very little OF interest in tn
foreign exchange market. Rates on al
countries continued about unchangst
from the preceding days final, and bust
ness everywhere was quiet in the ex
IRENE