The sun., 1918-10-18
FINANCIAL NEWS
AND COMMENT
Speculation in Stocks Expands
to Million Share Scale in
Wall Street.
PEACE ISSUES ACTIVE
Dealings Grow Notwithstand-
ing Warning by the Money
Committee.
PEACE ISSUES ACTIVE

Dealings in stocks expanded yester-
day to the million share scale for the
first time since last spring, and the
movement, which was begun in the peace
specialties with the collapse Of Bull
garia, was continued with even greater
enthusiasm than has been witnessed
heretofore. Throughout the day there
was rapid and excited buying Of the
oils. motors and other issues Of a dis
tinctly peace character. and, despite
considerable realizing. the Improvement
was well sustained to the closing. which
was a period OF very general strength
and excitement, with at least this por-
tion of the market at or near the high
est prices of the day. The rails again
showed great stability and advancing
strength in some descriptions, but what
has come to be known ~ the war
shares. which include the steels and
other issues directly or indirectly con-
nected with war business, were heavy.
although displaying underlying hrmness
and in the main holding well against
persistent selling pressure.
There could have been no mystery az
to the sources OF Wall Streets enthu-
siasm. The war news in itself would
ndNo iHOTo tHdu dCSOuUIeu LOT tue eN-
element without reference to such
considerations as the probability of
another peacs move on the part OF Ger
many. and the numerous rumors con-
corning internal reforms within the Gen.
trail empires. Indeed what seemed to be
more of a mystery than this was the
money situation. Although Wall Street
was told not more than six weeks age
that an expansion OF speculative activ-
ity for rise would not be tolerated for
| a moment, despite the highly encourag-
ing war news. the financial district has
| now experienced an expanding market
for moro than two weeks, and curiously
| enough. at the close of business yester.
day there was not the slightest indica.
ton Of disapproval by the committee
either in words or in deeds. On the>con.
| trary there was every indication that
the present activity is with the full ap.
prevail OF the money committee, and thai
1t will continue unless there Is som,
abrupt change of mind overnight OF
some other unforeseen development.
Naturally most Of the enthusiasm con
tlnued to be centred In the oil share.
because Of the sensational character o.
their advances. But the whole line Of
peace Issues. including Brooklyn Rapit
Transit, Willys-Overland. Studebaker
|
| sugars and miscellaneous industriais, al
came in for their share Of the rise. no
excluding the coppers, which, aside from
the oils, constituted the outstanding fea
| ture OF the day. There was espec!a
| strength in American Smelling. which
| rose more than points. and which com
pared with net gain Of about 10 point.
in Mexican Petroleum. The rails con
| tinued to be characterized by strength
and the more favored speculative share,
of this group advanced. This list in
cluded Atchison, Reading, Union Pacific
and some of the more representativ,
issues. In the steel group Bethlehem 1
bore the brunt of the selling, making
\ new low for the year. Baldwin wal
weak. but on the other hand. steel com
mon held fairly we'll all day, and TOWARD
the closing was disposed to move In sym
patty with the trend elsewhere.
| There was no outward change In tn,
money situation. But II Is understoo,
that while the supply of funds is no
| large enough to warrant any great sup
ply of time funds. brokers are not ex
periencing any embarrassment with re
| spect to call money, the money commit
tees warning against expanded specu
lative activity to the contrary notwith
standing. This is one OF the most signifi
cant things about the whole week
record in the stock market, It being as
sumed. OF course. that the whole proce
dure has the money committees ap
proval. The foreign exchange marke
continued to reflect the encouraging new
so far as neutral rates were concerned
Swiss francs made another new 10y
record and the trend elsewhere wa
downward except in one or two in
Stances