New-York tribune., 1918-09-28

Not even the shortage Of funds
for speculation could wholly check
Wall Streets enthusiastic reception
Of the war news yesterday. Traders
and investors alike. stirred by the
splendid progress Of the latest drive
and by the news that Bulgaria had
asked for an armistice. jumped into
the market and bought stocks with
greater freedom than had been wit
messed for some time. Though
basically the buying was stimulated
by the thought that such news III
dicated the possibility OF an early
victory, and therefore of peace,
there was little discrimination in
favor of the so-called peace" issues.
The eva" stocks were almost, if not
quite, as much in favor. Undoubt-
edly a very considerable part of the
buying was for investment account,
especially in the beginning, but the
bulk of dealings were speculative
Had it not been for the inadequacy
of the supply of money for stock
exchange purposes there is little
doubt that dealings would have been
much heavier than they were, and
that the upward movement Of prices
would have been even more pro-
nounced. AS it was the average
price of thirty industrial stocks
gained nearly point, while the net
advances of the ''specialties" ranged
up to eight points. Whether or not
the movement can continue is hard
question to answer. For the next
three weeks the interest Of the
financial community will centre on
the loan drive. and it would not be
surprising to see a very sluggish
market until the campaign is closed.
. On the other hand, while the theory
that we must have moderately
active and rising market to success
fully float a war loan has been ex-
ploded, there is no doubt that such
a market would contribute some
thing to the success of the govern
ment's huge financial operation. 1t
is curious coincidence that the
average price of thirty industrial
stocks to-day stands at the same
level which prevailed a year ago, on
The eve of the second loan campaign.
The prospects now are vastly differ
ent than they seemed to be then.
Instead of the gloom which pre-
vailed at that time, optimism is run
ming high.
Mr.. Colver's defence of the recent
report Of the Federal Trade Com
mission on the packing industry is
curiously like the report itself. in
so far as the attitude of the COM
mission toward business is disclosed
therein. In one case the packers
we're '1ynched' on unproven charges
OF monopoly and prot1teering; in tie
other the members of the Chamber
of Commerce of the United States,
which entered a protest against the
report, are 1ynched," because, for
sooth, some of them happen to be
connected with banks that have
made packing house loans. Mr.. Col
YER apparently suspects that the
protest was based on the financial
interests Of the men and institutions
he names. 1t was not. but rather
what amounted to unanimous pro-
test of business throughout the
country against what were charac-
ter1zed as the unfair methods en-
pioyed in and unwarranted con-
N clusions drawn from the investiga~
Vtlon conducted by the commission.
There was nothing new in the state
ment that the banks had loaned
money to the packers. Packing
house paper is one of the best me-
dlums for the employment of bank
ing funds; an investigation would
disclose that a very large percent
age, If not majority, of all the
banks in the country, large and
small as well, had bought such