The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-10-22
FINANCIAL NEWS
AND COMMENT
Stock Market Slackens After
Active First HOur--Range
Of Prices Wide.
RAIL SHARES ADVANCE
Traders Discuss German Note,
but Opinion Is Divided as
to It's Peace Value.
RAIL SHARES ADVANCE

There was more than little OF every
thing In yesterdays stock market Owing
to a rather abrupt slackening OF activity
by the way Of reaction from a violent
first hour, the slower pace lasting well
into tho afternoon. the total TRANSACT
tons were on a scale OF moderate con-
traction from the average OF recent
volumes, but the session made up In
tho range OF prices for any allowing
down In trading. The market was on
all accounts tho broadcast Of tho year.
although there was q striking lack OF
uniformity In the development OF Its
breadth. A comparatively strong OPEN
Ing was net sustained for any leugth
! Of time, and thereafter, with alternating
rally and relapse. the market proceeded
on It's erratic way TO the close. which
| was weak and unsettled. Tho net result
for the majority of shares was not very
! marked one way or the other. except
In certain specialties. The rails were
also an exception, ruling strong through
out the day. .-.-
To what extent the movement was
due to Germany's latest peace note,
which was received In unofficial form In
the financial district In the early after
noon, and to what extent II was due to
tho same considcrat atoms which were at
work on Saturday to restore tho list to
a better balance, was difficult to deter
mine. Both considerations no doubt
played some part In the days dealings.
although in the last half Of the session
the question Of peace and Germanys
note naturally assumed somewhat
more prominent position in wall Streets
discussion than the markets techni-
cal situation. The note itself seemed
TO give weight to suggestions that have
been heard OF late I'm financial circles
that Germany is really attempting to
comply with the Presidents terms but
II was equally clear that It was evasive
in other respects. The result was
sharp division of opinion In speculative
quarters as to whether peace had been
advanced to any material degree by tho
note. This as well as other considera-
lions were reflected to some extent In
the fluctuations in prices In the last
hour.
Whatever the reason. there was great
irregularity in prices throughout the day.
with broad advances in some directions
and sharp declines In others. Al the
outset the whole list moved forwar I'd
again. Southern Pacific and some of the
motors leading. Before the first hour
| was over. however, reaction set in and
the general market moved of substan-
| tally under profit taking. the rails being
| an exception TO the rule. Then in the
| early afternoon prices rallied again and
moved to the high OF the day. This was
| followed by the publication of tho I'M
| official text OF the peace note. There
after the market turned weak and de-
clined with little interruption to the close
in all It's principal aspects the rails still
| holding and even advancing in some
descriptions Southern Pacific and New
York Central were active features
| throughout the last half hour. making
| substantial progress upward despite
erratic and irregular movements else
where In the standard list. Bonds con-
tinued active, although the scale OF trad
ing was not as broad as last week. Lib.
erty bonds were slightly lower.
There was no change in the money
situation. Despite the belief held In
speculative circles on Saturday that there
might be some tightening OF the money
strings yesterday no word was forthcom,
ing to this effect from those in contro
OF tho present situation. The fear wal
still entertained that there might ht
some step In this direction in the neal
future. but 4 has yet to come. As
matter OF fact there was hope in som'
circles yesterday for an even furthe
turn for the better. now that the Fourth
Liberty Loan has been successfully com
pleted. Foreign exchange was frme
than for many weeks. All the neutral
showed slight Improvement over las
weeks quotations.