The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-10-27
FINANCIAL NEWS
AND COMMENT
Trading in Stocks Rather
Quiet Compared With Re-
cent Plunging. -
TONE GENERALLY STRONG
Fractional Gains All Around
Railroad Shares Stand
Out as Feature.
TONE GENERALLY STRONG

There was an absence of the reaction
list on Friday in yesterdays two hour
session on the Stock Exchange. and al
though trading was relatively quiet as
contrasted with the plunging activity Of
| recent volumes the price list was char
acterized by sustained strength from
start to finish. A good round total of
business was done, however. for a Sat
urday session. but on the whole trading
| was much less exciting, and the sensa-
tional developments to which the flnan-
cial district has become more or less
accustomed were lacking. The tone was
strong In the main. and there were in
dications OF a moderate amount of new
buying. serving to offset the usual week
end profit taking sales. and under the
circumstances the market gave a good
account of itself The net result was
q gain OF substantial fractions all
around and some special pronounced Inn
provements In the individual shares.
Although thesar was still a certain
amount of hesitancy In various parts Of
the list, on the whole the market seemed
to indicate that, while the money COM
mittees statement has effectively
checked Wall Streets bullish enthusiasm
1t has not changed the optimistic tenn
per Of the market in the slightest de-
gree. Unquestionably there is still some
readJustment to be accomplished before
the latest restriction goes into effect,
and II seems certain there is likely to be
some further unsettlement, but IL yester-
"a ANYTHING
the readjustment probably will not have
wide influence on the list On the con-
trary, evidence seemed to be presented
that the market Is reverting TO much the
same state as prevailed before the mar
ket broke loose from It's restraints with
the opening of the Fourth Liberty Loan
campaign. Such a market, 1t is under
stood, is precisely the kind that the
money committee favors in place of those
wildly enthusiastic sessions which have
been experienced lately.
While the money situation still re-
mained the major consideration in yes
terdays trading, II was clear that spec
ufative Wall Street is beginning to pay
closer attention to international affairs
as presented in the report that Turkey
might surrender Internationally to the
Allies before trading was resumed on
Monday. This, in fact. was one of the
most conspicuous influences of the
trading and In all probability accounted
as much as any other consideration for
the strong undertone which character
ICED the share list. With respect to the
steels and war shares these issues re-
covered good part of the ground lost
on Thursday and Friday. The outstand-
Ing feature OF the day. however. was
the strength in the railroad group, In
which there seemed to be attempts to
cintnue the movement which was
checked by the uncertainty as to the
money situation. Several OF the specu-
lative specialties. including Mexican Pc
troleum. the motors and rubbers, were
carried forward again, but In the main
interest was confined to the rails and
standard shares.
The bank statement showed an In
crease In reserve OF approximately
S104 10000 bringing the total excess
reserve up to the highest point with
one exception for the year. 1t was &C
counted for in part by a decrease in
deposits and an increase of sos .000, 900
In cash reserves with the Federal Re-
serve Bank, which was explained In turn
by the transactions in connection with
the initial payment on the Fourth Lib
erty Loan last week. The most i'm
portant thing in connection with the
statement. however. was the relation
which the loan item had with the Money
Committees statement on Thursday
This item was expanded by $l04. 00O.-
600, which brought the total bank loans
to the second largest total In the his
tory OF the United States The largest
total of loans was reached on December
], 1917.