The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-12-01
FINANCIAL NEWS
AND COMMENT
Wall Street Dealings Confined
Chiefly to Speciality
Stocks.
TRADING FAIRLY ACTIVE
Profit Taking Again Conspic-
uous-Liberty Bond Prices
Lower.
TRADING FAIRLY ACTIVE

Wall Street had day of rather quiet
There was no fresh adverse development
over night and in the absence of any
other occasion for a change in the Gus
tomary disposition to make the week end
session an inconsequential affair trad
ers confined their attention chiefly to the
specialties. Dealings were maintained
on a fair scale Of activity. but the trad
ing as a whole was much auieter than
since tho earlier part OF the week and
evening up transactions undoubtedly
made up the largest part Of the deal
ings There was rather free profit TAX
ing again by traders who make It a rule
not to carry stocks over holiday and
also some selling by spectators of the
more substantial sort, who closed out
accounts that the latest bulge In prices
made too profitable to carry any longer,
with the result that the closing quota
tions presented q somewhat irregular
appearance.
Nevertheless there was an undertone
of strength all through the dealings and
in the last hour most Of the profit TAX
ing was overcome and the session--re-
suited in one OF distinct advance for
trials. There may have been some new
buying in the rails. serving 10 offset the
profit taking, but for the most part
Wall Street was not disposed to do much
one way or the other. This feeling was
intensified to some extent by the usual
| hesitation over entering into new COM
mitments for over a week end. but this
consideration was rather aside yester-
day, and the main influence In this
connection resulted from the uncer-
tainty as to what the Presi-
dent would say in his address to Con-
gress on Monday. If the action OF the
stock market can be taken as indicating
anything there will be nothing in the
address unfavorable to the stock market
community, but this apparently Is not
enough evidence to warrant those main
" responsible for professional huctua-
lions to enter the market in a substan-
tial way for either account. There was
only mild interest in tho new tax bill
and traders evinced even less concern
over the weekly trade reviews.
First prices were generally lower. with
FREQ profit taking in Southern Pacific,
Union and Steel and other issues which
made most progress on the preceding
day. After the principal selling in these
departments had run its course, however,
the market frmed and a good many Is
sue. recovered substantial parts OF what
they had lost earlier. So far as interest
was concerned, the greater part or spec
ulatiye attention was centred In such IS
SUES as the Marine in which there was
a further display OF strength and activ-
ity. There were indications or new buy
mig In Distillers, the rubbers and some
OF the miscellaneous shipping shares out
a side from this the market was extremely
quiet and dealings were confined princi-
pally TO the usual week end process on
the selling side and covering operations
| in those stocks which have not kept pace
with the rest of the market In the last
two or three days. Bonds were quieter
along with the stock list, but prices were
hrmed and for the most part fraction
ally higher on the day.
The bank statement showed de-
| crease in surplus reserve or approx
mately s32.sOO.OO0. Notwithstanding q
very substantial decrease In loans and
| deposits This was due to reduction
Of about $4,000, 900 IN reserve with the
| Federal Reserve Bank OF New York
which took place Notwithstanding $780,
! coo 900 increase in redfscounts The
| foreign exchange market was quiet
| There was rather sharp rise in demand
| sterling, however, which reflected the
return OF shipping facilities TO normal
| II was due in this particular instance u
| the expected arrival to-day OF the Mau
| retania and a promise OF the kind o.
service that prevailed prior to the out
break of the war for delivery OF checks
in Lendon. Liberty bonds were lower
the Fourth AIS making another new
low record.