The sun., 1918-12-12
FINANCIAL NEWS
AND COMMENT
Stock Market Again Fairly
Active, but Prices Are
Irregular.
STANDARD SHARES HEAVY
Steel Group Leads Declining
Movement-Firm Spots
in Peace Issues.
STANDARD SHARES HEAVY

The stock market was fairly active
again yesterday, but prices were irregu-
lar and the standard shares were char
acterized by moro or less heaviness
through most OF the afternoon. Steel
shares. which figured most prominently
in the rise OF the last few days, were
leaders in the declining movement.
There was no real weakness. however. in
any part of the list. and the course o.
the greater number of listed securities
seemed to be in the main the result OF
continued profit taking and a miscella-
neous liquidation on long contracts by
traders who believed that the recovery
had gone far enough under the present
circumstances. The fact that the mar
ket was disposed to be quiet at the clos
ing was one of the most encouraglng
points about the trading, as II showed
that there was no real disposition on the
part of the professional element to fol-
low UP the days declines with any con-
siderable selling pressure.
At any rate II there was such a dis
position II remained in the background
throughout the days trading, for al
though the news was suck ~ to encour-
age bearishly inclined traders, there was
very little to suggest thai II was being
taken advantage of. 1t may have been
that the lower schedules for steel prices
az rcDorted IN dispatches from Wash
ingtou. had been previously discounted
or that Wall Street was looking forward
to the period OF predicted prosperity. but
the fact was that the market itself gave
very little attention to the news Their
was OF course some professional selling
predicated on tie announcement OF thu
1 -k~lA II.
| market emerged from the test OF its un
| DERIVING position rather WE'LL and !
| would seem that II there is to be any
response In selling pressure II has yet t.
make itself apparent. The fact tina
| prices are to be reduced was not espe
| cially surprising to Wall Street. nor II
! fact was the announcement that all prize
| regulation Is to be abandoned so far a
steel products are concerned after De
| cember 81. This had been forecast b!
! Judge Gary at the meeting In this cit!
on Monday, and its effect on prices ha'
| been thoroughly discounted.
Despite the heavness which charac
| terized most OF the standard stocks ther,
were several firm spots among the so
called peace shares Mexican Petroleum
Royal Dutch. one or two OF the equip
ments and such specialties as Dtstillers
| National Lead and Linseed were dis
posed to he strong throughout. TIL
| technical position OF these shares haC
been greatly strengthened in the reac
| tionary movement of the rast few weeks
| while that Of the industrials had beef
| weakened somewhat by the recent rise
| When. therefore, the market for tn
steels and coppers became heavy wal
Street merely turned its attention agaiI
to the specialties. which responded TO I'll
! covering. with respect TO the steel'
such little selling as there was seeme
to be purely professional and inspire
| largely on the theory that the ne'
steel prices might be effective in bring
ing about a more conservative attltud
on the part of Wall Street In genera
The rails were quiet and the cope
issues were inclined TO ease of alon
with the steels and other shares. IIibert
bonds continued steady. willis the gen
eral bond list was more active.
There was no change In the none
situation. Call loans were unchange
and there seemed 20 be q fair suppl
available with, however very It'll
actual demand. Discussion continued
he heard about a further relaxation c
money restrictions. hut there was no ar
nouncement following the meeting {
the money committee on Tuesday, an
the best opinion continued IN favor
continuation Of the restrictions unit
after the next Liberty Loan is well oil
OF the way In some quarters Il IL eN
pected that the new Secretary of ii
Urea sury may bring about a relaSatio,
but this feeling is not general. Foreig
exchange contipued quiet Nearly a
rates were firm, but except for turtle
rise in Spanish pesetas the market wa
| without special feature.