The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-11-16
FINANCIAL NEWS
AND COMMENT
Stock Market Characterized by
More Pronounced
Strength.
WAR SHARES ADVANCE
Marine Preferred Has Another
Spectacular Break in
the Afternoon.

An aspect OF more aggressive strength,
though not pronounced. characterized
yesterdays stock market. Dealings
were on a slightly larger scale than on
Thursday. and the behavior of the mar
ket seemed to indicate that the weeks
reactionary movement had lost much OF
It's impetus, so far as the war order in
dustrials are concerned. Despite the
relatively better showing which these
Issues made when there was much ac-
tivlty. there was nothing in the days
transactions which went to suggest tina,
the market Is about to break away from
the speculative restraints which have
been holding enthusiasm in check. The
fact that the tax programme is to be
materially reduced under the new orde4
of thinas was reassuring 30 far as Il
went, but II Wall Street Is going to
give vent 20 Its sentiments as Cegards
securities It would appear that some
thing more definite In the way Of as.
surances Is needed from the money com.
mittee.
AS a matter OF fact, the new taxa.
ton programme was not as favorable as
II seemed to be on tho surface at first
glance. While the financial community
was inclined to regard II as a very en-.
couraging constructive concession to the
country's industries in the initial trad.
ing, II was discovered on analysis thai
the programme in reality Is nothing
more than the one which the Senate ha:
had under consideration for some time
back. However, the recognition OF tn,
Treasury Department of the necessity
OF more lenient policy with respect tc
the payment of taxes and the proposed
programme for the next fiscal year wa.
encouraging. a four billion revenue bill
Is by no means an inducement to the
financial district to disregard all thought
OF taxes in the future, but 1t was con
sidered n step forward toward the ulti'
mate establishment Of things on a nor
NAL basis, and SO far as the long dis
lance viewpoint Is concerned was con-
sidered as satisfactory as could be ex
pected under the present circumstances
That, in fact. was the most important
thing about the whole announcement
for II gave the country Its first oppor
tunity to Judge what Is to be expected
in the immediate future In the way o.
taxes.
Outside OF more pronounced strength
In the steel shares. and some special
weakness In one or two specialtles the
general market was of not much more
significance than the preceding days af.
fair. Steel common went above 101 a,
the closing, and there was strength In
Bethlehem Steel and a number OF the
other war issues, but aside from thest
shares the market in the main did very
little one way or the other. As a mat.
ter OF fact a great deal more interest
was manifested in the marine shares
than in anything else. There was an.
other violent movement in the preferred
which carried II down below 113 and
then back part OF the way in response
to numerous rumors concerning the
status OF the deal for the company's
British tonnage. Whether or not these
reports had foundation could, not be as.
certained. but In any event 1t would ap.
pear, to be high time that the Stock Elk.
change authorities take steps to proven,
the spectacular movements which have
made this issue the most conspicuou,
stock OH the whole list lately. Otherwise
there was very little of great interest
in the days market. Bonds were active
and generally higher
The money market was without any
particular feature and rates were un.
changed. There was much discussion
heard again in the brokerage commu.
lily as to whether or not the res.rie.
tons will be removed from speculative
operations in the near future. THAI
| there are still plenty OF reasons why the
restrictions should not be removed is moi
to be doubted. but II Is also clear from
the numerous new note offerings thai
are being announced that conditions a.
concern money are rapidly improving
There was very little of interest in the
foreign exchange market Sterling ant
francs were unchanged. and the neutra
rates appear to have reached q point sc
close to normal that their movement:
now lack Importance. Most OF then
were firm, although not greatly changed
from the preceding days closing.