The sun., 1918-10-30
FINANCIAL NEWS
AND COMMENT
Declines in Stocks Continue
With Volume of Trading
Smaller.
SPECIALTIES ARE WEAK,
Standard Shares Hold Up
Fairly Well-Bond Market
Less Active.
ARE WEAK.

There was another session OF unset
Element and decline in the stock market
yesterday. with no striking features to
differentiate II from the preceding days
AFFAIR. Dealings were in smaller volume
and the average decline did not appear
quite as extensive as on Monday, but
aside from this II was the same kind of
market that has been experienced since
last Friday, marked by the same erratic
movements. The governing influence con-
tinued to be provided by the undoing OF
much Of the speculation for rise as re-
| suit OF the money committees new regu-
lations with respect to brokers' loans. The
uncertainty concerning whether or, not
the Steel dividend would be maintained
at the present rate was a further unset
Ting factor, and no doubt accounted for
at least part of the pressure. but as the
| announcement OF the reduction did not
como until after the close this particu-
lar consideration probAbl exercised less
| influence on the trading than would have
| been the case ordinarily.
Taken as a whole. 1t was an unsatls-
factory affair. particularly in view OF
| the favorable news developments from
abroad. The failure OF the days events
to find reflection in the market naturally
| was due in large part to the necessity of
completing the arrangements involved
In the further regulation of the money
| situation. These restrictions do not go
into effect until next Monday. and It
would seem that the Stock Exchange
might have caused less disturbance by
making a gradual readjustment of the
| situation. However that may be. II is
plain that the amount of readjusting to
be completed before Monday Is some
what larger than Wall Street had sup
posed at first, and Furthermore It would
appear from the action OF the market
yesterday that 1t has not yet been sat
isfactorily completed. With respect to
the announcement OF the reduction OF
the Steel dividend. that matter did not
come altogether unexpected. There had
been some suggestions in line with this
in certain quarters, but generally amons
conservative interests It was looked fol
a continuation of the disbursement fol
| at least this quarter, IL not for the next
There was we'll defined pressure agains
the stock all day, but 1t could not b.
pressed below 107.
So far as the individual price move
ments were concerned the most EXTENSIVE
declines occurred In those issues which
have experienced the most enthusiastic
support OF speculative Wall Street in tn
recent upward swing.V Mexican Petro
leum was an especially weak spot towar,
the closing. and there were equally i'm
portant declines among some OF tn
favorites of the type of Texas Company
. Studebaker, the tobaccos and a numbe
of other specialties. On the other hand
the standard shares, while experiencin
. | their full snare OF the pressure. held u
fairly well. particularly in the case O
Steel common. which after selling dow
to 107 closed the day only a fractio
/ OF a point below the preceding day
1 closing There were a few strong spot
/ again in the peace shares and copper.
/ but these spots were few and fer be
l tween, and exercised no influence on til
l rest of the market. The bond marke
: was less active, although displayin
strong points.
2 There was no change in money rate
4 although plenty of call money was |
/. evidence, and although. for the first tim
z in long while, time money appeared I
& quantity. This is said to reflect a ten
Z porary improvement in the money situa
ton. such as was brought about by tn
initial payment on the Fourth Libert
Z Loan and the subsequent Improvement |
the reserve position. But bankers in
position to know do not believe this wi
prevail long. At any rate II is no induce
ment so far az speculation is concerne
under the new restrictions The foreig
exchange market was quiet, with rate
continuing to reflect the indications OF a
early termination OF the war. Franc
continued strong. advancing about three
quarters of a cent and all of the neutra
b were lower. particularly pesetas, guildeI
= and Swiss francs.