The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-10-16
FINANCIAL NEWS
AND COMMENT
Slight Reaction in Stock Mar
ket With Decrease I'm
Transactions.
OILS AND MOTORS GAIN
Mexican Petroleum Advances
Over 5 Points to New High
Record for Year.

Although the share list showed a good
deal OF underlying steadiress. despite
some alienation OF feeling as 10 the
termination OF the war on account OF
the prompt rejection OF the German pro-
posal for an armistice, the stock mar
ket In the main Yesterday was reac-
tonary. In proportion to the advance
which has taken place OF late. however.
tho setback was nothing more than
might have been accounted for on what
Wall Street calls technical grounds
Trading was again characterized by re-
markabie breadth, with activity well
sustained above the average Of recent
sessions. although the aggregate OF
transactions was much less than on
Monday. The reactiona-y trend made
rapid progress In some departments dur
ing the forenoon and early afternoon
with the aid OF some experimental bear
tsh operations on the theory that the
market was at present in, an uncertain
stage and might decline as easily as Il
has advanced. But In the last hour the
list firmed considerably and sharp up
turn followed In tASAeiis and motors.
That Wall Street was pleased with the
firm reply Of the President goes with
out saying. but II had to ponder some
as to how II would affect the two classes
OF stocks into which the market has
been divided recently. The FIRST i'm
preston was that II had urquestionably
heightened the war In that the German
people were not as yet prepared to en-
tertain any such programme As that laid
down by the President. This naturally
led to much experimental selling on the
part OF the trading element on the floor
OF the Stock Exchange. but Is soon IS
II was found that not much more than
a reaction could be accomplished specu-
lative Wall Street once more turned It's
attention to the peace specialties, which
displayed fair degree Of strength and
made some sharp responses In certain
instances. The latter movement no
doubt represented the best opinion OF the
financial district and showed beyond all
doubt that the best interests believe that
tho situation has hsen altered only
slightly and that in the end will result
In a peace which will be in strict ac-
ccrdance with the views OF the Allies
Acting upon this theory Wall Street
resumed the movement in the peace
specialties. and Mexican Petroleum was
high record for tho year. This was &C.
companied by some hardening of prices
throughout the general list and while
few OF the war shares showed some
disposition TO recovery from the low Of
the day the rising tendency in other
departments as a whole did not find
much response In this group. On the
other hand the trend in the motors was
distinctly upward. with gains ranging
from points In General Motors to
more than points in the case Of
Studeoaker. which was ono of the most
conspicuous features OF the trading. The
Ia al
'ng much the same as the standard
shares and war stocks, being heavy ALI
day except for one or two low priced
issues, in which the movement was not
or a character to reflect controlling
events. There was, however, real
strength among the coppers In fact
this group. aside from the motors and
possibly the oils. stood out more promi-
nently than any other group of shares.
The same judgment as was shown in
the last hour with respect to the peace
ssues again prevailed throughout the
day In the foreign exchange market.
Despite the conflicting views In the
stock list neutral exchange again
showed heaviness. especially Spanish
oesetas, which made a new low record
FOR the current movement. Swiss ex.
change also went to a new low, and
there were fractional declines elsewhere
In this department; that is to say,
tmong the neutrals. There was no
change In the money situation, but dis
;ussion was again heard in prominent
circles concerning easier money after
the completion OF the Liberty Loan
campaign. TheI conservative view in
this respect was the same as on Mon
day namely. that there may be some
temporary Improvement at that time.
out that 1t Will not be OF sufficient du
ration TO warrant any wide speculative