The sun., 1918-09-25
FINANCIALNEWS
AND COMMENT
Profit Taking Noted in Spe-
cialties, General List Re-
cedes Slightly.
STANDARDS FAIRLY FIRM
Wall Street Traders Keenly
Absorbed in Liberty Loan
Preparations.
STANDARDS FAIRLY FIRM

There was little or nothing In the
course Of yesterdays stock market to
distinguish trading. Dealings continued
to expand. but after confusing move-
ment In the first hour profit taking ten
denotes developed In the specialties and
the general list receded fractionally to
the closing, which was irresular. The
pressure was not very pronounced ex-
cept in a few shares Of the type OF
American Sumatra, Marine preferred
and one or two other individual issues
which have advanced most recently.
The standard list was fairly firm
throughout the early trading and during
the best part Of the afternoon, and there
was n we'll defined buying Of the equip
ments. But In the last hour selling in
the specialtles increased. and tho nat
ural consequence OF pressure In these
shares was to pull the remainder of the
list down with them, although only frac-
tionally. There was much of an encour-
aging nature to be feand in the news,
but speculative Wall Street did not APP
pear any more disposed to pay attention
to II than It has in any Of the tmme-
diately preceding sessions.
The only thing in fact that did appear
to interest Wall Street were the prepa-
rations for the opening Of the fourth
Liberty Loan campaign on Saturday.
Indeed this was the overshadowing In
fuence on trading. which despite
slight increase in dealings yesterday
showed unmistakable evidence of sink
ing further into the rut of inactivity I'M
til the campaign Is well on Its way.
The announcement Of the terms was not
made. as had been expected. but the I'M
official reports coming from Washington
made It almost certain the amount had
been definitely fixed at $4,000. 0oo. 900. OF
which the Second. or New York, Fed
eral reserve district will be expected to
subscribe more than $500. 100000. The
announcement that steel prices for the
next three months will continue virtually
at the same figures as In the preceding
quarter year period had as little effect
on the market as other important news
developments. The reason in this par
ticular instance was not hard to find.
however. The fact Is that conservative
Wall Street had not been expecting any
increase In the present schedule. SO that
the announcement made little difference
one way or the other.
Although for the most part prices
We're irregular there were nevertheless
few strong spots in the list. The most
notable Of these were the equipments
and so-alled peace shares. Railway
Steel Spring gained more than a point,
American Steel Foundries rose 3, while
Baldwin showed gam Of nearly g
Central Leather also advanced quite
sharply following the declaration Of an
extra dividend on the common stock and
Virginia Carolina Chemical, Burns
Bros. and Mexican Petroleum made
new high records for the year. On the
other hand most of the other issues
were inclined toward irregularity. al
| though this tendency was not pro-
| nounced anywhere except In special is-
| sues. Steel fuctuated within a range
| OF less than a point all day. closing an
eighth below the preceding days final
after having come within a quarter OF a
| point OF 112. The same story was true
Of most OF the rails. The bond market
! marked time, waiting Cor definite terms
of the new loan.
There was very little change in the
| money situation Notwithstanding the
optimism that prevailed in some quar-
tiers. While It is expected TO improve
| following the loan II Is stated in we'll
! Informed circles that any statements
concerning an immediate betterrnent are
| ridiculous. Neutral exchanges were
easier. with the exception Of Spanish
pesetas. The explanation of this was
the continued favorable progress Of the
! Allies In Palestine. In the Balkans and
| on the western front. The greatest
significance was attached to the grow
both Turkey and Bulgaria in foreign ex-
| rhanRa Circlea