The sun., 1918-12-07
FINANCIAL NEWS
AND COMMENT
Professional Traders Continue
to Dominate Stock
Market.
DEALINGS ARE LIGHT
Tobacco Shares Rise to New
Level, but Decline on
Profit Taking.

There was no fresh news yesterday
having q direct bearing upon the
stock market and price movements
most of the day continued to reflect
the actions OF professional traders.
Dealings were on the smallest scale
for a Ave hour session since early in
the year the total transactions being
less than 300,0 600 shares. Nor was
there any change in the character Of
the business. Traders continued to
confine their attention chiefly to the
industrial s%pecialties, such as tobacco
The standard shares, while still con-
tanning some points of weakness and
which are likely to be adversely af-
fected by price readjustment, were
much firmer all aroun
So far as controlling influences were
concerned, the situation with respect
to listed securities remained precisely
as II has been all of this week.
Neither the ~so-called outside interest
nor the professional element was dis
posed to maxi many new commit
ments for either account. and If such
uncertainties as the money situation,
the probability of the abandonment OF
all price regulation by January / and
h new tax bill had any effect on
prices, outside of producing n small
amount of irregularity, 1t was not ap-
parent. The announcement Of the con-
tinuation OF the porphyry dividends
at the current rates had equally as
little influence on prices as other con-
siderations entering into the days
business. 1t had been generally be-
lieved that at least one of these rates
would be reduced at yesterdays meet
ing. n when the statement came that
the directors had decided to maintain
present raes for the last quarter of
the year 1t was believed that 1t was
the intention OF those in control OF the
various companies merely to round
out the current year without change
in the disbursement policy.
Explanations of the movement in
the few shares that were really active
were found again in the actions OF
various pools and cliques. All of the
tobacco shares moved into new high
ground for the current movement, al.
though toward the close profit taking
set in and they finished slightly below
the days high mark. The remainder
of the market was without special
feature The steels held well on per
sistent selling and miscellaneous liqui
dalton, but were heavy throughout the
day and not in much favor in any
quarter. This was also true Of the
'coppers and other issues where the
readjustment of prices with respect
to commodities is likely to find som,
reflection. Low priced rail shares like
Texas N Pacific continued to attract
special attention, but the STANDARD
shares were quiet and their price move
ment was insignificant so far as tn,
future prospects for securities wer,
concerned.
Money was easier. Call loans wer,
made at from 81 to 6 per cent, a
contrasted with 6 to 6h per cent. oil
the preceding day. The indication
were that an easier trend might b,
expected to continue until at least tn,
next Liberty Loan instalment is paid
Sterling exchange was slightly lower
but neutrals were lrmer, especial!
Swiss francs. Liberty bonds were un
der pressure again, the Fourth Az
making another new low record be
low 90.