The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-10-17
FINANCIAL NEWS
And COMMENT
Dealings in Stocks Expand,
Peace Shares Showing Adj
vancing Strength.
REACH NEW HIGH MARKS
Mexican Petroleum Jumps
Again, but Reacts Later
Marines Strong.
REACH NEW HIGH MARKS

Dealings in stocks, while somewhat
below the weeks record on Monday,
were considerably expanded over the
previous days volume in yesterdays ses-
sion, and tho market was featured by
another pronounced movement in the
shares which have not been definitely
associated with war business. Prac-
tically the whole group that has come
to be known. as tho peace specialties
showed advancing strength on an in
creasing scale OF activity rising TO new
high records, which were sustained
fairly well to the closing despite the
fact that in the last hour there was
heavy liquidation OF profits which had
accrued In consequence OF the rise in
these shares in the last week. The war
stocks. although heavy for the best part
of the day without enjoying any partic-
ular favor, nevertheless exhibited sat-
isfactory stability. At least the reac-
ton here was not of sufficient proper
tons to prevent the statistical averages
from reachisg-new high ground for the
year.
There was still some confusion over
the present international situation, but
at the same time II was clear that there
has been no great change in underlying
sentiment; that is to say, 1t Is still
pretty obvious that the market is still a
peace affair at heart. While II Is true
that in some quarters the belief Is held,
and rightly, that the Presidents note to
Germany has removed the Immediate
possibilities Of a cessation Of hostilities.
| 1t is equally true that the stock market
| continues to be governed by the idea
| that. whether or not the German people
q hiCnnaad IN a1
| adjustment Of their Government as
would suit the Allies, the present mill
| tary situation assures peace in the not
| far distant future in any event 1t goes
without saying that tho present VOL
ume of activity is not to the liking of
the money committee; but curiously
enough, although Wall Street was In
| formed that any expansion OF specula-
| tive activity would not be tolerated for
a moment, there has as yet been not the
/ slightest indication OF disapproval by
| the committee.
So far as Individual price movements
were concerned, the session was In some
| respects a repetition Of Immediately pre-
ceding markets. The only variance was
that the volume of business OH which
prices advanced was larger and more
excited. Violent advances were the rule
In the industrial speciality group and the
| oiis, III TttrOicufti
| which rose we'll above $50 during the
early afternoon. although reacting later.
| The marine shares were strong again.
and there was a wide advance in Royal
| Dutch. In the gas and utilities shares
and In the motors. including especially
Studebaker and Maxwell. Railway
shares wero taken up along with the
rest Of the peace issues during the early
part Of the day. but after a fairly gen.
eral squirt these Issues assumed a less
conspicuous place in the trading There
was strength and advancing prices In a
good part Of the coppers. which were
even stronger in some respects than In
tho eleventh hour trading of Tuesday
Toward the close profit taking set in all
around. and these issues. along with
the rest of the market, were disposed to
yield.
The peace talk continued TO find re-
Election in the neutral exchange rates
Swiss francs made a new low record al
. 6.04. figure which represents a pre-
MUM Of less than 3 per cent. against
| nearly 80 per cent six months ago
when the military situation was dis
| tinctly against tho Allies and the Ger
| mans were making great progress in the
drives toward Paris. They rallied. how
ever. Later. along with guilders and
Scandinavian rates. There was nc
change in the money situation, although
| talk persisted In brokerage circles about
| easier money after the completion of the
| Liberty Loan campaign and the pay
| ment of the certificates OF Indebtedness
outstanding.