New-York tribune., 1918-11-08
Rails Lead Stock
Rise on Report
OF Arnistice
War Issues Heavy as Wall
Street Celebrates
"Peace"

~Ai"HoNBH ciS ACPOAC VHoV ~A''AH-''J
had signed an armistice remained un-
confirm sd long after the close of the
stock market, Wall Street yesterday
celebrated what it thought was the end
of tho war. Stock apes became
Mardi Gras ribbons and memorandum
slips tccame snowfakes in the blizzard
of rejoicing that shook the financial
district.
From the lunch hour until nightfall
impromptu parades Of ch .ering men and
women marched Iayly through the
streets and sang the refrains Of peace.
In front of the Sub-Treasury Puilding
the crowds were SO closely packed that
it took one ten minutes to get from the
Bankers Trust Building ,o the Offices
Of ]. P. Morgan & Co.
The impulse of the celebrants in the
street reached the Stock Exchange and
moved the market notably. For the
first time since the money committee
announced two weeks ago that there
loans" the change had million-sharc
day yesterday The days transactions
in stocks totalled 100000 shares. OF
these the dealings in rails amounted to
288, 900 and in industrials 881 800.
Though the stock traders reflected
their bewilderment in their buying and
selling, later in the afternoon the
tendency of stocks was generally along
the lines that markets of recent weeks
have taken. There were sharp drops
in what have been termed the "war
stocks" and conspicuous rises in rail-
road securities espcci .ly and in other
issues which are expected to benefit
from a cessation of hostlities
Railroads Lead
Following a violent break in the
war industrials, the general list of
railroad stocks began to mount ire
sistibly Numerous net gains of from
two to four points were recorded.
Union Pacific, Canadian Pacific, Read
ing and Great Northern were among
the strongest. United States Rubber,
the motor shares and others followed
the lead of the rails
The steels and other industrials that
the stock market has been discounting
recently showed new declines. United
States Steel closed u points off; I;
Bethlehem Steel at the close was off
/ II points; Bethlehem Steel B. off 23s
points; Crucible Steel, off IS; Bald
win Locomotive, off IL, and United
/ States Industrial Alcohol, off 21A
points.
Mexican Petroleum rose 12A points,
and related shares from 9 to s points.
The great bulk Of the days trading
was confined to the afternoon, after
the peace report had been circulated.
AT first the market was disposed to
wait confirmation, but the blowing of
the police sirens, the whistling of the
ships in the harbor and the unprece-
dented outburst of emotional enthusi-
asm by the throngs in the street an
nihilated the doubts of the traders,
and food of buying orders reached
the floor of the exchange.
The enthusiasm Of buyers affected
bonds as we'll as stocks. Railway bonds
gained as much as four points and vari-
Gus foreign government issues rose
from 1 to 2h points.
The brokers ycarred for an oppor-
tunity 10 join the celebration, and the
board of governors ordered the trading
TO stop at $3.50 p. m. instead Of s
o'clock. The Consolidated Exchange
and the curb also closed early. When
the report first reached the Stock Ex-
change all trading nomentarily ceased.
An American flag was placed across
large war map in the Stock Exchange,
and in the Consolidated band played
patriotlc airs. The cotton brokers at
the close of the days trading sang "The
Star -Spangled Banner" and gave rous-
ing cheers to Foch and Pershing.
Skepticism Later
Among the bankers, who first we're
ready to credit the report, some skepti-
cism arose when confirmation failed to
come. The statements from Secretary
Lansing ard Secretary Baker late in
the afternoon saying that they had no
information up to that time of the sign
ing of an armistico intensified the
skepticism.