The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-10-03
FINANCIAL NEWS
And COMMENT
Extensive and Rapid Fluctua-
tionS Again Noted in
Stock Prices.
STANDARD ISSUES HEAVY
Specialties and Peace Shares
Display Strength and an
Upward Trend.
STANDARD ISSUES HEAVY

stocks were highly irregular In Wall
Street again yesterday. Throughout the
day there were extensive and rapid fiuc-
tuations in prices. with the specialties
and peace shares showing well defined
strength and tending upward and the
standard issnes characterized by more
or less heaviness and some special and
pronounced weakness. On the whole.
however. the market was somewhat more
orderly than on either Monday or Tues
day Trading contracted considerably as
contrasted with the volume of business
turned over earlier In the week, and
there appeared to be a good deal OF buy
Ing Of the steel shares on q scale down.
This was suggestive of the theory that
perhaps the first stages of the readjust-
ment OF the financial mind to an early
termination Of the war had been over
done In the attempt Of Wall Street to
keep up with the rising tide OF OPP
timisn. and resulted in substantial re-
coyeries in the last few minutes in the
concerning the market in general at the
close.
Taking the session as a whole, how
| ever. 1t was a confusing affair. Indeed
would appear from the surface of
things that, with news coming of the
fall Of Cambria. The capture Of Damas-
Gus and the smashing Of the German line
again on the western front. Wall Street
did not know whether to express graft
ncation Of the highly encouraging events
or to continue to discount the end of the
war. as II has been doing in previous
sessions this week. But to the conserva-
tive mind there was no question what
ever as to the way the wind Is blowing.
There was. indeed, no doubt that II Is
only a question Of time before the Ger
mans will be forced to retreat on an ex-
tensive scale 1t was perhaps a coinci-
dent that this belief should prevail at a
time when Germany was reported as
preparing to give UP Belgium, but 1t was
a greater coincident that Wall Street
| should believe II. This story would
have been ridiculed in the financial dis
trict two weeks ago, but yesterday 1t
was accepted without question. all OF
which merely goes to show the complete
about face OF the speculative element on
the question Of peace.
Despite the quite extensive price fluc-
tuations at various periods, there were
only a comparatively few shares which
stood out prominently at the closing. so
far as net changes in either direction
| were concerned These were the oils OF
the type of Mexican Petroleum, Royal
DutCn 1cAdS Sotupdiiy, tHo fuOtOT
American Telephone and Telegraph and
the tobaccos, on one hand. and some OF
| the steels on the other. The latter were
weak from start to finish, selling off in
! some cases more than 2 points. while
tns former resumed the advance which
was temporarily interrupted on the pre-
cedipg day by profit taking. With re-
spect to the steels the belief Is growing
that tire real question after the wal
Is labor and not the readjustment OF
their plants from a war basis to peace
basis. The marine shares were active
again and reached a new high for the
current movement, but reacted toward
the finish. Liberty bonds continued tc
reflect the war news. closing higher al
around.
There was no change Of Importance ir
the money situation, except for slightly
freer offerings of call funds. Foreign ex.
change rates. however. continued with
| great rapidity, their movement being If
i favor Of New York. Practically all Of
the neutrals were lower, especially
\ guilders, which made a new low recort
for the year. Scandinavian rates wert
II so to go points lower: pesetas touched q
new low of 21.95, and Swiss dropped ;
points, all Of which brings the neutra
rates nearer normal than at any Other
time since tho United States entered
the war. Sterling was steady and francs
were firm.