The sun., 1918-09-11
FINANCIAL NEWS
AND COMMENT
Stock Market Readjustment
Noted on Money Restric-
ton Conditions.
TRADING QUITE ACTIVE
Selling Again Most Prominent
in the Steel and Equip
ment Issues.
TRADING QUITE ACTIVE

From the behavior Of yesterdays Sc
curities market II was evident that the
stock market is undergoing somewhat of
readjustment in consequence OF the
new restrictions imposed upon money
conditions. Liquidation, however, was
not quite 80 pronounced as on Monday
and last Friday at any stage Of the trad
ing. and the general list at times dis.
played gratifying amount of recupera'
tive power. But. nevertheless, the con.
tinued calling of loans by banks. the de.
mand for larger margins on the part o,
certain brokers. together with intermit'
tent waves of selling, demonstrated
clearly enough that speculative Wal
Street has not yet found its bearing. not
withstanding the highly satisfactory re
covery at the finish. Trading was con
siderably more active from start tt
finish, but the expansion in business wa,
almost entirely at the expense OF prtcsi
until the last hour, when a combina
ton of covering and investment buyinf
influenced a partial recovery, which lef
the standard shares not far removed
from Mondays close.
There was a good deal Of encourage
| ment to be found in the days news. bu'
with Wall Street entirely absorbed II
the discussion of money conditions i
| was not to be expected that such devel
opments would be of much influence OF
the general course Of the market. To tn
contrary. the speculative element wa.
disposed to overlook them entirely. seem
| ingly having como to the conclusion tina
| no matter how favorable tho war new
may be. a sustained constructive specu
lation Is out Of the question SO long a!
| there is the slightest bit Of doubt abou
| the money situation. There were ru
mors to the effect that the so-callet
| money committee might announce SOM
modification of its ruling. but investiga
| ton failed to reveal any foundation fo
such reports. 1t was realized that Their
! might be some misunderstanding as {,
| the intent of the statement issued las
! week. and that II might become neces
sary to supplement that statement will
| one designed to clear up any doubt tina
may exist as to certain points. but Al
for any modification Of tho present rul
! ing. that is entirely out of the Questios
for the present. according to authorita
tive information.
| Selling again was most prominent Il
the steel, equipment and other issues II
which pool operations have figured mos
| recently. Steel common declined 4
1 Avt ~. ShOiuy aAtSh NIlc outSCt, a. wuINi
price 1t represented a decline OF NOR,
than . points from the high touched las
! week. The selling here and in othe
! speculative favorites naturally tended T.
pull the remainder Of the list down will
them, although, as a general rule. pres
sure elsewhere was comparatively light
| There were a number Of specialties. how
ever that were relatively strong as con
| trasted with the remainder Of the mar
ket, and the most conspicuous amon
| these were Mexican Petroleum, a fey
of the motors, oner or two coppers an
American Hide and Leather. The rails
tHat Is to say the standard shares, los
ground. but the low priced issues wer
fairly firm. The investment market con
tinued quiet but steady. Foreign issue
were firm, and so were Liberty bonds 70
the greater part of the trading.
There was no apparent change in tn
money situation. Rates for call loan
continued to be quoted at from to 81
iper cent, and time money remained ur
changed at s per cent. The foreign e1
change was firm and without featur,
save for a recovery in Spanish peseta
The monthly tonnage Statement. of tn
Steel Corporation showed a decrease !
untitled orders Of 124.753 tons This
the second consecutive monthly decreas
and brought the total bookings dr01
s.759,042 tons, the smallest figure n
ported since February. 1916.