The sun., 1918-09-10
FINANCIAL NEWS
AND COMMENT
Restrictions on Money Market
Continue to Influence
Stock Dealings.
TRADING rs VERY DULL
Some Special Issues and Low
Priced Rails Show Con-
siderable Strength.
TRADING rs VERY DULL

There was a good deal less apprehen-
sion in Wall street yesterday as to the
immediate effect OF the new restrictions
placed on the money market by the So
called money committee. but the uncer-
tainty in this direction nevertheless was
a continuing influence on the stock mar
ket. Prices ranged fractionally lower
offerings. particularly during the last
hour. resulted in some sharp declines
among the standard issues of the type OF
Steel. Baldwin and one or two OF the
rails. There was not a great deal of
selling pressure elsewhere. however. In
fact there was a good deal of strength
manifested in some of the special issues
and low priced rails, but the natural
consequence Of pressure against the
speculative leaders was to pull the rest
Of tina list down with them Trading as
n whole was extremely dun. and X It had
not been for the sudden outburst Of lioui-
dalton in the final period the total turn
over for the session would have been
considerably less than on Saturday.
The immediate cause Of the selling
pressure apparently was the almost total
absence Of buying power, except that
which came from investment sources.
Professional traders. having become con-
WINGED that there was nothing for them
on the constructive side of the market
under the new restrictions. transferred
their operations to the short side on the
theory that while the market was pro-
tected from a rise there was nothing
whatever to protect IL from a decline.
Whether or not this theory was correct
speculative Wall Street was somewhat
successful in its attempt although the
market at the close came back frac-
tionally. The news developments were
OF a general optimistic nature, but they
had little effect upon prices. The Allies
continued their advance over the week
end, but there was an apparent slowing
down OF the offensive yesterday. So far
as other influences were concerned. how
ever. the Street took little notice of them,
combining all OF its attention to the war
situation. and. as on Saturday, to dis
cussion OF the money situation. which
dominated business all through the day.
Business started of with traders in a
fairly cheerful frame Of mind. and
some issues actually made fractional
gains at first, but before the first hour
was over most Of them lost their early
gains and q fraction more. Trading
then Quieted down until the last hour,
when pressure increased. and the whole
list. under the leadership of Steel. do
clined either to or below the levels
touched in the excited movement last
Friday. Steel declined to J108E afteS
having opened at 112. but at the closS
rallied slightly, finishing at 1924. a net
loss of two and a half points for the
session. Baldwin, Canadian Pacific.
and a few of the standard rails expert
enced almost as heavy losses as Steel.
but as a general rule losses elsewhere
were confined principally to fractions.
On the other hand. there was a continu-
ance Of the buying Of New Haven and
st. Paul. both Of which were strong
throughout the day.
There was no change in the money
situation. Call rates continued to be
quoted at from s to 61a per cent. AS
a matter OF fact these quotations have
become almost nominal since the Stock
Exchange took its latest step with re-
spect to the money situation The out
standing feature Of the foreign exchange
market was continued weakness in neu-
trail rates. Spanish pesetas were quoted
at 23.10 for cables and 81 80 for checks.
new low prices for this exchange This
movement, however. does not reflect 80
much the success of the Allies on the
battlefields as it does negotiations be-
tween this Government and Spain for
the sterilization Of the rate between the
two nations. These negotiations have
been under way for some time past, and
1t is understood they are now nearing
completion.