The sun., 1918-12-05
FINANCIAL NEWS
AND COMMENT
Fractional Downward Changes
Recorded in Stock
Market.
BUSINESS IS CONTRACTED
Profit Taking in Standard In
duStrials and Buying in
Specialties Is Noted.
BUSINESS IS CONTRACTED

Professional dealings in dull mar
ket were chiefly responsible for the frac-
ttonal price changes in yesterdays stock
market, which were downward. Busi-
ness was on n considerably contracted
sale from Mondays and Tuesdays ag-
gregates, and accordingly constituted
the smallest volume in more than two
months. Those interested in surface
fluctuations were inclined to believe that
the market had again dropped back into
the rut OF inactivity from which it WINS
temporarily aroused last week by the
hope that the money committee would
relax money restrictions. This was
merely transitory sentiment however.
for in reality the market indicated moth
ing one way or the other. There was
some profit taking In the standard In
dustrials after the previous days bulge
and evidence of further buying in some
of the specialties. but that was about all
that could be said OF the trading.
In the main, however. the market held
fairly well under the persistent selling
pressure OF the professionals. and in the
final hour there was a general upturl
from the low on n report OF a further
favorable statement from the money
committee. The news of the reduction In
margin requirements from 80 TO 20 pei
cent and the statement from tho money
committee came too late to have any
influence on the trading. except in &c
far as the reports were concerned. How
ever. the close was strong. and the only
distracting note was the continued weak
ness in Liberty bonds. All Of these Is
sues were lower on the day. especially
the Fourth ANS, which made another
new low record, as they have done ir
almost every other session since tht
price restrictions were removed by the
Stock Exchange authorities. The ex
planati ton of the selling here Is to o'
found in part in the money restrictions
and in another part by the natural re-
adjustment being brought about through
the selling by those who had subscribed
for more than they could afford n or
der TO aid the war. and who are now at
tempting TO tighten their war burdens
There was very little in the days new
to affect trading.
So far as individual price movement
were concerned there was little OF inter
est in the stock list except in the so
| called speciality department. There wa
| mixture Of bullish and beartsh enor
| all through the day which evoked litu
response in either direction. The steels
coppers and miscellaneous industrial
were disposed to go lower after com
paratively firm opening on profit taking
while continued buying was in evidenc'
! in the tobaccos. oils, distillers. COT
! products and other individual issue
which usually centre attraction in thi
kind of a market. Then in the last hou
general upturn set IN, but not mucl
more than a fractional part OF the day
losses were recovered. The sentiment
however. seemed improved. and appar
emily the trading element had ohtaine'
some intimation Of the statement whio'
the money committee intended to max
public after the close OF business. A
least this was the inference from tn
! trading, as there was little else in tn
days developments to influence business
| There was no change in the none
situation 50 far as rates were concerned
| The announcement OF a reduction Il
margin requirement was surprise {
! the brokerage community as a whole
although not totally unexpected. Will
1t came too late 10 obtain any genera
opinion. 1T was considered a step In tn
right directin and further indication
Of a return OF conditions to normal, bu
IL by no means Indicated that all re
, strictions would be removed. On III
| contrary. there Is to be no increase /
| loans. The action is merely taken {
eliminate some inequities of the situa
ton and is not intended TO stimulat
any large speculative movement
stocks. Foreign exchange rates wer
about unchanged from the precedin
days closing figures.