The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-11-02
FINANCIAL NEWS
AND COMMENT
Many Stocks Continue Under
Influence Of Liquida-
ton Sales.
MARKET is IRREGULAR
Sharper Distinction Drawn Be-
tween Shares Of War and
Peace Types.
MARKET is IRREGULAR

Although good many stocks cor
tinued under the Influence Of hauidat-
ing sales resulting from the new money
restriction and displayed sluggishness
when there was much activity. tho mar
ket In the main yesterday seemed to in
dictate that the selling movement had
lost much OF ia impetus. There was a
fairly strong opening during which the
general list made further recovery. but
as the session progressed irregular ten
denotes developed and the market
ended the. day in an irregular fashion,
although without any wide declines e1-
cept In special descriptions. The main
pressure seemed to be directed against
some Of the softer position in the list,
which included a majority OF the war
shares. whose immediate prospects
have become somewhat clouded by
the rerHd developments toward peace
On the other hand, a number OF the
peace specialties displayed advancing
strength, but on the whole the session
mad a reoctionars-aspect ----
There was still some discussion Of
the money situation. and unquestionably
had some influence on The days trading
But for the most part Wall Streets at
tention centred on the momentous
changes in the international outlook
The collapse of Austria. following so
closely upon the unconditional surrender
OF Turkey showed the financial COM
munity that the question OF peace Is no
longer a matter OF speculation but al
most n reality. which must be dealt with
accordingly, SO far as the share list Is
concerned. The distinction. therefore.
between those issues Of a peace charac-
ter and those likely TO experience dras-
tic readjustment after the war was
sharper and somewhat more defined
than heretofore, one group displaying
comparative weakness. while the other
exhibited a Arm undertone which In the
case OF a few descriptions was followed
by quite extensive advances This gave
the list a confusing appearance, al
though II was plainly apparent that the
largest part OF the selling occasioned by
the money measures had been completed
and that the market IN general way
WAS following more natural lines than
1t has lately.
So far as the individual movements
were concerned the most important pres
sure centred in shares of the type OF
Bethlehem Steel. Industrial Alcohol.
American Beet Sugar and other shares.
which have come to be classified az
strictly war issues. Bethlehem Steel
was the weakest Of this group. breaking
more than points. notwithstanding
the recent statement placing the stock In
the peace category. Steel common was
also heavy throughout the trading. al
though holding we'll as contrasted with
some OF the other war issues. On the
other hand the so-called peace special
ties were disposed to be strong. Mexi-
can Petroleum was run up sharply dur
ing the forenooh. the advance continued
in Corn Products and the coppers
showed advancing tendencies. Railroad
Issues. particularly the old line invest
ment shares, were well bought. Toward
the close. however. the weakness in the
war shares became more pronounced
and there were substantial setbacks all
around.
There was\an easier trend TO money,
call loans beng quoted at per cent
on the Stock Exchange for the first time
In more than three months. So far as
the future IL concerned. however, the
trend had no significance II merely
represented a lack of demand due to the
present trading restraints ra'her than
any actual betterrnent in the general sit
uation. To some extent II was also
traceable TO the Government deposits in
local banks resulting from the initial
payment on the Fourth Liberty Loan,
but as has been pointed out recently,
this situation Is subject to change over
night with the withdrawal OF Govern
ment funds The foreign exchange mar.
ket was quiet. Swiss francs were slightly
hrmer and other neutrals a shade easier.