The sun., 1918-11-22
FINANCIAL NEWS
AND COMMENT
Wall Street Market Sluggish,
With Dealings in Moder-
ate Volume.
PRICE CHANGES SLIGHT
Marine Preferred an Excep-
ton, Declining Almost
Six Points.
PRICE CHANGES SLIGHT

There were no fresh developments yes
terday TO provide Wall Street with i'm
pulse 10 move the stock market out OF
the rut into which It has fallen recently
and dealings continued in moderate vol
ume. But although business was quiet
in the aggregate the market was dis
posed to be strong for the best part OF
the day. although profit taking set In
In the afternoon and the general list
turned heavy at the closing. However.
there was no very aggressive disposition
manifested In either direction. except in
few special descriptions where domi-
mating influences were provided by pure
ly local considerations, and at the end
OF the day prices were not changed ma
terially from the preceding days closing.
Marine preferred and the oils were the
exceptions to the general rule, but out
side Of these issues the net result of the
days trading was confined TO fractional
changes on the downward side.
, Taking the day rs q whole. II was tho
same kind Of a market Wall Street has
been experiencing for the larger part of
the week. Such news as there was of
marketwise bearing worked against the
constructive efforts, but in the main the
news developments, such as they were.
played a very small part in the days.
dealings, and it would seem that IL there
| Is to be any response to the cancellation
/ OF war contracts and other destructive
considerations II has yet to come. APP
parently the greater part of the finan-
cial community has come to the definite
| conclusion that 20 long as the present
| money restrictions remain in force the
chances for any sustained movement of
prices In either direction are not likely
to be such as to invite any great specu-
lative following. On the contrary. II
would seem that the market is now In
practically the same state of deadlock
which characterized the securities mar
ket last spring prior to the big upward
swing that started with the successful
completion OF the Third Liberty Loan
The only variance is that the state oil
deadlock appears to be more complete
than at that time. notwithstondtn" 'he
changed conditions and the evidence
that the country Is steadily progressing
along the path of financial improvement
! So far as price movements were con-
cerned the outstanding feature OF the
session was again provided by Marine
preferred. In this department extensive
and erratic fluctuations continued. the
stock declining almost 6 points without
showinr any marked disposition to rally
! There was continued selling OF copper
shares on disturbing reports concerning
the inability OF the trade to maintain
current prices and a few motor shares
we're disposed TO go lower; but aside
from these features the market con-
tinued the narrow. professional way
| which has been characteristic of all ses
| sions this week. Bethlehem Steel was
an exception to the general rule in the
Industrial department. in that II was
disposed to be strong all day. Mexican
Petroleum, United Cigar Stores anC
such specialties as Wilson Co, also
maintained their gains to the closing
but that was about all that could bt
said about the market. Bond price:
held firm. but trading was contracted.
The money situation continued un
CHANGED. Payments OF the second In
stalment on the Fourth Liberty LoaI
we're completed without any disturbance
of money conditions. Discussion wa:
heard again in brokerage circles with re
spect to the removal of speculativ re-
strictions and much interest is beinE
manifested In the meeting OF the Money
Committee which will be held to-day
but nothing definite could be learned al
TO what might happen In connection
with the meeting. There was a, rather
sharp decline in sterling In the foreign
exchange market, this exchange reach
ing the lowest point for some months
Other rates were firm, with the excep
| ton of francs,