The sun., 1918-09-27
FINANCIAL NEWS
AND COMMENT
The Specially and Equipment
Stocks Advance in Wall
Street Market.
STANDARD ISSUES DULL
Trading Session Again Re-
fleets Keen Interest in
Loan Campaign.
STANDARD ISSUES DULL

Stocks displayed precisely the same |
characteristics in yesterdays market |
which have distinguished business on
the Stock Exchange for several days |
While the specialtes and equipments adj |
vanced, the standard issues continued
dull until the session was far advanced.
when the list hrmed and the greater
number of shares recovered substantial
parts of the losses experienced in the
selling movement at the outset on
wednesday. There was no news Of i'm
mediate importance to the market out
side OF the war news, nor any other
development which might reasonably
have been expected to move tho market
out of the rut into which it has fallen,
except for a further deluge of tumors
concerning tho Marine deal. The finan-
cial community took great interest in
the resumption OF tho offensive by the
Franco American forces on the western
front and in all other war news. but with
the opening OF subscription books for
the fourth Liberty Loan so close at
hand Wall Street was not disposed to
enter into new commitments for either
account.
Taken as a whole. the session was
meaningless affair. reflecting merely the
withdrawal Of much speculative interes.
In consequence of the forthcoming Gov
eminent loan campaign. The market IT.
self was strong enough so far as that
particular feature was concerned, but
there was a lack of initiative which
showed beyond all doubt that the ele-
ment in Wall Street which has lately
been doing most OF tho investment buy
ing Is preparing to divert Its attention
for the next three weeks to other in
vestment channels, namely the coming
Government loan. There was some dis
cussion yesterday as TO the size OF the
task which confronts the Second Federal
Reserve District in raising so large a
proportion of the loan, and while II
was agreed in all quarters that it would
require strenuous efforts on the part of
all concerned. there was nevertheless not
the slightest doubt as 10 the final result
when the subscription books are closed.
The fear is not go much with the New
York district as it Is with some OF the
Southern and Western districts, which
heretofore have barely filled their re-
spcctiye quotas. No great doubt, how
ever, Is entertained in any quarter as
to what the final result will be in even
these districts.
There was. a further display OF
I strength in the Marine shares at the out
set. but after the first hour or SO profit
taking tendencies developed and the
ing touched new high for the current
| movement. The same was true OF the
rest OF the list, with the exception OF
Baldwin, American Steel Foundries. Rail
way Steel Springs Burns Bros, Ameri-
/ can Ice and one or two other individual
! shares, around which large part of tie
| speculative interest centred. Then in the
| final hour strength developed all around
and the bulk OF the market closed ut or
| near the high of the day. Steel crossed
| II in the last few minutes. after having
sold as low as 109% earlier in the day,
/ and other issues gained proportionately.
! The bond department was quiet but firm
! as general rule The feature here was
| an advance of s points in Virginia 6s.
| Brown Bros. certificates. Liberty bonds
/ were firm and fairly active.
There was nothing new in the money
| situation and rates for both classes of
| funds remained unchanged from the
| preceding day. The only important move
| ment observed In exchange circles was
a slightly firmer tone in neutral rates
| Swiss francs advanced n point; Scand-
navian exchanges 10 points. and Stock
| holm was w fractionally. French francs,
| On the other hand, We're slightly easier
| There was no Significance to the move
| ment In this exchange, however. nor in
| the movements OF any other rates. The
| statement of the Bank of England re-
| ported an increase in gold coin and
bullion holdings of f546.633. Proportion
! of reserve to liabilities was shown as
| 1878 per cent. against 17SS per cent.
last week and 1920 September. The
highest percentage thus far in 1918 was
| 1911 in the week ended January 10.