The sun., 1918-11-17
FINANCIAL NEWS
AND COMMENT
Stock Market Quiet and Prices
Show Losses at
Close.
BUSINESS PROFESSIONAL
Bank Statement Discloses De-
cline Of $4,000, 900 in
Surplus Reserve.
BUSINESS PROFESSIONAL

Various influences combined yester-
| day to diminish, for the time being at
least the strain which Wall Street has
! been rejecting for the last two or three
days. and the stock market was def
nitely weak at the closing. There were
indications that the restrictions on the
| money situation are to h. continued, and
In the absence OF anything that would
mako for constructive arguments for
quoted values, the professional element
| Of the Street turned its attention to the
short side OF the market. Dealings were
on a relatively moderate scale, and al
though the bulk Of transactions were
concentrated In the flrst hour, as has
been the case in most sessions OF late
the final period was fairly active. with
| closing prices of anywhere from TO 8
points in the active speclaIties and an
average OF about a point in the moro
representative Issues. Business was en-
; tirely professional.
PROFIT taking ana usual week end
evening Up processes by the professional
and Ini-professional element, which
make Il 4 fllo never to carry Stocks
over period OF suspended animation,
were chiefly responsible for the lower
range OF quotations at the closing But
there were Indications Of a fair amount
or fresh selling. serving to Offset any
covering operations. and as a result very
little opposition was encountered in the
attempt of traders to press the market
lower. The news developments as
whole were unfavorabie. There was a
report that the Stock Exchange Part
ners Association, after having been In
consultation with the money committee,
mad given commission houses to under
stand that there would be no change In
the speculative restrictions, and what
constructive influence tho developments
resulting from the copper conference in
Washington on Friday may have had
was overshadowed entirely by the con-
fusion which still exists as to peace re-
adjustments. In a general way also the
unomcial statements that the President
might address Congress OF the subject
OF reconstruction tended to make for con-
servatism. The disposition IN this con-
necuon was 70 await what the Presi-
stand.
The marine stocks were again THE
most conspicuous features, SO far as
weakness was concerned. making further
erratic fluctuations. Notwithstanding the
criticism that has been levelled at the
Stock Exchange for permitting the
movements to continue. But as the ses-
sion progressed, weakness developed in
other parts OF the list. particularly In
the equipment issues, which were sold
In response to reports OF cancellation OF
contracts. and a story from Washington
to the effect that the Railroad Admins
tration would await lower prices before
II placed any further equipment orders
Steel common went down below par
again. and the copper issues were dis
posed to 60 lower in spite of the favor
able outcome OF the conference on FRI
day concerning peace problems. There
were few exceptions to the rule, nota-
bly, in the case Of specialties. Industrial
Alcohol was strong: Corn Products, Dis
t!llers, Central Leather ard a few other
shares made fractional improvement or
held their own. Elsewhere trading was
quiet and fluctuations reflected usual
Saturday Establishments.
The Clearing House statement showed
a falling OF in reserve of approximately
sSs.0G0.000. which brought that Item
down TO the lowest aggregate since Sep
TENDER "a. The loss IN reserve was ex-
planned partly BY the loss of S33 900. 900
in cash reserve with the Federal Reserve
Bank of New York, and partly by an
expansion OF S41.000,000 in deposits,
against which reserve Is required. The
loan item disclosed that. notwithstand-
ing restriction measures, loans are now
at the second largest total in the history
of the local Clearing House. The for
eign exchange situation was quiet, with
rates about, unchanged from the preced-
ing days closing. Bonds did very lit
tie during the short session.