The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-28
FINANCIAL NEWS
AND COMMENT
Stocks Again Show Advancing
Strength, With Substantial
Gains All Around.
TRADING IS RESTRICTED
Mexican Petroleum Jumps
6 IL Points to New High
Mark for Year.
TRADING IS RESTRICTED

Stocks displayed advancing strength
again yesterday on a scale of moderat,
increasing activity over recent dulness
IND the market closed the day with
substantial gains IN all departments and
most descriptions Trading was still re.
stricted and there was a disposition al.
ways in evidence to keep within the
bounds fixed by the money committee
But Il was too much to expect tho mar.
ket, even with the recent limitations on
funds for speculative purposes. to con.
tfnue to restrain its enthusiasm, while re-
ports were coming from all fronts telling
or now victories gained by the allied ar.
mics. Tho result was the most i'm.
pressive demonstration the financial dis
trict has experienced in more than O
month; the kind of session. In fact
that showed beyond all doubt that all
that was needed for an even more en-
thusiastic reception OF tho momentous
freer rein on money conditions. But this
of course was out of tho question under
the circumstances.
Had there not been this restraint on
speculation It would be difficult to tell
what might have happened. The news
in itself was without doubt tho best
that the Allies have had since July IS
last, If not for the whole war. The
report that Bulgaria had asked the Al
lies for an armistice. coming on top of
the brilliant achievements OF the British
In Palestine, the quick advance on
the Macedonian front. and the even moro
impressive Developments on the west
ern front stimulated the highest en-
thusiasm in tho financial district.
Whether or not anything will come out
Of the Bulgarian affair remains to bs
seen. but the Wall Street community
nevertheless recognized in an instant
the possibilities for developments Of
great Importance in the present situa-
ton and directed its operations accord
ingly. The feeling In this connection
was that the disruption OF the Central
Powers had begun. and that once start
ed. might lead to peace sooner than
most people realize. But this view was
confined to speculative quarters. Among
the conservative element there was q
disposition TO await futher details be-
fore expressing an opinion.
The day began with a continuation Of
the buying of the equipments. but before
the first hour was over the buying spread
to the oils. steels specialties and coppers
AS a matter OF fact the equipments stood
out more prominently perhaps than any
other class Of stocks all day. although
steel was In good favor in the afternoon
and went through 113 to q new high for
the csrrent movement. The most sensa-
tonal development Of the session, how
ever. was the advance in Mexican Pc
troleum, which rose more than 81 points
to n new high record for the year
Texas Company continued strong and
made new high. and GO did American
Steel Foundries and Burns Bros The
only distracting features of the day
were the Marines which reflected disap-
pointment over tho denial of the story
that the ship deal had been completed by
President Franklin. They firmed, how
ever, along with one or two other weak
spots toward the closing, but not until
had reached Its height In
the bond department buying continued
In Liberty 3las, which rose to around
l01 at the close.
There was no change in the money
situation. both classes OF funds remain
Ing unchanged all day. notwithstanding
the belief in well informed financial cir
rles that the situation ia rapidly Inn
proving, and that there will be a supply
Of time money available again following
the close OF the Liberty Loan campaign
The foreign exchange market was quiet,
with rates about unchanged from the
preceding day. The reports concerning
Bulgaria were without any effect in this
quarter, but they did not come as a sur
prise to foreign exchange brokers. There
has been disposition in these quarters
over since the latest drive began to credit
The arguments that there were great
in the situation.