The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-22
FINANCIAL NEWS
AND COMMENT
Stock Market Rounds Out
Week With Fairly Good
Show Of Strength.
SHORT SESSION ACTIVE
Trading Especially Brisk in
Specialties-New High Rec
ords for Year Attained.
SHORT SESSION ACTIVE

Tho stock market rounded out the
week yesterday with fairly good show
Of strength in all departments and most
descriptions Indeed. there were more
real signs Of animation than there have
been at any other time since the money
committee abruptly checked the rise two
weeks ago by imposing limitations on the
amount OF money Wall Street could use
for purely speculative purposes. Busl-
ness was considerably more active and
there was equal expansion in the breadth
OF dealings. Most Of the gains were re-
corded in the early dealings. Although
the close was strong at not far from the
best figures and Wall Street was war
ranted On assuming somewhat more
confident attitude toward the future,
nevertheless any inference that the
forces are again working for a pro-
nounced rise did not seem fully Justified
by the facts of the money situation.
While there has been a betterment in cer-
tain classes OF funds the basic situation
Is still without material change.
In the light Of this II would appear
that the motive power 10 still being sup
piled by investment purchases At least
there was no real sign or reason yester-
day why speculation should assume any
larger proportions under present circum-
stances. There was plenty Of enoourag.
Ing news from the battlefelds and else
where, but with the next Liberty Loan
only few days of and no real evidence
OF betterment in money conditions un-
I'll this d well out Of the way II was
hard to imagine why professional Wall
Street should be disposed to feel more
kindly toward the market at this time.
Whether there is to be an improvement
I following the loan Is still conjectural
But 1t would appear from the surface
that 30 long as the expenses Of the Gov
eminent continue to pile up at the pres
ent rate any Improvement there may be
In this direction will be OF very shor.
duration. Indeed. It Is a question
whether this period will be of sufficient
length to warrant any departure from
the present character OF business. Thia
Is well understood in conservative cir.
Giles. reports to the contrary notwith
standing.
Although trading In the steels and
, other standard issues was more brisk
and prices improved materially business
continued to centre. as on the proceed
| ing day. principally In the special issues.
| In this group several shares reached new
high records for the var. notably Mexi-
can Petroleum, Texas Company and
| Burns Bros. Steel went through
III and the Marine shares were strong.
Short covering continued in Sumatra,
Distillers, Industrial Alcohol and a num-
| Der OF other individual shares, all of
which improved considerably. In tho
| bond department there was continued
| hardening 81 prices Of foreign Govern
ment issues. The whole situation. in
fact. accurately reflected the excellent
/ news. the continued progress of the al
lied FORCES on all fronts. and the grow
| Ing demand on the part Of investors in
| consequence OF the belief that the uues-
ton OF peace will become a real factor
before long.
| The statement Of the Clearing House
banks showed an expansion In surplus
reserve OF 1000. 900, bringing the total
reserve up to 500, 000. 900. which is the
largest sum reported since early IN June.
The increase took place Notwithstanding
an expansion of more than $70,O 900, 900
In the loan item, being due principally
to an Increase In the banks reserve with
the New York Federal Reserve Bank.
The outstanding feature of the foreign
exchange market was dulness Rates
were fairly firm all around, Swiss francs
recovered part OF the recent declines and
there was moderate Improvement in
Spanish and Scandinavian rates. There
was also a further advance in guilders,
but with these exceptions rates on other
| nations remained at about the same fig
ure as at the closing on Friday,