The Washington herald., 1918-10-18
MARKET LIST
is BUOYANT
Belief In Early Victory
Stimulates Bond
Buying.
BY BROADAN WALL.

New York, Oct. 17.-Occupation Of
Ostend by the British navy gave the
stock market a buoyant close today
Burfug the entire session IL was
strong except in the war issues. Even
these held up better than the news
would seem to justify. OIL stocks
were leaders again, but In the late
trading smelters and the coppers
forged to the front. Announcement
that gasless Sundays had been de-
clared on caused a rise in the mo-
tors. Rails were strong under lead
ership of the standard issues. Rub
Der, and tire stocks. tobaccos. cleo
trio issues. local fractions, and SUI
gars all moved higher Bethlehem
Steel had a bad break as did also
one or two specialties of which Cen
tral Foundry was most conspicuous.
Belief in an early surrender of the
Huns helped the liberty loan, thereby
proving unfounded the fears ex-
pressed by some of the amateur bond
sellers. Belief~-in an early victory
Is the greatest incentive for buying
the bonds, because in addition to the
patriotic impulse thus stirred up,
there Will be the selfish interest in
getting an issue worth more than
par. If the German empire is about
to collapse as the genuine reports
from Europe indicate. then the
Fourth Liberty bond is the greatest
speculation in Wall Street
GasIess Sundays Aid Oils.
Another market factor-was adoption
hy the Senate of an amendment 10
the tax bill permitting tax payers 10
deduct net losses from their incomes.
The old laws were grossly unjust in
this regard. as they penalized enter
prise. There is hardly a citizen of
! the United States who does not nave
some other business than the one in
which he is chiefly employed. And
yet. under The old law, any loss in
CURED outside of the business in which
he listed himself on the tax rolls
could not be taken into account. Such
law was contrary to the very prin-
ciples for which America is waging
this war. and the Senate amendment
is therefore of vast Importance. not
only to the stock market. but to all
America.
Abandonment OF the gasless Sundays
also improved sentiment. because il
means that the country is In strong
shape from a gasoline point Of view.
The announcement in this Is not limit
ed to. the automobile trade although
naturally It found its first expression
in the gasoline stocks There is no
danger that the privilege Of using
cars on Sunday will be seriously
abused. This may have been partly
RESPONSIBLE for the rise OF two points
In Willys- which put 1t at a
high record price for the year. Max
well responded sharply as did Stude-
baker and General Motors.
Mexican PET strong.
While some are wondering at the
sharp advance of Mexican Pet. those
who are familiar with the COMPANY
assets are surprised at the conserva-
tism % lis advance. 1t moved ~
more than j. points again today to
a new high level. hut it has not be-
gsn TO discount abe conditions of
peace.
Better times in Mexico were reflect
cd also in the sharp advance of Amer.
ican Smelters, That stock rose 3-S.
and closed at the top price. Its ac-
tivity WAS responsible for sympa-
thetic rise of 2l-2 points in Utah,
. in United States Smelling. and
? 1-2 in Anaconda Chile Conner
which was the one to show the first
signs Of life some days ago. rose
a point. United States Steel was
strong. for the right people were ac-
cumulating it in large quantities
The same interests that made d
movement in New Haven some days
ago are buying again.