The sun., 1918-10-15
FINANCIAL NEWS
AND COMMENT
Wall Street Trading Indicates
Belief That the War
Will Soon End.
GENERAL GAIN IN STOCKS
Rail Shares Lead in Advance
That Spreads to All Parts
Of Stock Market.

| There was no mistaking yesterday
| the views Of the financial district as to
the termination OF the war. Whether 1t
comes as a result Of the note which
Germany has Just despatched TO the
United States, or. as Is most likely.
through the complete submission OF Ger
many In a military sense. It seemed
clear from the trading yesterday that
| Wall Street is convinced that the for
NAL submission of the Central nations
to the Allies is now only matter Of
time. Trading in consequence was
moro active than at any other time
since the current movement began. and
the market, which displayed advancing
strength from start to finish In all its
| principal aspects, showed no disposition
whatever to conceal Its opinion. As
matter of fact It was moro outspoken
than heretofore II anything. As at the
close of business last week tho rails
led the list in strength. But as the ses-
| scion advanced activity spread to all
parts OF the market and the close was
strong. with the general list showing
gains of from 2 to 0 points in some in
stances.
Just why Wall Street should feel 30
| optimistic as to peace did not seem
clear on the surface OF things. unless of
course certain speculative interests are
in possession of facts not generally
known to the rank and file Of the finan-
cial community. Indeed tho movement
did not seem Justified to the majority
Of conservative interests, who almost
to man confessed themselves COM
pletely lost as to what the next move
by the President would be. That all
indications pointed to an early termina-
tlon Of the war and that the movement
in neutral exchange provided strong
argument In this direction was not to be
doubted. But at the same time those
whose opinions are usually sought on
such matters stated frankly that the note
probably would be rejected. Whatever
the outcome the speculative fraternity
was not disposed to give attention to
conservative views. UnQuestlonably the
war news provided much stimulus to the
trading. but unless It is sure of its
ground II would seem that tho financial
community has Cverstepped all bounds
which have been fixed by the money
committee az TO stock market opera.
tons.
The main features of the day, 30 fai
as individual movements were concerned
were the rails. but they were not the
most sensational by any means. al
though showing advancing strength ali
day. and gaining to the extent Of from
l to points net at the close. The sen.
sational features OF the day were oils, In
which there was q further scramble, and
even larger and moro violent advances
than have marked these issues hereto.
fore. Mexican Petroleum rose almost II
points and Texas Company Naturally
tho great strength in the rails and peacs
specialties tended TO impart lie into the
war stocks. These shares. following ar
outburst of enthusiasm in the early az
ternoon. turned strong in the last two
hours advancing rapidly under heav,
short covering to the finish. which
showed betterments in this particu.a,
department ranging from / to 2 pointi
and more. As in Immediately preceding
sessions. there was great strength and
activity again In the bond department
Liberty bonds Joined the movement. and
all foreign Government securities showed
an upward tendency all day.
There was no change whatever in tn,
money situation, but much was heard II
discussion. in brokerage circles Of easier
funds after the completion Of the Fourth
Liberty Loan campaign. Investigation
In banking circles failed to substantiatt
this fully. It was said that II there /,
any improvement It will be only TEN,
porary, and not Of such duration al
would warrant the creation Of any large
speculative movement The foreign ex.
change market. that Is to say, neutra
exchange, continued to reflect the grow.
ing optimism as to peace. There were
easier trends noted all around, with
guilders falling to 43 cents and Scandi.
navian rates about half a cent lower
Spanish pesetas. however. were slightly
frmer.