The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-15
FINANCIAL NEWS
AND COMMENT
Stock Prices Range Higher I'm
der Week End Evening
Up Process.
TRADING IN SMALL SCOPE
List Strong at Close, With Fig
ures Best of Session.
Bond Market Dull.

The, usual week end evening up pro-
cess by the professional and semi
professional elements undoubtedly ac-
counted to large extent for the high
est range OF prices on the Stock Elk
change yesterday Trading was quiet.
as contrasted with the scale of activity
that marked most OF the sessions last
week, ard there was very little inclina-
ton shown in Wall Street quarters 10
increase or make long commitments for
rise q, this time. In the absence
therefore of any such disposition,
traders confined their attention chiefly to
covering lines of stocks which hst been
put out earlier in the week in anticipa-
ton of just such n readjustment a. that
which has taken place in consequence
of the restrictions as to the amount Of
money which can be used for speculative
purposes. The bulk of the gains were
made in the early dealings, which was a
period Or very general strength in all
| directions but prices again hardened
in the last hour and the close was
| strong, with the list at practically the
best figures for the day
lnere was very ittle III Nue udy
news to affect trading outside of the
war developments. but with the amount
OF money which Wall Street can employ
| in such operations limited, the response
! was naturally restricted. Nevertheless
there was some response in certain
quarters to the encouraging develop
ments. The fact that II is becoming in
| creasingly evident that about the worst
| Of. the liquidation occasioned by the re-
cent readjustment has been completed
! together with the fact that there Is very
| little chance of a turn in the news over
| tie week end in favor Of bearishly in
clined operators, undoubtedly influenced
| traders TO cover up their commitments
| less they should be confronted at the
outset on Monday with news OF really
enthusiastic character. go far as do
nestle influences were concerned their
influence on prices was practically neg
| ligible. The weekly trade publications
continued to tell OF further readjust-
| ment in the countrys industries to con-
| form with the demands of the war. but
Wall Street has become SO accustomed
| to developments in this direction that
| they are getting no attention whatso-
ever.
The most important gains were nat
/ urally recorded in those shares which
| suffered most in the break OF the last
two days. namely stocks of the specially
| type with which pools have been
more or less identified Of late. Ameri-
| can Sumatra, Industrial Alcohol Distil-
lers, Texas Company. Mexican Petro-
leum and the ma rine shares all partici-
pated in the recovery. The standard is.
sued were strong throughout the ses-
sion, but improvements were limited fol
| the most part to fractions. Steel COM
| mon, however. was an exception to the
general rule. gaining more than point
and a half on fairly large volume OF
| business. The copper shares also die
| we'll making no spectacular gains. bu
| continuing to show the same underlying
firmness that has marked these ISSUES
during the worst of the ,readjustmen
last week. Elsewhere there was very
, little Of real interest. The bond marke
was quiet. but firm in sympathy will
the tendency in operations in the stool
list.
The weekly statement of clearing
house banks showed decrease in sur
plus reserve of $33,75O. 900. despite {
material reduction In loans in conse
auence of the price tendency in stool
market operations Of the week and ;
curtaimert Of deposit liabilities. Thu
cause was due primarily to a decreas
of approximately 5000, 600 Of membe
banks reserve at the New York reserv'
bank which took place Notwithstanding
an increase OF 100000 in notes dis
counted. The foreign exchange marke
was quiet and without special feature
Swiss francs continued upward and Their
was a slightly easier tone in rates OF
Norway and Spain, but elsewhere rate
Were abOut UNCHANGED.