The sun., 1918-11-10
FINANCIAL NEWS
AND COMMENT
Transactions in Stock Market
Consist Mostly Of Week
End Adjustments.
- L
PEACE ISSUES ADVANCE
Equipments Decline From Fri
days Forward Movement
Bank Reserves Gain.
PEACE ISSUES ADVANCE

The indisposition of Wall Street to
do much in securities in the face Of pro-
vailing uncertainties was intensified yes
terday by the definite knowledge that
the world will know whether or not
the war is to be continued before busi-
ness is resumed tomorrow. The formal
reply of the German Government TO
Marshal Foch is due at IL o'clock to-
morrow morning, which Is 8 o'clock New
York time. and unless all indications 20
astray the Stock Exchange community
is likely to begin dealings on the first
session Of the week with hostilities sus-
pended permanently or>renewed with in
creased vigor. As n result quoted VAL
ues yesterday fiuctuated within a mar
row range. Business was maintained on
an undimlnished scale. but the greater
part OF the transactions represented the
usual week end processes rather than
the event OF any new buying power on
the constructive side.
There was a continuation Of the read
Justment which was made necessary by
the outburst of enthusiasm over the
false peace reports on Thursday al
the outset Bat it did not 20 very far
After the initial trading. tho market
was disposed to be strong, and the
rest of the short session was devoted
10 covering of contracts and other week
end adjustment transactions by trad,
ers who make It a rule never to carry
| stocks over q period of suspended ami
nation. The general trend of things
| indicated clearly that Wall Street is un.
| shaken in its belief that the Germans
will be forced to surrender 70 the Al
hes. But In any event the decision
which will be reached by Tomorrow
will find the market we'll prepared botf
| technically and otherwise. II indeed. II
should turn out that Germany Is decided
to continue the war to the end, the
natural reaction of sentiment will en-
| counter a market resting upon solo
foundations: equally certain is 1t also
that. in case the decision Is favorable
| the money committee intends to curt
| any such speculative enthusiasm as that
| which took the market out OF its contro
| in the evfntful last half hour OF Thurs
days excited session.
To what extent Wall Street will be al
owed to show its feeling in the event
of peace Is uncertain under prevailing
circumstances. II yesterdays indica-
tons mean anything, the markets re-
ception of the news will be made safe
and sane At any rate there was a
most conservative disposition In EVIL
dence all through the half day ses-
sion. There were few notable ex-
ccptions In the case of a few miscel-
laneous peace issues which made rather
conspicuous gains, such as Chandler
Motor. but for the rest OF the list Wall
Street was content to keep at about
the level Of Fridays closing. This was
particularly true OF the steel, rails. cop
pers and other standard shares Balti-
more and Ohio and Northern Pacific were
exceptions in that their betterments were
more conspicuous. although accom-
plished on a moderate volume of activity.
Equipments were inclined to react after
Fridays advance and further progress
was made by the bears in the Marine
stocks. Otherwise there was little, Of
real interest in the days movements
on the Stock Exchange.
The bank statement showed an IN
crease in surplus reserve of approx
mately S13.00O.000 Notwithstanding an
addition of S21,S0O,00O to the loan ac-
count and an expansion of deposits
of 100000. So far as the improve
n!ent in the reserve position of the
Clearing House banks was concerned.
1t resulte for the most part from an
increase 81 SGl.SOO,uOO IN reserve creults
at the rderal Reserve Bank OF New
York There was very little business
transactt in the foreign exchange mar
ket wheio a rather notable gain in
francs vas the outstanding feature.
The quo atoms OF this exchange were
the best rlnce the early part of 1915.
Neutral ates. especially Swiss francs
and Spa eh pesetas, moved slightly in
favor OF New York, but otherwise the
market remained at about the closing
level Ol rridly