The sun., 1918-11-27
FINANCIAL NEWS
AND COMMENT
Stock Prices Generally Strong,
Although Dealings Are
on Small Scale.
RAIL LOSSES RECLAIMED
New Speculative Buying in
Marine Preferred, Oils and
Specialties.
RAIL LOSSES RECLAIMED

The stock market was devoted, pretty
generally yesterday to an absorption Of
profits accruing on the short side OF the
market in the rather sharp downward
movements on Monday and during the
greater part of last week, with new
speculative buying In the oils and spe-
cialties which have experienced the most
severe declines OF late. Prices we're
strong all around, and although dealings
were on contracted scale as contrasted
with the preceding day, the market in
| the main continued fairly active and thu
Improvement was well sustained to the
closing, which was a period OF very gen.
eral strength. The fact that a recover
ing tendency was required to make it.
self manifest during the day was one Of
tho most encouraging things about the
session, as 1t showed beyond all doubt
that professional Wall Street had some
what overdone the selling side of the
market In the last few days.
Speculative sentiment improved with
prices and although the financial COM
munlty was still In a somewhat uncer-
tain mood. most OF the ultra-bearish
comment that was heard in brokerage
circles on the preceding day had entirely
disappeared. Nevertheless the days
future course OF the trading. represent
ing as II did merely the slowing down
OF the pace which Wall Street has been
pursuing OF late and a readjustment of
the inside position OF the market. AS a
| matte of fact the disposition to take
profits on the selling side was Influenced
for the most part by the holiday to-mor-
row. and the evident disposition on the
part of a majority Of the professional
and semi-professional element to place
its speculative house In order for the
possibilities OF occurrences affecting
both sides Of the dealings during the Pc
Rod OF suspended animation. Much was
heard again in brokerage comment con-
| corning money restrictions. and there
was further and more pointed criticism
of the regulations. but 80 far as could be
learned there Is still no disposition what
ever on the part OF those In control OF
the situation to bring about any relaxa-
| ton as concerns stock speculative &C
tivity.
! The fact that rumors were In circula-
ton again concerning some kind Of a
, modifica ton OF the regulations may have
had something to do with the complete
moss OF yesterdays recovery. although
In reality this discussion concerned Itself
more with the investment situation than
with the stock list or the possible re-
Taxation OF speculative restrictions AZ
any rate there was q broad recovery in
the greater part OF the list, which wan
particularly general In the railroad de-
partment, where the bearish influences
have been most successful In this de-
partment a good part OF the losses ex-
perienced on Monday were regained and
at the closing it appeared as though the
movement might be attended into to-
days market. inasnuch as tomorrow 6
holiday was not encouraging to the ex-
tension of new commitments. The steel
group exhibited the same degree OF sta
bility which has been characteristic of
It OF late, and the copper issues were
disposed to rally somewhat. although
not to the same extent as most OF the
other departments. Marine preferred
, was a strong feature. as we're the oils
and miscellaneous specialties. in which
there was evidence OF new speculative
buying
There was an easier trend again in
the money market. Call loans dropped
to and 5l5 per cent. for the first time
In several months, and the supply OF
money for the first time In a long while
far exceeded the demand. Time loans
continued to be made. As a matter of
fact II looked as II the money commit
tee might be forced to make some modi-
fication Of the regulations In order TO
find some employment Of the funds
which are returning to normal channel
as a result OF the cancel ,tion Of war
contracts and the slowing down OF war
activities. The foreign exchange mar
ket continued dull. Naturals were
slightly firmer. but aside from this rates
were about unchanged from the pre-
cedinR davis closing