The sun., 1918-10-10
FINANCIAL NEWS
AND COMMENT
Sharp Break in War Stocks;
Demand for Peace Shares
In Wall Street.
TRADERS SEE WARS END
Financial District Approves
Presidents Feeler to Ger
many as to Her Note.

The readjustment OF the financial mar
ksts to the idea Of an early termination
Of the war continued uhabated In yes
terday's Wall Street dealings. Trading
was more active and there were still fur
Their and more violent breaks In the
war shares and continued demand for
the peace specialties. The whole trend
OF things, In fact, fitted In precisely
with the conviction that the financial
district Is making no mistake In going
ahead with Its peace readjustment.
President Wilson's Inquiry to Germany
calling upon that nation to state Its po-
eition with q degree Of clearness was
interpreted as being a step nearer ulti-
mate peace, and with the Allies again
crashing forward nearly everywhere on
the western front, the financial COM
lnunity's view of the situation unquestion-
ably was that whether or not Germany
agrees to ACCEPT the conditions as laid
down by the President the Indications
Are plain that It Is only matter of time
before the Central Powers will be forced
10 surrender anyway.
, President Wilson's note, while In some
respects distinctly surprising, was every
where approved In Wall Street 1t had
been expected Of course that Washing
ton would send a reply to the overtures
along the line that was sent TO Austria.
Or even more drastic. But ON second
reading It was believed to a man that
the President had taken the wisest
course that he had, in fact, won another
notable diplomatic victory. 1t was real
ICED that the President perhaps might
be In possession of Information, which
when disclosed might possibly throw an
entirely different light upon the whole
situation. This theory was particularly
Interesting in view OF the various con-
ferences In Washington yesterday with
the President by the Chief OF Staff. by
the Secretary Of State, and by the state
tnent that as soon as Germany's reply
had been received Mr.. Wilson would In
all probability speak before Congress-
-Whatever IL back Of the note Wall
Street was convinced that the document
itself was a step nearer peace and II
lost no time In making Its conviction
apparent in the course OF price move.
: zAents during the day.
- Az on preceding occasions the most
Important declines again centred In the
..svar shares These issues after a some
what irregular opening and a partial re-
covery receded with degree of ease
/, all the way to the closing on q fairly
large volume Of offerings. the extent OF
. me declines ranging from 2 to 8 points
and more In extreme cases. The equip
.ments were weak in particular. Bald.
win lost more than 6 points net for tbs
session, American Car and Foundry Z
ana Railway Steel Springs Q. Steel de-
clined more than 3 points and all other
Independent issues lost proportionately
Although there was some recovery from
the low the rally in no instance amounted
to more than substantial fractions. Ths
peace specialties. on the other hand
etood out prominently all day. Mexican
Petroleum gained considerably and Texa,
Company. American Telephone and Tel
egraph, Union Pacific. Western Union
canadian Pacific, some OF the tobacco.
and motors were In excellent demand
Throughout the trading and some of then
moved forward considerably.
- There was no change in the money
situation. In the foreign exchange mar
. ket neutral rates In particular. wert
slightly firmer. as might have been ex
pected In view Of the continued decline,
they have been experiencing. Liberty
bonds were lower all around, the 31s
going below par for tho flrst time In al
most two months. The explanation o.
the movement here was first. that II re
Gected a natural reaction after the recen
advance and. second. that II reflected
/. the unsatisfactory way which the new
loan Is going.