The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-10-12
FINANCIAL NEWS
AND COMMENT
Activity in Stock Market Ex-
pands, Rails Showing Ex-
ceptional Strength.
PEACE SPECIALTIES UP
Standard List Continues to
Regain Recent Losses
Railway Bonds Active.
PEACE SPECIALTIES UP

Activity expanded in yesterdays stock
market. and the day was further signal
lied by the most emphatic turn OF
strength in the rails since the early part
of the summer These shares consti-
tuted the feature of the trading. moving
upward with a degree OF ease during the
last two hours In market which showed
advancing strength In nearly all direc-
tions The standard list, that is to say
the war stocks, continued their recovery,
and there were further although less
sensational, gains in the peace special
ties. all OF which reflected the encour-
aging news from the battlefields. and
the continued accumulation OF evidence
of an early termination Of the war. For
the most part, however, there were no
real Indications Of new buying except in
the rails. Strength dominated the war
shares, but ii represented more Of dis
position to take profits on the short side
ON account of the double holiday than II
Gid the appearance of new buying power.
The fact that the rails should interest
the professional and semi-professonal
element, however, nd not indicate any
material change in the feeling of the
financial community as to the length OF
the war lit simply meant, in short, that
its operations to new quarters Of the
market which have Jagged recently in
the readjustmcnt from war to a peace
basis. On the contrary, conservative
Wall Street was disposed to believe that
81 showed more clearly than anything
else has thus far this week the firm con-
viction on the part of the financial in
terests that the war is nearing It's end
This feeling was of course Increased by
In
spects was of more optimistic nature
than even that of the preceding day.
The continued advance of the allied
forces b, .wee1l Cambria and st. Quentin.
nnd the indications of retreat by the
Germans at other points in the line, con-
WINGED the financial district that the
next few days are likely to witness the
most momentous developments OF the
whole war, IL not the crushing of the
whole enemy resistance.
Acting upon this theory speculative
Wall Street again resumed the buying
of the peace specialtes in the early
trading. Mexican Petroleum, other oils,
the motors and public utility shares
were taken in hand and run UP sharply
again, the steels and war issues in the
meantime showing a fair degree of
strength. Then in the afternoon the
movement spread to the rails. which
were marked up rapidly under the lead
ersbip of Union Pacific and Canadian
Pacific and other representative issues
This was accompanied by n fairly active
demand for railroad bonds In the bond
department. Following the development
of strength here the war stocks turned
firm and advanced an average OF a
point all around, while the peace shares
were disposed to yield slightly under
profit taking. Marine preferred con-
tinued as an active feature. making an
other new high record. for the day of
within n fraction OF 800
The bank statement showed an in
crease in surplus reserve of $l4S60, 900,
bringing that Item up to ISL 1854 900.
The hetterment in the reserve position
w3s due in small part to the contraction
III loans. which showed 4 falling off or
S29 100000. The largest factor, how
ever, in the Improvement was shown by
the borrowings from the Federal Re-
serve Bank, that institutions redis-
counts and advances on United States
Government obligations increasing $45,-
100000 and on commercial paper eX-
banding SO 200 900 Foreign excha nge
rates, that is those of neutral countries,
continued to reflect the war news and
The belief that the end of the war Is
near. Gnilders We're about a cent lower
end fractionally easier There was no
change in the money situation.