The sun., 1918-10-11
FINANCIAL NEWS
AND COMMENT
Trading Again Reflects Belief
That War Is Rapidly
Nearing End.
STANDARD LIST FIRM
Excited Selling Movement in
War Stocks Subsides-Mex-
lean Petroleum Up.

There was an absence Of the excited
selling movement in the war stocks In
yesterdays wall Street dealings, de-
spite the accumulation Of further evil
dencs pointing to an early termination
OF the war. But In all other respects
the trading continued to reflect the Arm
conviction of the financial district that
the war Is rapidly nearing an end.
There was strength and well defined
buying again Of tho peace specialties,
and some made sensational advances
The standard list, while still containing
certain points OF weakness in stocks
likely to be adversely affected by peace.
was fairly Arm all around. but such rail-
lies as took place were not very impress
sive. and from the surface, at least, they
did not appear to indicate much more
than an attempt to bring about read
justment OF the new price level This
was in order, aimee the market has been
declining rapidly for more than a week.
md since there has been no absorption
OF p=ofits on the short side.
1t was not to be wondered at, how
ever, that Wall Street was disposed to
feel rather enthusiastic toward the mar
kct in the light OF the days Develop
ments. Tho news was without question
the test that has been received since
the beginning Of the war. and what was
even moro important, II all seemed to
lead TO the conclusion that the end of the
war IL not far OF. The British. French
and Americans continued TO push the
enemy back at q rapid pace, and there
were several rumors concerning internal
conditions within tho Central Empires.
The Kaiser was said to have abdicated,
Austria was on the verge of collapse
and Turkey was reported to have on
cially approached the Allies again on the
| matter of peace, all of these and more
| OF less consequence. Whether or not
| they had confirmation did not matter. the
| financial district was convinced the end
operations on the Stock Exchange
| strictly In accordance with this view
| which seemed to grow stronger. so far a.
speculative operations were concerned, as
the session advanced.
The outstanding feature Of the trad
Ing was another sensational rise in Mexi.
can Petroleum. which rose nearly 10
points on q heavy volume OF business
The other oils participated in the ad.
vance to some extent. but the gains were
| more moderate as compared with this
issue. and they were less favored by the
speculative clique. Evidence OF excel
icht hOWCNcEs COHlluucu III Ine
public utilities and food shares, and
virtually ali reached new high ground
for the current movement or for the
year. sustaining nearly all their gains a,
| the riIish. The marines were strong
The preferred in particular was well
bought all through tho dealings, making
| new high for the year. With respect
\ to these shares Indications continued &c
point to an early consummation of the
deal for the sale of the conpanys ships
under the British Gag. and the buying
of the stocks appeared to be better thar
at any tinpe since the current movement
was begun. Tho rails were active. al.
though frantionslly higher.
In the foreign exchange market the
! trend Of rates continued to reflect the
possibilities OF an early ending of the
| war. Nearly all neutrals were lower and
there was large trading in pesetas. which
| made another new low record. Stock.
holm. Swiss francs and suilders were
| lower. There was no change in the
| money market. which has been practi.
| cally stabilized by the local money com.
mittee. Liberty bonds were fir1ner, ex.
cept for the sHs. which were fraction.
ally lower.