The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-12-31
FINANCIAL NEWS
AND COMMENT
Market Is Highly Irregular,
With Great Shifting of
Speculative Accounts.
STOCKS SLIGHTLY LOWER
Bond Sales Total S47,000,OOO,
a New High Record
Money Poof Reappears.

The action OF the stock market yester-
day was puzzling 10 the professionals,
who have been looking for a further and
more pronounced rally In prices. and also
TO the remainder of the financial COM
munity which has been on the side OF
declining prices. From start to finish
the trading was full of cross currents
and good and bad symptoms. Strength
alternated with weakness, both as re-
garded the list as a whole, and individ-
ual issues But II there was no very
definite movement OF prices good round
total OF business was transacted. The
! 900, 000-odd shares, while falling below
the average volume of October and the
frst part of November. were greatly in
excess of recent volumes, as were bond
transactions. Indeed, the aggregate turn
over in the bond department was one OF
the outstanding features OF the day The
total. which was in excess of $47, O0O, 900
constituted a new high record in bond
transactions In the history of the stock
Exchange.
The fact that prices were trihe lower
at the closing. however. did not reflect
the entrance of any new factors into the
trading. II simply meant n continuation
OF those which have been largely respon.
Side for fluctuations recently; namely
scattered selling for the purpose OF es.
taolishing losses for income tax returns
a small amount OF liquidation on account
or the calling OF loans by interior banks
ana some further commission house
selling inspired by the unsatisfactory
features OF the railroad situation. The
Indications, however, at the closing were
that good part of this selling had beer
completed, particularly that in connec.
ton with the business of establishing
losses for tax purposes. The fact OF
! the matter ia that yesterday was the la ST
DAY that such sales could be transacted
with any certainty OF completing them
in time TO include the losses in this
years income tax returns. Whether II
mas or not. those who are usually most
active In important movements on the
stock Exchange have not changed their
MINDS In spite of yesterdays market
relative to further and more extensive
rally in quotations. Much of the enthu.
siasrn, OF course, has worn off. but senti-
ment was Enthusiastically better at the
finish.
Despite the fact that pressure at times
was rather sharp in certain departments
there were only few really weak spots .
that is to say in stocks in which there
were severe declines. They were for the
most part in the lower priced rails, as
Baltimore and Ohio, Delaware and Hud
Soi' shilu OlileT tOduS whose financial no
sitions at present might invite receiver
snip II the Government should suddenly
decide to return the roads to private con-
troll. Otherwise the price movement was
narrow and rather unjmportant except
Tor few strong features among the
OILS and equiments and pool stocks.
There was in fact greater interest in the
bond department, NO far as price move
ments were concerned In this depart
ment there was continued selling OF Lib
erty bonds on n large scale and all of
the issues either sold near their previous
lows, or. on the other hand, recorded
new low records for all time. This was
particularly true of the Fourth AIS
which touched -. There were no new
considerations involved in the selling.
but it had a disturbing effect on the
rest OF the list and no doubt was as
much responsible, for the reactlonary dis
position which characterized the market
as was any other single factor.
The money market was firm again all
through the trading, and for the first
time in several weeks there was calling
OF loans. mostly by interior banks. An
other feature of the money situation
yesterday was the entrance OF the money
pool into the market after an absence
of more than two months. All of this,
however. was closely connected with
year end considerations and it is ex-
pected that as soon as the market enters
the new year its position will be auto
matically decided. The foreign ex-
change market was without special fea-
ture. Swiss francs were trifie easier
and Spanish pesetas were stronger, but
otherwise rates practically were I'M
changed from last weeks closing.