The sun., 1918-11-20
FINANCIAL NEWS
AND COMMENT
Dealings in Stock Market Are
Again on Diminishing
Scale.
STRENGTH IN SOME SPOTS
Rubber, Miscellaneous Steels
and Few Tobaccos Ac-
tive Features.
STRENGTH IN SOME spots

Restraint continued to characterize the
stock market yesterday. Dealings were
on diminishing scale and no disposition
was manifested generally to anticipate
aggressively constructive features, al
though in some directions, in fact In a
good many directions. rather conspicuous
strength was displayed for the best part
| the same kind OF market as Mondays
Transactions were still highly profess
sional and toward the CLOSING the fall
ure of the market to attract any con-
siderable following during its rally re-
suited in some selling pressure. which
brought the list at the finish practically
! down to the previous days closing. So
far as the future Is concerned, however,
neither the early strength nor the late
i weakness had any great significance,
representing as 1t did merely the trad
ing opinions Of the various professional
/ cliques
On the contrary, the main develop
ments OF the session indicated more than
anything has previously that the mar
ket is progressing steadily toward the
rut of inactivity from which II was tenn
porarily dislodged by the upward swing
| in quoted values last month. In some
| special departments there was notable
strength and gains which were main
tained throughout the session, but what
ever the reason for this was, II was
| plain that the financial community has
| finally come to the conclusion that no
great progress can be made either on the
constructive side OF the market or on the
destructive side so long as the present
money restrictions remain in force In
| the meantime the share list apparently is
| following the only open course left to 1t
| under the present state OF AFFAIRS. name
| ly, declining when The traders have
overpurchased IT, and advancing when II
| has been oversold. and its technical posi-
ton placed In a position favorable to a
I trading rally. At least this is the in
| ference from the sessions. for current
| developments are exercising very little
influence In one direction or the other,
At any rate, II there Is to be any re-
| Election of the news developments II has
yet to come.
As on Monday. the main Interest In
| tho dealings centred In the specialties.
The rubber shares, a few miscellaneous
steels and one or two tobacco issues con-
stituted the only really aggressive fea-
lures to the transactions. although there
was marked strength, and advances of
!
| in the standard rails and old line invest
ment industrials. But as the session
advanced the speculative fraternity APP
parently became impatient with the per-
slstent display OF bullish sentiment with
out any marked results. and turned Its
| attention to the selling side of the mar
| ket. Al any rate the standard issues
were heavy at the closing. although they
| refused to go much below the preceding
| days final Tobacco Products, Booth
Fisheries and the equipments were ex-
/ captions but those issues which had
gained most on Monday declined quite
| sharply, especially Mexican Petroleum
and the marines. There was good reason
| for the latter, but 1t was not disclosed
| until after the trading was over and
| President Franklin had confirmed the
| report that the directors had been asked
| to halt the negotiations by Washington.
There was no change In the money
situation. Preparations continued on
| the part of banks to meet the Liberty
Loan instalment due tomorrow, and
| there was some further discussion OF the
| report that there might be a temporary
| easing up OF the restrictions on money as
| concerns the market for bonds. Such a
| relaxation. 1t Is contended, would help
much of the financing which is pending
and is under way without affecting the
stock market in any way or causing an
easing up of restrictions in this direc-
ton, which is so desired by the financial
community In general. In the foreign
exchange market sterling and francs
were unchanged and neutral rates were
| slightly firmer. although not greatly un-
changed from the preceding day.
| closing,