The sun., 1918-12-17
FINANCIAL NEWS
AND COMMENT
Stock Market Rather Firm
Again and Gains Strength
Near Close.
TRADING ON SMALL SCALE
Speclalties Attract SpeCula-
tive Interest-Loan Money
Rate Lower.
TRADING ON SMALL SCALE

The stock market was rather nrm
again yesterday. becoming fairly strong
toward the close after some frregularity
at the outset. but business was quiet and
there seemed to be no manifestation of
any new tendencies so far as the gen.
eral list of securities was concerned On
the contrary. there were no fresh devel-
occasion for q change in the disposition
of the financial community TO make the
stock market session any more impor-
tant than those with which Wall Street
has become accustomed OF late and with
which 1t Is likely to become more ac-
customed in the immediate future. There
was a fair amount OF strength shown In
the so-called standard shares, but by far
the greater part OF speculative interest
continued TO be centred In the special
ties. in which there were suggestions OF
more confident buying. On the whole,
however, the session was of little s!snifi-
canoe go far as indicating anything rs
to the future.
The fact that the general list was dis
posed to be firmer showed that the
processes were more obviously at work
to produce a better balance In the list
But there seemed to be no great rush to
cover outstanding bear contracts, al
| though undoubtedly purchases from the
shorts probably made up the largest
part of the day's transactions. The
announcement OF lower schedule OF
| rates for telephone companies produced
further weakness among the utility and
| traction shares, but the rather overex-
tended position on the selling side OF the
market prevented It from being extended
to, other parts of the list. Nevertheless.
speculative sentiment seemed improved
| from the start. despite the fact that the
great industrial problems remained as
they have been all along. In fact there
appeared to- be more confident founda-
/ tons for n trading rally. but that is
about as far as expectations go. There
has been no change In the money situa-
| ton, and while IL IL true that brokers
loans could undergo some expansion
without a further protest from the
Money Committee the leeway allowed In
this direction Is not attractive enough to
warrant those whose operations gener-
! ally govern the speculative market to
commit themselves In an important way
on the side OF advancing prices.
| The group of stocks which attracted
most attention during the day included
for the most part such specialties as Mex-
can Petroleum. Royal Dutch. National
l
United States Rubber, Industrial Alcohol
and American International, all OF which
showed substantial improvements at the
close of the day. But the greater num-
Der of standard industrals. although
! showing a fair degree of stability. were
| not disposed to move out of the rut IN
which they have fallen recently. The
nero fact that there were no signs Of a
continuation Of the reactionary dispose
! ton was Of course encouraging. but on
the whole Wall Street is becoming i'm
patient with the failure Of effort on both
| sides of the market to produce any great
response. There were a few weak spots
among the coppers. Manhattan Elevated
was another weak point. But the greater
number of shares showed a small net
| advance on the days transactions.
The money market was easier. Money
| loaned as low as AZ per cent. on tho
Stock Exchange at one time, and there
seemed 10 DO a large supply OF time
funds available. The foreign exchange
market continued quiet Tho only dis
! tinguishing feature here was heavy tone
! in Spanish oesetas. which declined about
10 points. The preliminary report on
| winter wheat showed a condition on De-
| cember ) of 9S.5 per cent. This COM
pares with a percentage OF 1913 last year
and $50 per cent. for the ten year aver
age. Thu bond market was quiet Lid
erty bonds continued irregular but there
was some further Improvement In the
traction securities, and the French issues
and other foreign Governments generally
showed 4 strong tone.