The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-11-30
FINANCIAL NEWS
AND COMMENT
Wall Street Trading Shows
Marked Speculative
Confidence.
GENERAL LIST STRONG
Street Interested i'm Forecast
ing Recommendations of
Presidents Message.
GENERAL LIST STRONG

Although the stock market yesterday
continued TO indicate various restraining
influences and prudential considerations
such as are involved in the complex in
dustrial problems now confronting the
country. the main developments OF the
day expressed good deal Of speculative
confidence. Dealings were somewhat
quieter. however. than the average &C
recent volumes. and there was q marked
disposition TO await developments in
connection with the Presidents address
to Congress next week before entering
INTO new commitments for either ac-
count. But although business was
smaller, the general list displayed a
good deal Of advancing strength through
out the day. which was particularly pro-
nounced In the railroad department.
This may have represented more or less
surface fluctuations resulting from tech
meal considerations, but II was encour-
aging nevertheless after the recent pc
riod of declines.
There were several factors. however,
aside from technical considerations. that
were undoubtedly involved in the strength
which characterized the market, includ-
ing an announcement OF a relaxation OF
conditions But the one that probably
had more to do than any other with the
days movements of quoted values was
a report that the Presidents message
would contain something favorable to
the railroads. There were all ssrts OF
rumors OF what the President would say,
but the one which was discussed most
and which made the best Impression on
the brokerage community concerned the
immediate return of the roads to their
owners. Although without foundation, II
was interesting nevertheless in that II
showed marked change in sentiment
over the holiday and a disposition on thu
part Of professional Wall Street to take
more favorable view Of the whole eco
nomic situation. Whether or not such 4
view IL warranted by basic considera-
lions il OF course matter OF opinion
but IL would seem that the stock market
has about discounted the most unfavor-
able things involved in the business out
look. for the present, at least
The relaxation in money restrictions
as IL affected investments and new
financing did not go as far as Wall
Street had hoped for. but it had SEN
timental influence on the market and
together with what encouragement
was derived from reports concerning
parted a degree of strength which has
not been witnessed Of late. The strength
was more pronounced in the railroad
shares than elsewhere. but the indus
trial and specially lists were not by any
means weak. On the contrary. Steel
common was one OF the strongest fes-
lures, and aside from the old line rail-
way investments. including in particular
Southern Pacific. which made up It's
dividend by wide margin. and the ma
rines. which Continued TO attract spec
ulative following. probably held the cen
tire of attraction for the day. There
was excellent buying throughout the
session in this issue as well as in the
minor steels and coppers. and whatever
reactionary disposition there was TO the
business at the close on Wednesday
seemed to have disappeared entirely. al
least for the present. Bonds were
slightly higher, rejecting the modihca-
ton In money regulations as Affecting
new security offerings.
There was no change in money COndi-
tions. Call loans continued to be madf
on the Stock Exchange at between mad
SLY per cent. and time money contin'
ued in fair supply even for six month
periods. Analysis of the modification
announced by the Stock Exchange as
concerns new financing revealed that II
had not the slightest effect on the pres
ent regulations in force as concerns
speculation in listed securities. ON the
contrary. the modification is designed
solely to help the large amount of new
issues under way and will in no manner
influence brokers' stock loans one way
or the other. In the foreign exchange
market neutral rates continued strong
Otherwise rates were about unchanged
frnn the preceding dave closing.