The sun., 1918-10-01
FINANCIAL NEWS
=. AND COMMENT
Plight Of Bulgaria 0vershad-
ows All Other Interests
in Wall Street.
-
TRADERS SEE WARS END
Shares Generally Regarded as
Peace Issues Are Marked
Up Vigorously.
TRADERS SEE WARS END

Official confirmation OF the uncondi-
tional surrender OF Bulgaria overshad-
owed all other considerations in the
financial district yesterday. Trading
broadened to the most extensive proper
lions since the collapse of the big up-
ward swing last spring. and prices
moved forward in certain departments
with . good deal Of ease. The ad-
vance. however, was almost entirely
confined to shares which might be ex-
pected to benefit most by the cessation
OF hostilities in the immediate future.
There was broad movement in Mexican
Petroleum: Texas Company gained more
than IL points to a new high record
for the year. and there was selective
buying of the rails of the type of Ca
madam Pacific. Union Pacific and Read
ing and such shares as Consolidated Gas.
and the motors. On the other hand,
the. heels were reactionary throughout
the day, advancing first with O good
deal Of enthusiasm and then receding
equally as fast In a manner which indi-.
Gated a greet shifting of speculative
contracts and mot little confusion.
1t was the first occasion since the
had any real Indications OF peace and
the behavior Of the list showed quite con-
clusively that tho financial district be-
lieved that the beginning of tho end has
come. The Street, reasoned that with
Bulgaria finally out Of tho struggle
peace with Turkey would follow as a
matter OF course. since there is prac-
tically no other alternative for her, and
that Austria. with her back door open
tn gpH-a ofn Col To-
In due course Of time. In short, 1t was
reasoned that It was only a question
of time before there would be a gen.
eral collapse Of enemy resistance.
Whether or not this theory Is correct.
there was the most sharply defined
movement in the stock market yester-
day since the war began. All OF the
shares which have previously been re-
garded as peace issues were marked up
vigorously, while those which have been
directly or indirectly associated with war
business were neglected or suffered from
pressure at the hand Of professional and
semi-professional Wall Street.
The day began with a general up
turn In all departments. Steel coming
within a fraction Of equallingsits former
high for the current movement But as
soon as II was fully understood that
Bulgaria had surrendered uncondition-
ally the market reversed itself and there
was general selling of the standard
shares. Bethlehem Steel was run down
| rather sharply and It carried the re-
mainder Of the list witfDit. At the same
time an urgent demapd developed for
all the oil shares under the leadership
| OF Mexican Petroleum and Texas Com
pany. There was also a rush for the
gas and traction shares, Consolidated
Gas and Brooklyn Rapid Transit and
| other issues of this type. which have
been neglected lately, making material
| advances Along with the demand for
these issues came good buying OF the
motors and tobacco. with the exception
| Of American Sumatra. In fact the only
purely war issues to show any improve
ment during the day we're the foreign
Government bonds. They were strong
from start to finish. several making new
high records for all time.
There was no change in the money
situation. the shifting from the standard
shares to the specialties and peace issues
| having eased the situation II anything
Call money continued to be quoted at
from 6 to ga per. cent. and there were
no time funds available. There was
striking reflection OF the war news in
the foreign exchange market All Of the
| neutral rates were lower. particularly
Swiss francs and guilders. which broke
rather sharply. The declines were not
quite as violent as on some occasions
last month, but they showed neverthe-
| less which way the wind is blowing in
| neutral countries, and reflected the
opinion of conservative banking inter-
ests as to the end OF the war.