The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-10-06
FINANCIAL NEWS
AND COMMENT
Stock Market Rather Heavy
Except in the Speciality
Issues.
PEACE MOVES DISCUSSED
Selective Buying Resumed
With Some Shares Max
ing Advances.
PEACE MOVES DISCUSSED

Wall Streets Interpretation OF the
news developments again yesterday fit-
ted in precisely with the impressions
| formed earlier in the week concerning
the possibilities of peace. In fact, the
Austrian proposal through Holland en-
phssized as nothing has previously. ex-
cept perhaps the breach made in the
enemy ranks by the surrender of Bull
garia. the urgent disposition on part
Of at least this nation to break away
from Germany and mako separate peace
with the Allies. Accordingly yester-
days stock market contained the Same
elements Of discrimination that have
characterized business throughout the
Immediately preceding sessions. The
general list, while much less active than
on Friday because OF the usual week
end hesitancy over entering into new
commitments, again displayed several
points ofv-weakness. which-tended to
give the whole market an appearance
OF heavinesa The peace specialties
were Of course an exception. In this
department selective buying was re-
sumed and prices in q few shares made
substantial progress.
There was no doubt in Wall Street
that Germany is again behind the latest
peace move. Entirely aside from this
consideration. however. the financial dis
tr1ct Is convinced, II by nothing moro
than tho rapidity of the new proposals,
that the elements OF disintegration in
Austria are slowly but surely working
lin a way that promises important re-
suits before long. This together with
the continued advance of the allied
forces on the western front and the
possibilities OF separate peace with Tur-
key before many days have passed again
provided the principal topic of discus
SION. Nothing further was heard with
respect to money developments. nor is
1t likely that any further move will
be taken In this direction. The fact
Is that the peace idea has spread more
rapidly perhaps than most Of the con-
sentative interests like to admit for
the good Of the Liberty Loan and the
general situation: but It Is equally true
that they have and are probably using
other means to cope with the situation
without going any further in respect
to curtailing the amount Of money avail
able for speculative purposes.
The day began with the market con-
siderably below Fridays closing in all
its principal aspects. There was a con-
tinuation Of the preceding days elev-
enth hour selling In the war shares, and
"a tendency to take profits and even I'D
commitments was evident In the peace
shares. But as soon as the realizing
had run its course the peace issues
hrmed and selective buying was resumed
Canadian Pacific. was strong, the to-
bacco shares made fractional gains, the
coppers were firm and some OF the low
priced rails gained ground. There was
especial strength and activity In Amer
lean International. No new develop
ments were in evidence here to account
for the strength, and 1t was assumed
to have some connection with the deal
for the sale OF the British tonnage of
the International Mercantile Marine.
Shares Of the latter company reacted on
profit taking. Elsewhere there was very
little OF real interest.
The bank statement showed a de-
crease In surplus reserve of $40, 100000,
which was accounted for almost en-
tirely by a shrinkage of about $4,000
900 in member banks reserve at the
New York Federal Reserve Bank The
loan item showed a decrease of approx
imately $4,000. 900. this being due
partly to the curtailment OF credit and
to subscriptions to the Governments
latest issues of Treasury certificates.
The only important changes in the for
eign exchange market were slightly
nrmer tone In Swiss francs and con-
tinued weakness In guilders. Liberty
bonds were strong again, especially the
second and third issues.