The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-05
FINANCIAL NEWS
AND COMMENT
Continued Expansion Of Deal
ings Results in Moderate De-
clines Of Standard Issues.
MINOR INDUsTRIALs BRISK
Most Active Selling Noted in
Steel, With Price Declin-
ing Over a Point.

Wall Street had precisely such a stock
market yesterday as might have been
expected to follow the rather sharp out
burst OF bullish enthusiasm in the final
hour of Tuesdays session. The sudden
expansion of dealings to an aggregate
fully twice as large as the average ses-
sions recently. and n further demonstra-
ton at the outset again yesterday, APP
parently influenced a substantial supply
OF stocks into the market in the after
noon. the effect of which was plainly
seen in moderate all around declines in
the standard issues at the closing. This
did not prevent. however. expression of
appreciation Of the splendid war news
In the specialties and individual shares.
but as general rule signs were not
wanting of certain hesitation in issues
which have advanced most recently.
There were several strong spots. par
ticularly among the oil and minor in
dustrials, but so far as the general list
was concerned speculative Wall Street
seemed disposed to pause for a moment
In order to bring about a slight read
justment of the new price level.
There was very little Of interest again
in the news aside from the war develop
ments. In fact there was nothing In
the stock market. Much was heard In
discussions in brokerage circles about
the money situation not warranting spec
ulation of a character that took place In
the enthusiastic last hour Of Tuesday,
session. and attempts were made to con-
meet yesterdays reaction with the local
money committees warning. This prob
ably had as much to do as anything else
with the more cautious sentiment that
prevailed in speculative quarters. but
1t was difficult to understand how this
consideration could have had anything
more than a sentimental effect on the
course of prices when 1t was considered
that there was no hardening OF money
rates during the day. On the contrary
money rates were easier. There was the
first supply of time accommodations IN
any quantity for more than a week and
call loans were quoted at from to Ga
per cent, as contrasted with 6 to 6h
per cent. on the previous day. Consider
able significance was again attached &c
an easier trend in neutral exchange, Blu,
1t WAS without any effect whatever on
Stock Exchange operations.
The most pronounced selling, as In
case Of the buying on the preceding day
again centred In Steel. Despite quite
liberal realizing. II was only possible tc
depress this issue slightly more than q
point. The same story was true OF
practically all other industrials. many
Of which resained either all or substan.
tial parts OF their losses before the clos
Ing. On the other hand the oil shares
were run up rather sharply under the
leadership OF Mexican Petroleum and
Texas Company there was a fairly good
demand for the tobacco issues, and
brisk buying again Of Bethlehem B. The
rails did very little at any stage of the
trading, speculative Wall Street appar.
emily being disposed to await the an.
nouncement and final settlement of the
railway contract. which is expected moi
later than Friday Of this week. In the
bond department foreign governments
and French municipalS continued the!I
rise. bonds of the cities Of Bordeaux
Lyons and Marseilles all reaching new
nigh records.
The money market was easier. not
withstanding the expansion OF specula-
tive activity on the preceding day. In
terest in the foreign exchange market
continued to centre in neutral rates,
which again responded to the favorable
war news. Practically all of them
showed an easier trend. and In one or
two instances the. changes were even
more marked than on the preceding day.
penhagen. 37h: ,Christiania. 40
spain, 10; swiss francs. Ii, and
Stockholm, 12S points, these rates
being the most favorable to our
market since the beginning of the first
German offensive last March. There
was little change in other rates. Grain
was strong. Cotton suffered a substan-
tial reaction from the previous days
high.