The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-11-21
FINANCIAL NEWS
AND COMMENT
Intervals Of Fairly Aggressive
Strength Mark Trading
in Stocks.
RESTRAINT STILL FELT
Relaxation Of Money Restric-
tons Is Anticipated in
Near Future.
RESTRAINT STILL FELT

Although there were intervals OF fairly
aggressive strength in yesterdays stock
market, trading in the main continued TO
reflect tho restraints which are tending
10 hold bullish enthusiasm in check.
dealings were on a slightly increased
scale over Tuesdays aggregate, although
still considerably below the average Of
recent sessions, ana while efforts were
made on both sides Of the market by pro-
fessional traders, the response to the
mixture OF efforts was not very pro-
nounced except in special instances, and
the day closed with prices at about the
same level they have been maintained for
the last week or 80. It was perhaps
significant that the trading elements
were unable to make any great progress
on the destructive side. But IL quoted
values cannot be depressed very far the
failure OF the market to reflect construc-
tive effort is equally MS significant in
indicating how completely the trading is
being dominated by the money consid-
eratlons.
However that may be. financial senti-
ment as whole was improved yester-
day, and the general impression seemed
TO be that all that IL needed to bring
about higher range OF stock quotations
10 q relaxation OF the money restrictions.
So far an these were concerned, however.
there YVES not the slightest indication Of
any step In this direction on the financial
horizon. But the Street was filled with
reports OF some impending Developments
which would be favorable to security
prices. and the only thing which Wall
street could think Of that might have a
constructive effect in connection with the
market was relaxation Of the present
speculative restrictions. This was linked
ms 81 he
on Tuesday afternoon and another meet
ing which Is to be held tomorrow, and
before the market had closed at least a
part OF tho financial district was con-
vlnced that the committee actually in
tended to take steps in this direction.
whether the meetings have any sisnifi-
canoe In this connection Is, Of course,
mighty contectural. but one thing is GER
tain, and that 10 that the committee is
giving serious consideration to the pro-
posal or relaxing money restrictions as
concerns the bond situation. This. II is
commended. Is necessary to help the tre-
mendous amount of new financing under
way.
While price movements unquestionably
indicated a great deal more OF strength
than weakness. It could not be said that
the result Of the days trading was pro-
nounced in either direction. Steel COM
mon was strong and gained almost a
point and the -subbers, oils and some Of
the tobaccos made fairly impressive
showings for the day as a whole, but the
remainder Of the list was not disposed
to do much. and as n general rule prices
closed fractionally below the preceding
days mark. There was no special weak
ness, however. except in cases like Ma
rine preferred. where the announcement
OF the hitch In the negotiations for the
sale OF the compsnys tonnage Influenced
selling. and In case of Maxwell Motors,
where the passing OF the dividend on the
first preferred resulted in sharp declines
In all three classes OF stock. American
Beet Sugar was another weak feature,
and Studebaker was inclined to ease in
sympathy with Maxwell. but aside from
these instances the list held fairly we'll
In the circumstances
Tho money situation was unchanged
both as concerns call and time funds,
and most attention In this connection was
divided between the persistent rumors
OF removal in part at least OF the re-
strictionS on speculative funds and the
payment Of the third instalment on the
Fourth Liberty Loan to-day. Unless ex-
pectations go astray It is figured that
the loan payment will about complete all
the financial transactions involved In the
payment OF the loan in this district
There is about t62l. 5000 still OUT
standing here and something more than
$4,000. 100000 in the country as q
whole. Most of this will be paid to-day,
1t is believed. In the foreign exchange
market neutral exchanges continued
strong. Sterling and francs were heavy,
although not greatly changed from the
preceding day