The sun., 1918-11-11
CONFUSED PRICE MOVEMENT
IN AN UNUSUAL PERIOD
Investment Inquiry for High Grade Bonds
4. Principal Factor in an Interesting Peace Market
Reconstruction of Financing

anu the Iurtner curtaiIment OIL WofkinR
hours. The shortage OF labor in mos,
industries is acute and 1t is difRcult to
see how the situation can be relieved
until the work OF denobiiizing the mer
at the front progresses far enough ia
insure n large addition to the ranks Of
available workers. 80 many women
workers have made good In places for.
merly held by men that It win be pos
slblc for portion Of those returning
to productive pursuits to take up new
work " they care TO do 80. The larger
question as to an early reimbursement OF
wages depends upon many considera.
lions which cannot be discussed intelii.
gently until II Is known what proportion
OF male workers win be available and
how large n foreign business will BIZ
offered the American producers. 1t il
absurd to speak with any assurance
about an immediate reduction Of wages
since labor is splendidly organized and
wage schedules in many industries have
been advanced so materially as to make
the wage earners believe that the old
conditions will never return. The prob.
ability is therefore that no thoroughgo.
Ing readjustment of wages would bs
possible until there has been a radica
reduction In living costs throughout III,
United States.
In such situation 1t was natural
hat the stock market should have re.
ieoted the confused price movement
which was really the feature of last
weeks extraordinary fluctuations on the
Stock Exchange The continued selling
OF war shares gave the only note OF
weakness which the market displayed
The material advance in the railroad
stocks was in natural response to the
general feeling that those issues were
selling out of conformity with the res,
Of the market and that because of the
prospects OF an early peace the
seasoned dividend shares were entitled
to sell at much higher level In the
same way some Of the better known in
dustriai stocks whose earnings will moi
be seriously affected by n withdrawn
of war orders exhibited noteworthy
strength The market as d whole gave
a good account Of itself. notwithstand
Ing the confused price movement ana
the extraordinary demonstration Of
Thursday following the premature an
nouncement that an armistice had beer
signed, Wall Street will long remember
that episode as one of the most extraor
binary events OF the war markets
which was made all the more interesting
by reason Of the willingness Of the
public to take anything for granted a.
a time when II was hoping above al
things that the war would end forth
with. 1t may be said. therefore. thai
the extraordinary markets Of last weei
ittingly reflected the confusion OF
opinion concerning the actual status Of
ton by the outside world. There >art
interesting peace markets ahead
which will no>aoubt be characterized by
the violent fluctuations. which ar,
usually witnessed at such times.
Influential Factors.
! The public Is not yet heavily en-.
gagged in stock market speculation. I,
Is, however. more interested than II wal
a few weeks ago before an armistice
was talked Of or the briilianf exploits OF
the allied forces indicated that the Ger.
man forces were nearing the end Of
their rope. The significant feature Is
still the broader demand for investment
issues which is giving Wall Street the
4 best bond market that II has had since
the Emitted States entered the list OF
belligerent nations Tine advances OF
last week carried high grade bonds &c
the. highest level OF the year. the
market rejecting a real outburst OF in.
vestment enthusiasm with noteworthy
: strength in municipal bonds and other
T, issues that are usually In demand with
discriminating investors. There can be
| little doubt that the bond market has
entered permanently higher ground and
that there will continue to be broader
buying of good bonds by that class OF
the investing public which is usually ex.
ceptionally shrewd in its market opera
tons. Notwithstanding the immense
investments made in Liberty Bonds dur
| ing the past year. there is stir large
uninvested fund In the hands OF in
| dividuals and institutions which have
not been inclined to employ their funds
! permanently until the end of the war
was clearly in sight. 1t is natural
therefore. that this inquiry should have
1 UTodutUtu WltHHl tnt lhSt
when there have been gathering signs OF
an early ending Of the war under condi-
tions which make for the permanent
peace OF the world.
! II will not be difficult for many OF
the railroads and industrial corpora
tons to apply successfully to the invest
ment markets for new capital when the
work OF reconstruction is taken up
along broad lines II will be OF immense
relief for the world to think the war
! is over and that the prodieious expendi-
| lures for war material are at an end
There are many things which indicate
| that the country Is entering upon an ex-
! traordinary investment era In which the
new records of peace times may be
| found to be quite as interesting as have
been the extraordinary showing Of war
finance.
THE WEEKLY CURB MARKET.