The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-10-05
FINANCIAL NEWS.
And COMMENT
Stocks Display Highly Irregu-
lar Tendencies in Wall
Street Market.
GENERAL LIST is FIRM
Public Utility and Traction
Issues Feature of the
Trading.
GENERAL LIST Is FIRM

Stocks displayed highly irregular ten
denotes in the stock market again yes
terday without any great change in the
character Of the trading. The general
list, while still containing some points
OF weakness in issues that are likely to
be adversely affected by a return Of
conditions to normal. we're fairly firm,
but there was considerable profit taking
in the peace specialties and some special
and pronounced weakness in other direc-
tons. But the broad inference back of
the dealings was the same as on Thurs
day. namely, that the market has about
completed, at least so far as the standard
shares are concerned, the first phase OF
the readjustment that became necessary
by the surrender of Bulgaria and the
possibility that Turkey will do likewise.
1t was still an unsatisfactory affair from
purely speculative viewpoint, but that
is to be expected SO long as present
money conditions exist and the interna-
tional situation presents 50 many con-
fusing aspects.
There were several considerations back
Of the selling in, the last few minutes,
including more pronounced discrimina-
ton In the peace issues, but the ono
that probably had moro than any other
to do with the actual weakness was a
report that the money committee would
likely take further action in limiting
funds. The report was of course with
out foundation. The only reason, in
fact, that II gained circulation was be-
cause II is well known that those in con-
troll of the financial end OF stock ex-
change operations do not look with favor
on the current volume of dealings.
There Is no need. however. for any fur
Their restriction Of money to stop specu-
lation II II should reach proportions
where II would be considered harmful to
the general situation. This committee
has plenty OF power now to bring opera
tions of this character to halt II 1t
chooses to without the necessity of any
move that might further unsettle the
as to whether or not the committee has
not already exercised its power in this
direction by holding the market leader
down to prevent general appreciation of
the news.
While new buying was in evidence
in quarters of>the market which have
Jagged behind recently In the peace de-
monstration the public utility and trac-
ton issues again provided the principal
feature of the trading. All OF the Is
sues which advanced on Thursday were
1
| high records for the current movement
although reacting later In the day. Ir
addition traders took UP the sugar Is.
sues American Beet Sugar gained
points. and there was excellent buying
| of American Sugar all on the peace the
DRY. The demand for the coppers, mo-
tors, oils and the marines continued fol
the best part Of the day. The standard
list. while firm for the most part, wa.
| disposed to do very little until the las
hour. Then selling movement occa
| stoned by the fear of further money re
strictions resulted In losses in some is
sues, particularly the steel. In the wal
speciality group sharp losses were ex
perienced by American Hide and Leather
and Industrial Alcohol. The movement
naturally spread to the peace issues
which reacted on profit taking from the
days high.
! There was no apparent change in tn,
money situation. Foreign exchange wa,
dull, though continuing the movement
in progress on Thursday. Dutch ant
| Scandinavian rates were fractionally
higher. as were most of the other neu
trails, with the exception Of Swiss francs
which moved In favor of New York. Bel
ligerent rates were firm. but quiet Gov
| eminent bonds were strong, and Lib
erty bonds were higher all around. II
the London market British consols were
| up to about SO.