The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-11-13
FINANCIAL NEWS
AND COMMENT
Wall Street Market Depressed
Following a Day Of Rev
elry Over Wars End.
WAR STOCKS ARE HEAVY
Steel Common Drops Under
Par-Money Situation
Unchanged.
WAR STOCKS ARE HEAVY

Instead OF a buoyant sequel to last
Thursdays excited session Wall Street
had a disturbed and somewhat depressed
market on the Stock Exchange yester-
day, O session in which selling pressure
was the dominating feature The fall
lure Of the market to take further cogni-
zance of the momentous news was OF
course directly responsible for part Of
the pressure, although 1t would have
been perfectly logical development
anyway in view OF the new period OF
uncertainty with which the market Is
now confronted with the signing of the
armistice and the definite disposal of the
question of peace. However that may
be the essential facts Of the situation
remain unchanged regarding the strong
structural position of the country's in
dustries and the firm basis upon which
quoted values are resting. but these fac
tors were considered rather aside yes
terday from the numerous problems
which have been brought into the fore
ground within the last two days.
Dealings were not on a scale of much
increased activity over recent volumes,
but during four-f1fths of the session
transactfens represented great pressure
| on q large group of war stocks and some
special and well defined selling of a few
; Of the high priced rails. As a matter
! Of fact there were no very strong fea-
| lures in any part of the market. and this
! may have been significant Of the state
| Of mind in which the financial COM
munty found itself with the resump-
| ton Of business yesterday. 1t was not
sure as to where 1t stood with regard to
anything. 1t had expected. on one hand,
| nf a Ua
bring an easing up OF restrictions on
speculative operations definitely in sight
| as well as reduction in taxes. But IL
Secretary McAdoo's prediction can be
taken for anything-and this was a
prominent consideration in the days
tradng--it is unlikely that there will be
any reduction in the tax programme for
some time to come. Nor is there any
possibility OF the removal of the money
restrictions in the immediate future, for
It seems almost certain that there will
be at least two more Government loans,
which will require present regulations to
be continded until they have been COM
pleted.
Despite this uncertainty the average
decline at the closing was not as ex-
tensive as might have been expected all
things considered. Steel common, which
dropped under par for the first time IN
almost six months. General Motors and
a few OF the high priced rails lost con-
siderably, but elsewhere declines were
confihed to an average of about a point
In the most representative issues. The
pressure against the steels shares was
particularly heavy, as II was against the
high priced rails. So far as the railroad
list as a whole was concerned this de-
partment held relatively firm while the
rest OF the market was declining. This
was particularly true of the low priced
issues, of which Pttsburg and West Vir-
ginia was the feature. This issue rose
to a new high mark for the current move.
ment despite the selling in other parts
OF the markets. The immediate incen.
tive, however. was reported deal for
the sale OF the company's coal properties
American Sumatra, Marine preferred
and the sugar shares were strong. Witt
these exceptions the list was weak. AL.
though there were intervals of strength
In the afternoon the closing was the
weakest of the day. with prices at about
the low.
Sterling and francs continued TO i'm
prove. both rates reaching the most IA
vorable level touched since the early
part OF 1915. Neutral exchange continued
heavy, but the main interest in TIL,
market has turned from the neutrals Il
the belligerents. There was no chang,
. in the money situation. and IT was evi
dent all day that the situation Is benl
| watched very closely by the money com
mttee AS for the future. bankers SCI
slight chances OF easier money. 1t Il
expected that there may be an easing III
In this department for a time, but al
soon as the Government begins to antici
pate tho new loans there will be
Tightening in this respect all the wa.
around.