The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-12-14
FINANCIAL NEWS
AND COMMENT
Conservative Feeling as to In
dustrial Outlook Pervades
Wall Street.
INFLUENCES THE MARKET
Rail Shares Hold Fairly Well,
but Standard Industrials
and Coppers Drop.
THE MARKET

There was a great deal less apprehen.
sion in Wall Street yesterday over the
railroad situation, but the uncertainty
in this direction. together with the gen.
eral feeling OF conservatism with respec,
to the industrial outlook. was a contin-
uing influence on the stock market. Pos
sibly the fact that there seemed to be
! railroad legislation in the current ses-
sion of Congress had something to do
with the more hopeful attitude of the
financial community. At any rate.
trading was much quieter than on pre-
ceding days. The price movement how
ever, was of the same reactionary char
acter as for several days, and although
the railroad department was disposed to
hold fairly we'll a fresh stage of decline
was entered into by the standard indus
tries and coppers. These issues consti-
tuted the weakest features OF the trad
ing. and toward the closing renewed de-
cllnes in some of the local fractions
| seemed to have accelerated the move
ment.
The factor which was of first impor-
tance,. however, In accelerating the de-
clines was a report of the sale of copper
at 10 cents, or cents under the price
fixed by the War Industries Board as
the official price for the red metal until
January 1. There was no confirmation
OF the report, but II reminded Wal
Street of what would probably take
place at the first of the year, when al
price regulations are to be abandoned
The fact that there was no large volume
| of stock pressing for sale was encourag-
ing so far as II went. But whatever
\ ~ A-N l.wa.A
from this was entirely Offset by the ease
! with which the market receded once the
| movement had gained Roadway. and
moreover by the almost complete alb
sence of buying orders with which to
support the market There was OF
course, very little real liquidation, and II
Is true that the markets technical posi-
tion is being greatly improved by the
one-sided character Of the operations
But at the same time that would seem
to be no great disposition on the part OF
those who are short OF the market to
cover, nor does It seem likely that events
in the immediate future are likely to
provide very much incentive for opera
lions on the constructive side.
Considering the variety of uncertain
aspects of the general situation, there
were several developments during the
trading which we're distinctly encourag-
ing. The stability of the rails and the
strength of some OF the eo-called spe-
cialties showed that there is a fair
recognition Of the favorable points OF
the situation as we'll as the unfavorable
ones. AS a matter of fact, the only
really weak features of the session were
the stee)s, coppers and fractions. which
moved to new low records for the cur
rent movement. Steel common broke
through Sc and all of the copper issues
were characterized by more or less
heaviness and some special and pro-
nounced weakness In few issues
against which the main pressure was
directed. There was renewed selling
Of the local fractions. Brooklyn Rapid
Transit made new low record, and
so did Interborough Consolidated pre-
ferred, as well as several OF the under
lying bonds The weakness of these
issues is becoming so pronounced as
to indicate that the situation with re-
is reaching a point where developments
OF great Importance may be expected
in the immediate future
Che money situation was unchanged.
Nor were there any very important de-
velopments in connection with the
foreign exchange market. Pesetas were
firm and there was a slightly firmer
tendency in sterling. but outside OF
these instances the quotations were
about unchanged from the preceding
days closing. A good deal of discus
sion is still heard in brokerage circles
over the money situation, but It is be-
coming clearer each day that those in
control of the Wall Streets money
strings are not disposed to bring abAut
any relaxation until after the next loan
is contaminated.