The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-11-26
FINANCIAL NEWS
AND COMMENT
Stocks Unsettled and Reac-
tionary Movement Makes
Progress.
SELLING AGAIN HEAVY
Dealings Greatly Increased,
Although Below Recent
Volumes.
ING AGAIN HEAVY

Stocks were unsettled in the opening
session OF the new week and the reac-
tionary movement which was In evidence
at the closing on Saturday made further
and more pronounced progress. From
the opening on a heavy selling movement
was conducted throughout the general
lat. and although the pace slackened
somewhHt in the final hour the indica-
lions were clearly that the movement
had not yet run its course. The session
's whole was a disappointing affair to
hose who have been expecting further
reflection in the way OF prices OF re-
turn OF conditions to normal. as well as to
those who had been looking for a tech
meal rally after the sharp declines last
week. But 1t was purely logical and
accurate reflection OF the confused state
Of lie financial community over the i'm
~ late and future prospects for securi-
ties and the entire absence of buying
lower
Disturbing as the session was. there
we're some features which suggested that
in the long run II might lead to a
change in opinion of those who have been
'ponsible for the shortsignted policy
with respect to money. These princi-
pally concerned the manner in which
tho days business demonstrated the way
the money restrictions have curtailed
sional interests on the side OF declining
prices at time when 1t should be the
business OF Wall Street to put on as
optimistic a face as possible. There are
| of course, other reasons at present why
there should be a curtaiiment OF huyins
| Nower which included the disquetins
situation created in Washington by th'
| Sithd val OF Mr.. McAdoo from thu
| Trea Department and the Railway
n DIT IL -. 4,
| respon. for the state OF AFFAIRS II
| Yesterday stock market The princi
al cause for the conditions obvlousl!
vas the uncertainty over the money sit
| uation. and II brokerage comment can b.
| relied upon II would appear to be higl
time that the change is recognized an,
| something done to counteract the grow
| ng uneasiness OF the speculative com
| munity. However. there were no indica
tons yesterday. although money wa
omewhat easier than 1t has been 70
ONE time.
Dealings were on a scale OF greatl
mere, sed activity over recent dulness
| Ilthough still somewhat below the avei
| zee volumes OF two or three weeks age
but + business was not as active Their
| were more violent price movements o,
| the downward side OF the market thai
there were At that time on the construc
tive side. Indeed, the general list va
| weak throughout. and although the.
were periods when selling subsidized some
what prices closed the day at about t p
| 'ow and from to as much as point
| lower in the case OF some OF the spe
,'ialties. The fact that the trading wa
not excited was in the markets favor
nut whatever favorable impression thi
| may have created was offset by tn
| weak ess OF the rails and other old tim
Investment issues. These shares, in fact
were the weakest feature OF the day. q
Of the leading issues, including Sopther
Pacific, Reading. Union Pacific, as We
as the lower priced non-divideud rayin
| ~ails declining to new low records 10
the current movement. There were n
very strong spots anywhere, but tn
stee'I probably held up as well as an
1ther group. This my have been du
in the case OF Steel common to the 70
that the dividend does not come of INT
the latter part Of the week, but the tac
is that they Id better than the gener;
run of stocks.
For the first time in several week
| money conditions showed improvement
| so far as rates and supply were COZ
rerned Call funds loaned on the Stoc
Exchange as low Os 5la and per cent
and time money was put OUT for long'
ne DDS than Of late. This was due
several causes. first the curtailment I
war activities. to the better bank stat
ment on Saturday and to the lack of d.
mand as concerns call funds by reaso
IF the money restrictions There are. 7
= 1oubt, many brokers who would like
increase their loans at present in ord
to take advantage OF what they be!ieN
to be bargains in the stock list but wit
the strict regui" ton on losns thi
, of course. is imnossible. Hence Il
snnnlv OF call funds