The sun., 1918-11-08
FINANCIAL NEWS
AND COMMENT
Wild Demonstration in Stock
Exchange on Peace Report
Cuts Session Short.
RUMOR BOOSTS PRICES
Advances Of From One to Five
Points RecOrded-War
Shares Heavy.
RUMOR BOOSTS PRICES

The report that an armistlce had been
signed with Germany turned what 9TH
erwise would have been q comparatively
tame affair on the Stock Exchange yes
terday into one OF the most enthusiastic
N history and Mt the close the whole
financial district WIS in a pandemonium
OF excitement Ofloial confirmation Of
the story was lacking. and toward the
lose. which was half hour earlier
than usual. Washington authorities cast
some doubt as to Its accuracy. but this
~ame too late to divert the market from
its course or to undo an advance rang
ing from 1 to s points and more in all
departments. with the exception of the
war stocks, which were heavy. Deal
ings were greatly Increased from the
average OF recent volumes. notwith-
standing the money restrictions. the to-
tai aggregate OF transactions for the
four and half hours of business ex-
ceedlng the million share mark by a
wide margin.
What happened on the Stock Exchange
was mild In comparison with the wild
demonstrations elsewhere in the nnan-
cial community. Indeed. after the re-
port had once gained circulation Wall
Street might Just as well have closed up
shop for the day and begun a real cele-
bra,ion Of victory for all the business
that was done afterward. As a matter
Of fact n majority OF the large houses
did close earlier than usual So did the
Stock Exchange The governors. recog-
mixing the spirit OF the occasion. de-
cided to close the market at 2 o'clock
but at the last minute 1t was found that
all members could not be notified In
time, and II was decided to put off the
losing until $3.50. So far as the ex-
change was concerned. however. the
closing did not come In time to prevent
the market from showing what may be
expected Of securities in case the report
Is confirmed. There was a wild rush to
buy stocks In the last half hour. during
which the rails were carried forward
with great buoyancy and enthusias SIN.
while the war stocks and other special
Issues were neglected. The expression
Of course was tempered to some extent
by conservative regard for the money
situation. but this seemed to have less
effect on prices than in the case OF pre-
ceding sessions this week
The announcement of the ar1nisttce
came at noon. The Street was at first
| Inclined to go slow, and for an hour
or DO thereafter the market turned
heavy. prices reaching the lowest levels
of the day. This was followed, how
ever. by a firmer tendency all around,
and when the market had recovered Its
bearings prices started forward
throughout the best part Of the list. first
rather slowly and finally with grea,
enthusiasm The greater part of the
strength conferred In the rails. as was
to be expected. Under the Leadership
| Of Southern Pacific all OF the old line
| investment issues. including Union Pa
c'fic. New York Central. Northern Pa
ciic, LehiEh Valley. Pennsylvania
Great Northern preferred and Reading
| all improved and In some instances
reached new high ground for the cur.
| rent year. The low prioad rails and
peace specialties participated in the
movements as did the copper. but the
steels and war stocks were heavy Bonds
were active and strong. particularly
the foreign government Issues. which In
few cases made new highs for the
year
With the financial district absorbed ir
peace topics much Of the recent Interest
in the money situation subsidized some
what. Rates were unchanged. Thert
was another meeting OF the money com
mittee yesterday, but in the excitement
over the armistice report Wall Street
showed little interest in II. Nor wa.
there much interest evidenced In the
withdrawal OF approximately 100000.
900 OF proceeds Of the initial paymen
on the Fourth Liberty Loan from New
York banks There was very little o
interest In the foreign exchange mar
ket. Sterling and francs continued arm
the former making a slight advance
but the remainder OF the list was vir
tually the same as on the preceding day