The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-11-03
FINANCIAL NEWS
AND COMMENT
Stock Market Little Changed
From Speculative Condi-
ton OF Week.
PRICES ARE IRREGULAR
War Shares Yield Under Pres
sure--Break I'm Mexican
Petroleum.
PRICES ARE IRREGULAR

The stock market rounded out the
week yesterday with very little change
in underlying speculative conditions
The share list was highly irregular
throughout the day. although exhibiting
slightly more strength in the last hour
than has been characteristic OF most
sessions Of late. In the main. however,
1t was the same kind OF market that
has been witnessed for the last
week. with a great conflict OF buying
and selling, which gave parts Of the list
an appearance Of strength and other
parts reactfohary aspect. What are
commonly known as the war stocks were
obviously under pressure to which they
yielded. On the other hand. the so-called
peace specialtles were dleposed TO be
strong. although on the whole both ten
denotes we're Onset somewhat. first. by
the usual weekend covering by traders
who refuse to carry commitments over
holidays. and. secondly, by liquidation OF
profits on the long side in stocks which
have experienced advances recently
Both OF these considerations were, OF
course. emphasized somewhat by the
coming holiday on Tuesday, neithet the
professionals nor the professional
traders desiring to take any well defined
position In the market over a period OF
interrupted trading pregnant with no
many possibilities for developments af-
fecting both sides Of the market. In
general way, however. the process
OF adjustment to conditions AFTER
the war Is still being continued. al
though with less vigor than on either
Thursday or Friday. In thIs respect
traders were helped somewhat by the
days news. All of the weekly trade
main subjects Of the business world are
peace problems. Although there has
been as vet no indication OF slowing
down of the various industrial lines,
note of conservatism Is sounded, never
theless, In the manner In which buyers
are restricting their purchases Tor the
future. All of this, of course, - only
indirectly connected with the movements
in the Stock Exchange. but 1t shows
which way the wind is blowing.
With attention largely directed along
these lines. 1t was not surprising that
there should be a further outburst OF
selling at the opening yesterday The
movement was not SO pronounced as u
Mas been on other occasions In the last
week, but before It could be checked
Steel common had dropped almost 10
par, Bethlehem steel had reached new
low along with Midvale, Central Leather
and American Beet Sugar. Influenced
considerably by the weakness In this
quarter, there was a sharp. break In
Mexican Petroleum. which followed the
publication Of unsettling dispatches
from Mexico concerning court ruling
against oil properties. In the last hour.
however, fear in this connection was
overcome and the stock rebounded, while
the rest Of the list Improved all around.
Good buying continued in the rails.
which were about the only features to
show sustained strength, and Corn Prod
ucts and Can made further gains. the
former attaining a new high record.
The bank statement showed a reduc-
ton in surplus reserve Of approximately
s79, 900, 900, Notwithstanding reduction
OF s45, coo, 900 in loans. The decrease In
loans were largely due to the restraints
that have been placed upon speculation
in the last week, while the fall in the
surplus reserve item was due entirely to
a reduction OF 100000 of reserve
credits at the Federal Reserve Bank.
Foreign exchange rates, especially neu-
trail rates continued to reflect the war
news and the prospects of peace. Sean
dinavian exchange was lower, as were
Spar,ish pesetas. There was very little
change in the situation elsewhere.