The sun., 1918-12-03
FINANCIAL NEWS
AND COMMENT
Stock Exchange Prices Not
Greatly Affected by Pres
ident's Address.
TRADE VOLUME rs LIGHT
Southern Pacific, Union Pa
cific and Reading Record
Gains Over q Point.
TRADE VOLUME is LIGHT

II was a relatively quiet day In the
stock market The chief feature was an
absence Of the sensational price move
ments which usually accompany the
Presidents address TO Congress and
other important events OF the same
character. But II there was no great
volume of business transacted, prices did
fairly we'll considering the news with
which II was confronted. For the day
M q whole. however. trading was made
up Of variety OF movements which
were based almost entirely on operations
OF the professionals, who changed their
positions several times in the course Of
the dealings. Early flrmness, with mod
crate advances in a few issues, gave way
to miscellaneous selling In the early
afternoon with the receipt OF the first
summary OF the Presidents verbal mes
sage, while before the close active re-
coveries were recorded In the greater
number OF shares and the list closed at
about the high of the day.
The principal explanation OF the un-
certain course of the days market of
course was the indisposition of Wall
Street to trade much in securities until
IT. had had time to- read carefully all
that the President had to say about the
railroads and business in general. Many
persons were willing to take a chance
for quick turn. but at the closing OF
the session 1t was impossible to get any
kind Of representative expression OF
exactly what Wall street as whole
thought of the message. The best opin-
ion seemed to be that so far as tho
message concerned the railroads II was
favorable in the long run, but that opin.
ion was by no means the only one that
prevailed. It was contended on one hand
that return of the roads to private
ownership under modified plan, as
suggested by the President, was pre-
cisely in line with what the railroad ex-
ecutives had been advocating: while. on
the other hand, It was contended that
the Presidents suggestions meant moth
ing more than another period of wrang-
ling and uncertainty while Congress is
whatever view finally prevails there was
most encouraging rally in the rails in
the last hour after the full text OF the
message had been received.
Dealings were greatly contracted ON
pared with the average of recent vol
umes, but this was distinctly IN the
markets favor, for It showed clearly a
plain recognition OF the difficulties in
volved in a return OF the roads to theiI
stockholders. AS II was, however, there
was a fairly satisfactory reflection Of
the good point in the President mes
sage, and some of the speculative favor.
ties in this department like Southern
Pacific, Reading and Union Pacifi,
gained an average OF more than point
The remainder OF the market. particu
larry the industrials, continued to NOV,
at about the same level they have beer
pursuing since early last week. Their,
we're a few weak spots among the spe
! cialties and equipments which were af
| fected by miscellaneous developments
including further profit taking in share
which had experienced the largest ad
vances last week, but these issues wer
distinctly in the minority. On the othe
| hand, advances mostly were confined 4
| fractions, both in the rail and industrial
| groups.
| Money was slightly firmer. reflectini
| the withdrawal by the Treasury Depart
ment of about $100.o00,000 from Tn
banks in this district. This. however, |
only temporary furry. and was in N
| way related to the future. AS n matte
| OF fact 1t was stated on good authorit,
| that the money committee expects L
lift the restrictions which 1t imposed Of
brokerage loans by January l. Thi
! statement was without confirmation. bu
the source from which 1t was obtaine
made It more creditable than other re
ports which have been In circulation II
| the financial district for some time. De
mand sterling continued strong in tn
foreign exchange market on the promis
of a resumption OF transportation 500
| on a schedule that prevailed before tn
| war. Francs were also firmer. but tn
| remainder of the list was about un
changed from the closing last Saturday