The sun., 1918-09-24
FINANCIAL NEWS
AND COMMENT
Stocks Again Display Fair
Strength, With Trading
Slightly Greater.
SPECIALTIES ARE ACTIVE
Some Issues Reach New High
Marks for Year-FOreign
Bonds Strong.
SPECIALTIES ARE ACTIVE

activity the stock market during the
greater part Of yesterdays session con-
tinued to display fair amount Of
strength in all its principal aspects
Transactions were on a slightly larger
scale and there was better distribution
OF the business. but otherwise the char
,acter OF dealings underwent no special
change over the week end. The broad
inference back OF the trading unques-
tionably was the growing optimism over
the war news. This was of course in
creased by the gratifying news from
Palestine. by the progress in the encir-
cling movement OF St Quentin. by the
reported evacuation of Cambria by the
enemy and by numerous domestic con-
siderations. But with the amount Of
money for speculative purposes strictly
limited by the money committee, and
preparations on the part of financial IN
situations ip connection with the fourth
Liberty Loan becoming more and more
apparent. II was a foregone conclusion
that the news would not find anything
like adequate reflection in the market.
In the absence, therefore. Of any spe-
cial feature on the Stock Exchange
Wall Street naturally turned Its discus
sion to the forthcoming Government
loan, the terms Of which will be def
nitely announced to-day. 1t was re-
GREETED that Secretary McAdoo had not
seen At to make public the terms of the
loan long ago. This was one of the
stumbling blocks in the first and second
campaigns. and II was confidently hoped
In best financial circles that the Treas
ury Department would make Its decision
on this occasion in time to give the
general public a chance to study the
terms before the actual campaign opened.
But no matter. The general outlook in
all other respects Is as encouraging. II
not a great deal more encouraging. than
Il has been in case of all preceding
loans. The passage Of the surtax amend
ment, while 1t does not go as far rs most
interests wished. nevertheless has CON
WINGED the financial community that the
trend Of affairs in Washington Is In the
right direction. Much good has also
been accomplished by the continuous
publicity campaign that has been con-
Quoted by the local committees. In
short those in a position to know expect
no trouble in floating the forthcoming
issue, no matter how large II may be.
As on Saturday. the standard Is
sues displayed a good undertone. But
It was the specialties and foreign
Government bonds that attracted
most attention. In this department sew
eral issues made new high records for
the year, notably Mexican Petroleum and
Texas Company. American Sumatra.
IN the other hand. reacted on profit TAX
ing from last weeks high. but most Of
the other individual shares gained
ground. This was especially true Of
some Of the motors OF the type OF Stude-
bakers. which was one of the outstand-
ing features Of the day so far as
strength was concerned. Steel went
through III again. and came within a
fraction Of 1l2. Relatively. however.
Government bonds than in the active
list. These issuea were strong all
around. rejecting continued progress OF
another new high record and the French
municipals also moved into new ground.
Notwithstanding the improvement In
reserve position as shown in last Satur-
days bank statement, the money situa-
ton showed no change over Sunday.
Call money continued to be quoted at
from 6 to Ga per cent. on the Stock
Exchange. and no time money was Of
fered. The most notable occurrence in
the foreign exchange market was n
slight advance in French exchange and
a further upturn In Swiss francs. 9th
erwise the market was without change
from last weeks. closing figures.