The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-17
FINANCIAL NEWS
AND COMMENT
Wall Street Discusses Peace
Note, but It Does Not AZ
feet the Market.
GENERAL LIST Is DULL
Interest Centres Principally in
Few Specialties-Liquida-
ton Continues.
GENERAL LIST Is DULL

The attention Of the financial district
yesterday was chiefly absorbed in the
discussion Of the Austrian proposal for
an unofficial conference on peace
terms. There was no disturbance OF the
routine. but nevertheless there was no
installing the preoccupied absorp-
ton Of the Wall street community with
matters not altogether pertaining to
finance. As a matter of fact the note
itself made very little difference one
way or the other 50 FAR as operations
on the Stock Exchange were concerned.
The general list was dull throughout
the day, with interest centred princi-
pally in a few of the specialties In
which there was n continuation Of the
liquidation that had been left over from
last week as a result Of the new re-
strictions that have been imposed on
the money market with respect to funds
for speculative purposes. As whole
the general market may have done
somewhat better than IL has in the ae-
erage session recently. but whether this
was due go much to a curtailment OF
the selling as to the lack of interest
in trading was difficult to determine.
intensely interested in Austria's pro-
posal, expressed very little opinion one
way or the other as to what ought to
be done in regard to the overture.
The fact that 1t CAME just at time
when the allied superiority on the west
err front Is beginning to make itself
felt created the opinion in the majority
of instances that 1t was only another
attempt on the part of Germany to d.
vert the allied Governments from a
vigorous prosecution of the war. In
conservative circles. however. there was
a disposition to suspend judgment on the
note until something more definite has
arrived from Washington as to the at
titude which the President will take.
1t was realized that the document
should be given careful attention on
part OF the proper authorities But
unless 1t should be discovered that
there is a real inclination on the part
of Austria to make peace the belief in
these circles was that there was very
little to be gained at present for any
of the allied nations through an unof-
ficial conference on peace terms.
This was the view taken apparently
by a large majority of the speculative
element, for unless 1t could be said that
there was some reflection in the oil
shares. which were strong, throughout
the day, the stock market took abso-
lutely no notice of the proposal. Mex
lean Petroleum made a net advance Of
nearly points for the day and Texas
Company more than 3, and there was
slightly more irmness in the rails. but
excepting this the general market was
dull throughout, price changes being not
far from last weeks final. except in the
case OF a few of the epecialties OF the
type of American Sumatra. In such
shares there was further liquidation
shortly after the outset. This issue in
particular was the weakest feature of
the market, declining nearly points
on fairly heavy volume of business.
There was an excellent demand again
for and Az per cert. Liberty bonds
in response to the proposed more liberal
exemption of these issues from the sur
taxes. But at the same time the further
ANS again worked to the detriment of
the market price of the former.
There was no change over the week
end in the money market. Rates for
call money continued to be quoted at
6 to 61a per cent. and there was no
time money available. In the foreign
exchange market. where the first incina-
ton Of any real etep toward peace might
be supposed to make itself felt, there
was no reflection on the Austrian note.
Neutral rates, particularly those of
Holland. Switzerland and Spain. con-
tinued TO decline, but this movement
started more than a month ago in re-
Spouse to the allied victories. and so
far as could be determined had no con-
nection with the fluctuations in the rat