The sun., 1918-10-08
FINANCIAL NEWS
AND COMMENT
Stocks Of the Peace Glass Gain
In Strength and Increase
in Activity.
STANDARD LIST WEAK
Probable Early Termination of
War Influences Trading
in Wall Street.
STANDARD LIST WEAK

In its general character yesterdays
stock market did not differ to any great
extent from the markets Of the immedi-
ately preceding days of last week. There
was advancing strength and moderately
increasing activity again in the peace
specialties. and the day was further sig
nalized by q rather emphatic. turn of
strength In the rails. But the standard
list was weak until the session was far
advanced. and closing figures as a rule
showed substantial losses In q broad
sense the main inference behind the
trading was also the same as last week.
The question of an early termination of
the war was kept in the foreground by
Germany's latest peace note. and the
financial community as a whole felt that
the proposal had again emphasized the
growing disposition on the part Of the
Central Powers to accept Internationally
the allied terms But inasmuch as II
was well understood that this country
at least would reject the overture the
note itself had very little influence upon
trading.
The only thing really new IN the
action of the market was tho strength
Of the rails. To what extent Il was due
to peace considerations and to what ex-
tent TO the announcement in the morn
ing papers by Secretary McAdoo to the
effect that the Railway Administration
would take care Of all maturing obliga-
tons at 6 per cent between now and
July / next was difiicult to determine.
Both considerations undoubtedly played
some part, although the latter was with
out question most important under the
n. IA.
question will no doubt be welcomed by
the banking fraternity. 1t has been
known for some time that the Railway
Administration and bankers have been
at odds over this question. Furthermore.
the indecision in this respect has worked
directly against the carriers themselves.
Now that that Is settled II should elmi.
nate any fear that may exist as to how
| some Of the weaker roads are 10 provide
for important maturities between these
two dates. and at the same time will
tend to relieve the banks OF some OF the
burden they have been carrying in con-
nection with war financing.
So far as the general list was con-
cerned most Of the selling again CEN
tired in the steel shares, in which the
early losses ranged from 1 to as much
as points. Steel common was sold
heavily and SO was Bethlehem b, but
more particularly Baldwin and Crucible.
Industrial Alcohol was again subject to
much professional pressure and made a
new low record Tor the current move
ment. On the other hand virtually all
Of the public utility issues, the oils and
the motors rose on seiective buying,
while a good many OF the rails were In
demand. Erie first preferred, Union Pa
ciflc. Reading New Haven, Canadian
Pacific and Southern Pacific all showed
Improvement over Saturdays final. But
| the principal rejection. however, to Sec
rotary McAdoo's proposal was In the
bond department The new Union Pa
cific IS were up more than points, Le-
high Valley IS rose 2 points and proper
| Tomato betterments were recorded all
around.
There was no change in the money
| situation. Tho foreign exchange mar
ket was quiet, with neutral rates con-
tinuing to move in favor Of New York
Guilders made n new low and Stock
holm was a shade easier. Pesetas also
! made a now low. Other exchanges were
about unchanged from last weeks clos
| ing. Liberty bonds were fairly active
and advanced fractionally. while Rus
Stan inrerhaI 0or.tfs- touGy $3.50 per
100 rubles, against s14s on Friday and
S15S on Saturday. a clear reflection on
the trend Of events on the battleflelds and
within the Central Power nations.