The sun., 1918-10-19
FINANCIAL NEWS
And COMMENT
Pronounced Movement in Steel
and Rail Stocks in Wall
Street.
MARKET GENERALLY UP
Mexican Petroleum Advances
to 1872, but Drops to "a
Points Net for Day.
dARKET GENERALLY UP

Still keeping transactions on the high
level Of expanded activity reached on
the preceding day. trading In the stock
market yesterday made a pronounced
movement In the steels. rails and other
descriptions which have not received
sessions. There was the same plung-
ing activity In the peace specialties and
Individual shares. But Il was graft
flying to the banking and brokerage
community as well as to intelligent fol-
lowers OF the market who have be-
lieved that the time was ripe for such
q diversion of interest TO the standard
stocks as would help place the market
In a more balanced position. and also
believed that conditions after the war
would warrant more serious considera-
ton OF the leading steels and rails than
has been witnessed Of late. Altogether
It was the best day Wall Street has had
this year. trading reaching a scale of
nearly 100000 shares.
The only thing s.sat distracted from
the session was the question Of whether
the present activity 10 justified by the
paSic thctofs -OI tHo GENERAL nnAuci&i
situation. There Is no disputing the
fact that there is a large foreign de-
mand. that the public Is beginning to
nibbie In the market. and that there is
a small supply Of stocks. But in the
light Of the recent warning by the
money committee 1t would appear, on
the surface at least. that Wall Street 10
ticking too much for granted. On the
other hand. there has been as yet not
the slightest indication that the present
scale Of activity IL meeting with dis
favor from those who control the situ-
alton with respect to money. On the
contrary, II would seem as though the
present course Of the market Is with
the full approval Of the committee. II
there had been any disposition to apply
the. brakes II would be reasonable to
suppose that the committee would have
taken action long ago. Whether or
not the market has the approval OF the
committee there is room for conserva-
t!sm after such a rise as has been
experienced.
Mexican Petroleum and the peace
shares continue to occupy the most i'm.
pcrtant position in the speculative mind
SO far as individual movements were
concerned. The former rose to 19c on
wild trading, and although It reacted
toward the close. nevertheless still re-
tanned over "a points net for the day al
the finish. The effect Of such a sensa.
tional rise. Of course. was to slow down
activity In the rest of the list for q
time, but IN the last period renewed In.
terest developed In the leading steels
and rails. which were moved upward
without much difficulty. Steel common
closed the day above 113. with a net
rat IN, NJ NI.a,, tv,Aa -
whole railroad department recorded
equal strength and a few descriptions OF
the type Of Southern Pacific maze wide
movements. The coppers continued
strong. with American SHELTERS rising
rather rapidly again, and Anaconda
making up its dividend on the FIRST
sale. In fact. the whole situation re-
fected accurately the continued progress
OF the Allies, and the growing demand
on the part Of investors In consequence
OF the Indications that the termination
OF the war with the full fruits OF VIC
tory is not far off.
There was very little change, out.
wardly at least, In the money situation
But much discussion was heard again
In brokerage quarters as to the reasons
why the money committee has not
deemed II advisable TO take action ia
slacken the present scale OF Stock Elk.
change activity. The theory was pu,
forward in some circles that the present
market might represent somewhat OF a
window dressing for the Liberty Loar
and that after the campaign had beer
completed 1t may be an entirely difreren,
story. This theory, while accepted In
some quarters, was not taken very seri
ously in conservative circles. where II
is realized that there has been some act.
ual improvement In the money situation
and where Is best realized the exten
Of the present investment buying. Neu.
trail exchange continued weak. Peseta,
and guilders were lower. and Swis,
francs made another new low record
for the year. although firming later.