The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-11-23
FINANCIAL NEWS
AND COMMENT
Wall Street Stock Dealings
Are Distinctly on the
Selling Side.
PRICES HEAVY ALL DAY
Traders Giving More Serious
Thought to REIMBURSEMENT
Uncertainties.
PRICES HEAVY ALL DAY

There were suggestions in yesterdays
stock market OF an incident change from
the comparatively featureless sessions Of
the past few days. All this week quoted
values have been moving practically
\ along one average level without slgnifi-
cant fluctuations except in a few special
directions. Whether or not any trend
or tendency is developing ia conjectural.
but by the close OF business last night
there were some Indications that specu-
lative effort was engaged mainly on the
side of declining prices. although It still
remains TO be seen II all the circum-
stances will permit anything like sus-
tained movement in this particular direc-
ton. However that may be, dealings
yesterday were distinctly on the selling
side. Business increased over the aver
age OF recent sessions and prices were
heavy throughout the day, although the
progress made was not as pronounced as
might have been expected under tho cir
cumstances.
Nevertheless It was apparent on the
surface OF things at any rate that Wall
Street 10 beginning to give moro serious
consideration to the controlling uncer-
Of war contracts and other peace read
Justments. While It could not be said
that anything specifically In the days
news Influenced the movement in prog
ress on the Stock Exchange. there were
circumstances connected with the de-
velopments which fitted in with the days
business. The most important thing in
this connection was the realization that
there were approximately $4,000, 000, 900
~ MAJ antG aNeNa
armiance was signed and that thus far
only about 10 per cent of this amount
has been cancelled. This, coming on top
OF Secretary Bakers statement in the
morning papers to the effect that more
than a billions dollars had already been
saved by cancelling war orders. put the
whole industrial situation in an entirely
new light, so far as the speculative COM
munity was concerned. Whereas 1t had
been expected that there would be Some
difficulties experienced in the readjust-
ment from a war to a peace basis, 1t was
realized yesterday that the task is much
larger than any one believed and that
the road to complete financial and
economic Improvement may be much
longer than the financial community was
disposed to believe ut first.
The weakest features of the list, as on
the preceding day, were the copper Is
sues. but they were by no plea.ns the
only weak issues. On the contrary, vir-
tually the whole list receded. In a gen.
eral way. however. the weakness was not
as pronounced in those stocks that were
pretty well lQuidated in the movement
last month IN anticipation OF peace. In
deed most OF the selling yesterday was
confined to those issues which benefited
most at that time. namely. the copper.
motors, and. to some extent. the rails
That thu rails should be included in the
list of weak features was one of the
disappointing things about the days
session and tended to give the movement
in progress on the selling side something
OF substantial character, that Is II
possible. As for the strong spots, there
were few of those, although they were
outnumbered by the weak ones. They
included for the most part the Mexican
shares or ISSUES OF companies which
have large interests at stake in Mexico
Mexican Petroleum. for instance. held
well in face of weakness elsewhere. as
did Southern Pacific, although neither OF
them made any great progress Crucinle
Steel was another strong spot and 30 was
American Hide and Leather.
There was very little change In the
money situation. Call quotations dropped
below the nominal rate for the first time
in several weeks but IL indicated very
little real improvement in money condi-
lions On the contrary II reflected the
lack OF demand on account of the re-
strictions rather than any large avail
able supply. The foreign exchange mar
ket was dull with sterling and francs
shade higher. Neutrals were firm, but
about unchanged from the preceding
DAYS closing.