The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-12-24
FINANCIAL NEWS
AND COMMENT
Traders Show No Disposition
to Buy Stocks in Quiet
Pre-Holiday Market.
LIST MOVES IN FRACTIONS
Marines Make Progress Dur
ing Session in Which In
dustrials We're Heavy.

Il was another quiet day on the Stock
| Exchange. The chief feature was the
absence of the reactionary movement
| which distinguished last weeks sessions.
But II there was no very sharp decline
| in prices. there was no disposition, on
! the other hand. to purchase stocks for
the long account. Those interested in
| surface fluctuations may have found
some significance in the fractional move
! ments Of the standard list. but to ex-
perienced observers OF the market the
| days transactions represented nothing
more than a give and take among the
professional element The fact that no
| important reactionary tendency was re-
| quired to make itself manifest during
the trading was of course an encourae-
ing sign after the sessions which have
been experienced for the past month or
| more but It was probably equally as
significant, 80 far as the immediate pros
poets of the market were concerned, that
no great inclination was manifested TO
purchase stocks for rise.
The indisposition OF Wall Street to do
much In securities was intensified some
what OF course by the coming holiday
tomorrow, as we'll as by the uncertainty
of whether the governors OF the exchange
would declare Thursday a holiday also.
But aside from this there we're several
very good reasons why no great dispo-
sition should be manifested to trade In
stocks for either account In the first
place, the money restrictions remained
| as they have been all along; and sec
ondly, there has been no apparent change
| in feeling In the financial community as
to what u likely to happen at the FIRST
OF the year when all price regulation has
| been abandoned. The fact that no con-
| firmation was forthcoming as to the re-
ports on Saturday that there might be
modification of the stand OF the Railroad
Administration as to the Ave year con-
| troll plan proba bly, tended to restrain the
trading likewise. But despite the dis
| appointment In this respect yesterday
! there Is still reason to believe, according
| to conservative interests, that some
thing OF constructive nature viii be
announced shortly from Washington
| which will be OF great Significance as 10
| the future Of the railroads
| SO far as the individual movements OF
| the share list were concerned, the chief
| feature OF the day was the movement OF
che shipping sha res, especially the marine
| stocks. There were further reports yes
tertiay as to the deal for the sale OF the
company's ships under the British flag
| to the Shipping Board. but none OF these
rumors seemed to have much foundation
| although the stocks actually made prog
ress during the trading. The general lis;
| Of securities which have come to be
known as the standard industriais were
heavy. and closed the day fractionally
| lower notwithstanding the fact that the
| list as a whole seemed TO present a
rather lopsided appearance. The to-
bacco shares moved fractionaIly higher
along with the shipping stocks and other
individual issues As matter OF fact
| there was a great deal more interest in
| the bond department than there was in
the stock list itself. In this connection
! than they have for some time back, and
nearly all of the outstanding issues
showed an improvement OF substantial
| fractions at the closing as contrasted
with Saturdays prices. The rest OF the
bond list was quiet.
There was no change in conditions In
| the money market Call loans continued
| to be made on basis comparing favor
ably with the conditions at the close OF
last week, as might have been expected
in view OF the increase In excess reserve
disclosed In last Saturdays bank state
ment- Time money was quiet, but ir
supply, with rates unchanged from Las
! weeks closing. The foreign eXcha ng'
! was quiet. Neutral rates were hruel
after the declines In recent sessions
but the rest OF the market was un
changed in important descriptions. I
was announced that the Offering OF S.,
600 900 Ave year 3 u per cent. notes o
the ST. Paul Union Depot Company b!
a syndicate headed by J. P. Morgan 4
Co. had been oversubscribed.