The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-11-28
FINANCIAL NEWS
AND COMMENT
Interest in Stock Market Cen
tres In Fluctuations In
Marine.
GENERAL LIST rs HEAVY
Fractional Declines In Most Of
Standard Rails and
Indusfrials.
GENERAL LIST rs HEAVY

Interest in yesterdays stock market
converged almost entirely upon the err
ratio fluctuations in the marine shares.
resulting from the unexpected overnight
announcement Of the Governments desire
to purchase the company's ships under
British registry. The rest OF the mar
ket was relativeiy quiet, Notwithstanding
there was some special and pronounced
weakness in a few descriptions, and In
the main held comparatively we'll In face
OF persistent selling pressure and gen
eral disposition on the part OF traders
to liquidate long contracts for over to-
days period OF suspended animation. The
net result OF the days transactions was a
fractional decline In most of the standard
rains and industrials and some sharp
and spectacular improvements In a few
shlres OF the type OF marine preferred.
which at one time showed a net gain on
the day of over Is points. Nearly half
OF this was wiped out. however. in the
afternoon by profit taking.
The heaviness which chara cterized the
general list elsewhere was distinctly dis
appointing to those who had expected
the trading rally on Tuesday to be
extended into yesterdays market The
fact that Il was not showed conclusively
that the short interest in the market was
not as large az Wall Street had generally
figured and that Q good deal Of the stock
that had been offered for sale recently
represented real liquidation rather than
a closing out Of professional contracts.
As result the market turned heavy
shortly after the outset with the receipt
reports OF further and more extensive
cancellations Of war contracts, and a
general realization that the end OF the
alloca tion OF steel contracts by the War
4
mean free and unrestricted market In
steel products. This was disquieting TO
that element which had expected that
the supervision would continue for some
time, and served to offset whatever en-
couragement might have been derived
from limitations received late Tuesday
afternoon that the inequities OF the
money situation were to be ironed out
in the near future The fact that the
gether was, OF course, disappointing. but
It was reassuring at least to know that
there are still very good reasons why the
control should be continued.
Dealings were on a somewhat larger
scale than on the preceding day. princi-
pally because OF the increase In the VOL
ume of speculation in the marine shares
In this department there was a head
long rush to cover at the outset on part
of those who had gone short at higher
prices, and resulted On the opening OF the
stock at figure more than points
over the preceding days closing. From
this level reaction set in, which car
ried the preferred down to loSk. where
new buying came in and the quotation
was rushed to a new high for the day
Of 119h as contrasted with a closing
the night before Of 1o3H. Thereafter
profit taking was INDUCED In again,
and the preferred as well a the common
receded along with the remainder Of the
market on conflicting reports as to
whether or not an agreement had
actually been reached with the British
Government as to the transfer OF the
ships to American registry. Otherwise
II was comparatively quiet day. Stude-
baker experienced a sharp decline, as
did Mexican Petroleum. Utah, some Of
the motors. and the steels in general.
But aside from these issues the market
held fairly we'll in the face OF the sell
ing, with some special strength in
stocks like Railway Steel Springs and a
few others in which incentive for a rise
was provided by purely local considera-
lions.
The money situation was unchanged.
Call loans continued to be made on the
Stock Exchange at to 5h per cent,
and there appeared to be an abundant
supply with very little actual demand.
Discussion continued concerning the
money restrictions. but with the an
nouncement of the new offerings Of GER
tificates OF Indebtedness II was realized
that there are no real indications OF any
relaxation until the next Government
loan is well out OF the way at least.
The foreign exchange market was quiet.
There was some further weakness In
spanish pesetas, but outside OF this In
stance rates remained about unchanged
from the preceding DAVIS level