The sun., 1918-11-07
FINANCIAL NEWS
AND COMMENT
Doubt as to Election Results q
Restraining Influence in
Stock Selling.
LIST GENERALLY STRONG
Uniform Character to Trading
Money Situation Still
Cloudy.
LIST GENERALLY STRONG

Trading in yesterdays stock market
was governed largely by the fiuctuat-
ing indications OF Tuesdays belated
election returns. While It was accept
ed as a foregone conclusion that on
| the basis OF present figures at least
one branch of Congress had gone Re-
publican by safe majority, there was
still an element of uncertainty in the
final results. This was more effective.
however. in holding the volume of busi-
ness in check than 1t was in restraining
enthusiasm over the latest war devel-
opments in the matter Of prices, for
although dealings continued In about
the same aggregate as in recent ses-
eions. the price movement was strong.
The bulk of the gains were recorded
In the first and last hours when indi-
cations pointed more plainly to a Re-
publican victory, but the session as a
whole was a period Of very general
strength, and constituted an expression
OF confidence in the underlying financial
situation.
The election, however. was not the
only thing that wall Street had to think
about by any means. There were fur
Their developments in the peace situa-
ton, including the announcement that
a German commission had gone ~ .ss
front to arrange an armistice with the
Allies. all OF which brought the ques-
ton OF peace more prominently to the
foreground than ever before. But while
the Street was disposed to take a IA
vorable view OF the outcome Of these
negotiations, no end OF uncertainty ex-
listed as to the money situation. In
| a general way the appointment of a
Stock Exchange committee to confer
with the money authorities on the matter
| Of the latest restrictions helped some
what to soothe matters in this connec-
ton. The committee held a meeting
yesterday and 1t was reported that
another would be held to-day with the
money committee, but 80 far as actual
Developments are concerned Wall Street
| Is Just as much in the dark as before.
The Street was hopeful that something
| favorable might come out Of the con-
ferences. but IL without definite ad-
vices. The assumption was that II there
| are any changes in the restrictions they
will probably be for the better rather
than for the worse.
In 30 far as price movements were
concerned the most gratifying thing
about the days movements was that
there was less onesidedness to the trad
Ing; that Ia to say. the gains were
more uniformly distributed instead OF
being confined either to a few peace
specialties or railroad shares. The rAils.
however, continued to lead the market
in strength. but there was no weakness
in the steels. and the average gains at
the closing In this department probably
contrasted favorably with those in the
railroad list. There were a few wide
fluctuations in Southern Pacific and
Marine preferred. but for the most part
gains were fairly uniform. and were
| sustained fairly well to the close. which
was about the best of the day so far
as tho standard shares were concerned
Bonds continued strong. especially the
foreign government issues. Elsewhere
there was very little of interest.
Money rates were slightly firmer. call
ing funds loaning at 6 to 6ia per cent
for the best part OF the day as con-
trasted with 5 to u per cent through
out Mondays session. The explanation
for this was further Withdrawals OF
Government deposits from the New York
banks. While only a comparatively
small amount was withdrawn yesterday,
II Is understood that a considerable
amount Is to be taken to-day, an
amount probably in the neighborhood
| of 500. 100000. Foreign exchange rates
continued to reflect the war news. par
ticularly sterling and francs, which were
Arm. Sterling gained fractionally again,
as did francs. Neutrals were weaker.