The sun., 1918-10-29
FINANCIAL NEWS
AND COMMENT
Stock Market Dealings on
Scale Of Greatly Increased
Activity.
NEAR MILLION SHARES
Pronounced Selling Character
Noted in Nearly All
the Classes.

In a stock market OF similar but more
extraordinary features than last Fridays,
when tho share list FIRST began to reflect
mittee with respect to Stock Exchange
loans, Indications were furnished yester-
day OF further and more substantial
readjustment of positions than was sug-
gested by the action Of quoted values on
Saturday. Dealings were on a scale OF
greatly increased activity, the aggregate
OF transactions again running close to
t.le million share mark, and with the ex-
ception of a brief period OF firmness at
the outset the market had a selling char
acter in nearly all descriptions from
start to finish. which became more pro-
nounced as the session advanced. AL
though the war news was good, and II
appeared almost certain that the end Of
the war Is not far of. the line OF demar-
cation which has been drawn between the
war shares and peace specialties was not
as conspicuous as on previous occasions.
Obviously the reason for this lay in the
necessity OF tine financial community
completing the readjustment OF its specu-
lative house before the end Of the cur
rent week, when the new restriction of
the money committee becomes officially
effective. Had II not been for this the
market no doubt would have followed the
course which quoted values have been
pursuing ever since the surrender OF Bull
garia In a general way, for there could
scarcely be any question yesterday but
that peace is only a short while of.
However, with the question OF money
Immediately confronting the financial dis
trict, speculative Wall Street was forced
to proceed in a manner which was to be
expected, despite the favorable showing
last Saturday OF the reserve position in
the bank statement. This statement.
while II showed substantial improve
ment in the reserve item, was misleading.
Careful examination OF the statement
disclosed that tho betterment was due
in large part, IL not entirely. to large
Government deposits involved in the in
itial payment on the Fourth Liberty
Loan, a temporary condition at the best.
and subject to change on the withdrawal
of such funds.
The only group OF stocks, In fact, to
show any strength at all during the ses-
sion were the coppers. Under the lead
ership of Kennecott. which improved
substantially, this department frmed and
at times showed a fair degree of stabil-
ity. The remainder OF the list had a
selling character almost from the start.
with special hcaviness in Steel COM
mon. concerning which large number
of rumors were in circulation as regards
the question OF whether or not the d.
rectors would continue the extra dis
bursement at the quarterly meeting to-
day One Of the reports had II that the
dividend would be cut, while another
| said that II would be paid in Liberty
bonds. But in conservative circles nc
| fear is being entertained over the divi'
| dend 1t would not be surprising II
there should be a partial disbursement
| in Liberty bonds, but as for the divi
dend there Is no question whatever a.
I to the maintenance OF that Elsewhere
In the list declines of from l to 3 point,
were experienced. The peace special
ties were active and there were wild,
and violent fluctuations again in Mexi
can Petroleum, but here, as in other pGrt!
of the market. no definite upward trent
was shown until the last few minutes
| when some short covering set in.
| There was very little change I'm tn,
| money situation. Call money was IL
good supply and there were reports tina
some time funds were being loaned. Blu
these rumors could not be substantisted
The exchange market continued TO re
fleet an early termination of the war
There was further weakness in neutra
rates and firmness in belligerents II
the bond market investment continue,
on a large scale on the \belief that al
developments are tending toward al
early peace. Prices here continued up
ward despite the weakness in the shar
| list -