The sun., 1918-10-23
FINANCIAL NEWS
AND COMMENT
Business on StJck Exchange
Again on Undinlinished
Scale Of Activity.
RAILROAD SHARES UP
Old Holders Of These Issues Be-
fore War Are Repur-
chasing Them.
RAILROAD SHARES UP

DVohhBo tuc ptOCh 6ACuduh6 ycb-
terday were on a tcale OF undiminished
activity and the railroad issues continued
to occupy most OF Wall Streets atten-
ton. The price movement was Of the
same character as for several days ex-
cept there was less onesidedness to the
display Of strength, although the marke,
still contained several points of weak.
ness either in stocks that are likely to be
adversely affected by n return of condl-
tons to normal or IN stocks in which
technical considerations alone would
have provided sufficient reason for a re.
action. However that may be. the gen.
eral list was characterized by more sus-
tanned breadth than on any recent occa-
sion, and in some OF its other aspects
the market as a whole presented more
gratifying features than 1t has at any
other time since speculation began to be
exclusively devoted to what has come to
be known as the peace specialties.
The fact that the Presidents reply "a
Germany was not forthcoming during
the session did not appear to have the
slightest influence upon the trading
What the charactsf@of the note will be
Wall Street did not have the slightes,
conception except in so far as the un-
Official advices from Washington went f:
but whether or not peace discussion Is
cut or forthwith. tho continuing in
fuence on the market yesterday was the
belief that In any event peace Is not far
of. Indeed, the financial community
seemed to be much more absorbed in the
money situation. in which there were the
first real indications that the situation
has become easy enough to Justify the
present volume of dealings. Unquestion-
ably this accounted for the sustained
strength OF the market as much as any
other consideration during the day. not
excluding the continued encouraging war
news and other Developments leading TO
the conclusion that Germany and her
allies are very fast approaching the point
where they will be compelled to accept
without reservation the terms OF the
Allies.
But the overshadowing fea ture OF the
day was the strength In the old standar I'd
railroad shares. For this the explanation
was the same as on Immediately proceed
ing days, namely. that those In Europe
as we'll as in this country who sold their
American securities at the outbreak OF
the war In 1914 and on subsequent occa-
sions are again entering the market will,
the turn OF the tide OF the war and re-
purchasing them in large volume. All
OF the shares which led the decline ut
that time were strong yesterday. includ-
ing Northern Pacific. Southern Pacific,
Atchison, Reading, Union Pacific, New
York Central, Baltimore and Ohio. and
In fact the whole railroad department..
The movement here naturally over
Swallowed the industrial department. but
there was a fair amount OF sustained
strength here, and some special and pro-
nounced gains were recorded at the clos
ing. especially in the equipments and
tobaccos. On the other hand. the recent
sensational features In the oil department
reacted. Mexican Petroleum lost II
points and Texas Company g. Motors
were also lower. Marine preferred i'm
proved with tho rest Of The shipping
shares.
Money rates were unchanged. but there
was a sufficient supply OF funds to &c
around, and bankers were generally OF
the opinion that the situation would take
a turn for the better for at least a short
time from now on. They pointed to the
new financing that Is being prepared as
support Of their contention. This view
prevailed despite another meeting of tn,
money committee yesterday and the pres
ence of the president OF the Stock Tx
change at the conference. Neutral ex
change. that Is to say those on Scan
dinavian nations In particular. wer,
lower. Elsewhere the market was abou
unchanged from the preceding day.