The sun., 1918-09-19
FINANCIAL NEWS
AND COMMENT
Apathetic Conditions Again
Prevail in Wall Street
Market. . - .
TRADING Is LIVELIER
SpeciaIties Attract Keen At
northumberland Activity
in Standard List.

Apathetic conditions which have pre-
vailed throughout the stock market for
| the best part Of the week, continued as
the feature of yesterdays Wall Street
trading. There was trifle more ANNA
ton In some departments and the gen.
eral undertone was characterized by
slightly more aggressive strength, but
whereas Mondays improvement was sus-
tanned In large part to the finish. there
was disposition yesterday to shade
prices In the last hour from the high of
the day This was more evident In the
standard shares than In the specialties,
around which most OF the speculative in
terest converged. There was little or
nothing again in the news to stimulate
activity. and in the absence of any
such developments Wall Street continued
to centre its discussion principally upon
the money situation. So far as this
particular phase Of the situation Is con-
cerned. the financial community has
about come to the conclusion that tho
speculative market Is not likely to wit
ness anyanarked increase in activity I'M
I'll there Is some real indication of i'm
provement In this direction.
Under these circumstances, therefore,
1t was not surprising that the announce
ment that the directors of the New York
Central and subsidiary companies with
respect to the acceptance of the Gov
eminent rental contracts should have
mad so little influence on the course of
prices. This Is the first important East
ern road; in fact. It is the second road
In the country that has given any in
clination as to whether or not the rental
contract would be acceptable in the ma
1orfty or instances without material
changes and extended litigation. The
fact that 1t has now been accepted with
out further discussion with the Rail-
road Administration illustrates pretty
conclusively what action other roads
VIII take as soon as the matter
Is officially placed before the various
companies. There are some roads, of
course. particularly those whose finan-
cial situations are not as strong as that
OF the Central. which no doubt will have
more trouble In adjusting certain mat
ters. but so far as most of the stand
ard carriers are concerned 1t is now
expected their approval of the contract
will be forthcoming without further de-
lay.
Although the standard shares showed
slightly more signs of fife at various
periods Wall Streets main attention was
again absorbed In the specialties In
sented to show that the speculative ele-
ment had overdone the short side of the
market in the recent furry that followed
the announcement of the new money re-
etrictions. Mexican Petroleum advanced
to new high record, and there were
some equally interesting movements In
Distillers, American Sumatra, Texas
Company and number OF others. The |
marine shares also showed evidence OF |
life. these shares again responding to the |
persistent reports that the deal for the |
company's British tonnage had about |
been completed Whether there was any
foundation to the report could not be |
ascertained. and, lacking Official con-
frmation Wall Street was inclined to
doubt that the negotiations were any
nearer completion than they were a
month ago.
There were no changes in the money
situation. A more liberal supply of call |
funds was offered on the Stock Exchange,
but this represented no change In the
status OF the situation, due principally
to temporary surplus of funds on the |,
part of some banks. The foreign ex-
change market was steadler, neutral
rates rallying somewhat Otherwise.
rates were unchanged from the preced-
Ing days closing and without feature.