The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1914-12-16
WAR NEWS AFFECTS
THE STOCK MARKET
Settles Into Period of Dizziness
to Await Outcome of Great
Naval Battle.

NEW. YORK. Dec. 16-Tne naval ac-
| tivities in the North Sea occupied the
| attention of the traders on the stock
| exchange today, with the result that
afetr the disposal of. selling orders
! which came in overnight, causing
rather active and generally lower open
ing. the market settled into a period OF
, dullness to await the outcome Of the
battle.
The general lowering of price levels
! fulfilled expectations that the reaction
begun yesterday would so somewhat
| further before an upward tendency was
resumed. 1t is conceded by the majority
| of operators that the market Is better
| for the reaction. as it is generally be-
| lieved that IL had become too active to
| be healthy after so long a period OF
suspended business.
At the close of the market yesterday
| the committee of five which has dt-
rected trading In the clearing house and
prescribed the conditions under which
floor trading was resumed was dissolved
and practically all the restrictions re-
| Gently imposed regarding trading. with
the exception of minimum prices, were
removed.
fluctuations marked the majority OF
the issues dealt in on the narrow mar
ket that obtained during the morning,
| with Baltimore and Ohio. United States
Steel, and Northern and Southern Pa
cific among the weaker issues. Balu-
more and Ohio dropped quickly TO 6siH.
but later recovered a good part OF Its
loss, as did Steel, which having been
| under selling pressure that appeared to
be for foreign account. sold down almost
| Immediately after the opening to SOS.
| American Beet Sugar. and Central
| Leather we're particularly strong, adj
| vancing more than a point each during
the early trading.
4 N-.svr Eag ton daFN-r
| United States harvested last fall It's
[ greatest wheat crop, which, because oil
, European war conditions is now com
| manding a high price, the value OF the
chief crops Of the nation; based OF
I prices of December !, falls Sl,UOO,Ot
below last years figures. The Depart
ment of Agriculture has announced tina
4 the chief crops are worth Si940. $1,000
| as compared with $4,966. $1,000 IN 1919
l The comparative loss is due in large
/ measure to the low price of cotton.
i. Corn leads the nations crops. pelne
f, estimated as worth 81. 7O2 599. 900. All iht
wheat crops are valued at tSiS.OsO. -
against $50. l22,OtD in 1913. Cotton. how
ever, has fallen In value from Se26, 22I.cN
last year to s5l9,612.Ooo.
Railroads of the United States viii
lose this fiscal year $4,000 in carry
ing the parcel post, according 70 Rap.
= Peters. chairman of the committee OF
railway mail pay. The compensation
received, Mr.. Peters say, Will fail ina
far short of paying for the service
| rendered.
! Business found announcement in the
! expressions concerning the prospects or
z return OF prosperity made by lhenl-
bers OF the advisory council OF the Fed
eral reserve banking system, who met
and organized in Washington Yesterday.
T1ese prominent bankers, in nearly
every instance. reported credit condi-
ions a. being exceptionally good. re-
serves abundant, and short-term money
cheap
Whether wages and salaries VIII be
reduced by the United States Steel Cor
poration, as has been frequently pre-
dicted. is still an unsettled question.
The finance committee OF the corpora
ton met yesterday, but gave no con-
sideration to wages. The subject may
be taken up at meeting of presidents
Of the subsid arv. companies tomorrow
Sala-ied employees OF the steel cop1pa-
MES are looking forward to a rcduc-
tIon January !, regardless of whether
WAGES at tho furnaces and mills arc re-
duced. They believe. however. that such
a reduction will apply to the highest Of
fetal of the corporation, as vel! rs the