Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-12-20
Trading Lighter Than at Any
Session Since Exchange
Opened for Business.
FREIGHT RATE INCREASE
CHIEF FEATURE OF NEWS
Larger Orders for Railroad Equip.
ment Are Expected by Manufac-
turers of Steel Products.

portant issues were not quoted at all
and the speculative favorites changed
hands in very small lots. The tone wa
steady at the outset, from which it be
! came irregular. with nominal losses a
the close.
The decision of the interstate com
merce commission granting partial in
| creases to railroads in the eastern ter
| ritory was again the main topic of dis
cussion, with considerable diversity o.
| opinion as to its real significance. The
| fact that the roads had been denied the
| right to increase rates in commodities
which form the bulk of their tonnage
caused disappointment. Apart from
| this, however, Wall street was disposed
| to view the outcome as a further indi-
| cation of the federal governments
| recognition of the needs of big bust
| ness
Mercantile Lines Improved.
! Mercantile authorities reported i'm
proving tendencies in many lines. the
recent cold weather having stimulated
demand in the textile trades. Record
! breaking cotton shipments also afford
| ed encouragement in these same quar-
tiers.
The coming week is expected to wit
ness some important Developments III
the steel industry, including publica-
| ton of wage scales for next year
Some of the larger mills have increased
their output, but immediate business
continues light. Demand for copper
remains tentative, consumers appar-
emily hoping for q decline from recent
price advances.
Features of the bank statement in
Guided a moderate loan contraction. a
substantial cash gain and a nominal
| addition to the already large excess
reserves.
Bonds were firm at the opening, but
lost ground later. Total sales (par
value) were 1902 600
Government bonds were without ma
terial change, on small trading.
Railroad Rates Supreme.
All other events of an interesting
week in the market for securities,
which included renewal of dealings in
the full stock list, were subordinated
to the decision of the interstate COM
merce commission granting increa sed
freight rates to the railroads in the
EASTERN territory. The Importance
and extent of the decision, which af-
fectS more than 100 roads, was the sub
iect of much debate. 1t would appear,
however, that the increases. which ex-
clude such important commodities as
cial and iron ore, average from ia to 4
per cent on at least so per cent of total
traffic.
Stock prices reacted from the first
upward rush of the week and were
at lowest level when news of the
freight decision became known. This
resulted in a general recovery, though
Tuesday. when full dealings were re-
stored. The higher range of that day
evidently attracted some foreign sell
ing. but not enough in itself to make
marked impression on values.
Money Conditions Improved.
Monetary conditions showed steady
credit fund being dropped. The cotton
loan pool began operations. although il
is still felt that this device is merely
credits through natural channels has be-
come SO general Reduction OF dis
counts by various federal reserve banks
| offers added proof of this condition.
Foreign exchange continued to make
favorable trade balance the week being
marked by heavy exports of cotton
Reihsmarks went steadily lower. the
| outcome, it was thought. of German
sales of our stocks, and bills on Lon
don were decidedly easier.
The weeks unfavorable factors in
cluded dividend reductions by several
of the more important railroads and
poor returns of traffic income for No.
vember. In addition the record acreage
for winter wheat was Offset by it's low
condition, as reported by the govern
ment.
Larger Orders Expected.
The car manufacturers, locomotive
builders. rail mills and bridge shops
| had some reason to expect larger or
ders from the railroads early in 1915
as result of the permission to adj
vance freight rates per cent, with the
exception of iron and coal. There i:
| much conservatism evident in trans.
portation circles, however: and in the
steel industry too: but prospective i'm.
provement in business is expected t.
| obviate the reduction in wages of mil
| operatives that was contemplated.
| The concessions of prices of 81 to S;
| per ton brought out a further increase
| in the volume of business in rolled
steel, especially in tin plate and sheets
| but there was also more encouraging
| buying of wire products, bars. plate,
and shapes for prompt and first quar-
| ter of 1915 shipment. In some cases {
price of s1.O5 for the latter products
was bettered.
| few large interests like the
Standard Oil Company placed larger
orders for plates. shapes, bolts ane
brought out orders for $4,000 to 10000
tons of steel plates and shapes. Two
| purchasers bought ESQ tank cars :
third bought 200 gondola and hopper
cars, and miscellaneous rail order!
amounted TO 800 tons. In the struc
tural trade orders aggregated 12.OO'
tons of shapes. Buying of pig iror
was sharply contracted in all districts
but merchant sales amounted to abou
go, 900 tons of foundry, forge and steel
making iron.