Evening star., 1914-12-27

from the dry goods and textile trades,
however, being OF more encouraging
tenor. Holiday trade in retail lines de-
rived some impetus from the more sea-
sonable weather, but bank clearings
clearly show a marked falling off In
comparison with the corresponding
period of 1913.
Rumors Of Foreign Demand.
There were rumors Of large foreign
orders for cotton and copper. to be
shipped within the next fortnight, to-
gether with large war supplies. Gossip
associated these orders with German
interests, probably because the inquiry
was said to come from banks with such
connections. Even the bank statement
was of less than ordinary interest,
most of the changes, including the cash
gain, being trivial as to amounts and
falling to reflect the shifting of loans
formerly go general at this period.
The bond market was steady with
sales (par value) Of $43s.000.
United Staes government bonds
were unhanged on call for the week.
Dullness Prevails Entire Week.
Christmas week will go down in Wall
street history as the dullest in almost
decade. The margin over established
prices of stocks was much impaired by
light dealings. Before the end Of the
week bids were frequently lacking for
some of the more active issues at the
prices permitted by the stock ex-
change authorities. General consid-
tion seemed to be the active factors.
Large increase in traffic and material
reduction in revenue was the explana-
tion offered by the Pennsylvania Com
Germ was expressed respecting future
disbursements by other high-class
railroads.
Pressure of money did not figure in
the decline in prices. Interest rates
are steadily receding. bank reserves
unparalleled and federal reserve re-
discounts are diminishing: Foreign ex-
change fell with some violence to well
below par. while returns from princi-
pal customs districts show that ex-
pansion Of the favorable trade balance
progresses.
War Insurance Arouses Fears.
Rates for war insurance aroused
some fears of involvement of addi-
tional powers. Fresh market burdens
the London Stock Exchange. January
Z
accompany that event make for eau
tious and circumscrlbed operations.
The public attitude toward the rate
increase afforded encouragement, and
movements to secure passenger rate
advances from various state authori-
ties were revived.
The federal courts decision against
the governments Lehigh Valley anti
trust suit partially Offset the effect Of
the Pennsylvania state commissions
reduction Of Philadelphia rates on an
thracits; s; Equipment aae tuos shares res derived
crease, with a better general outlook
for that industry.
Much qualification was felt with the
United States Steel Corporations de-
cision against a general reduction in
the wage schedules. A cut in price Of
copper redounded to the immediate
of all the metal shares.
Central Leather's increased dividend il
Illustrated the variation in different in
dustries. According to trade authori-
section of the country impaired a more
favorable tone to general business.
Steel and Iron Trade.
Although permission to advance
freight rates per cent in the eastern
territory did not bring out an imme-
diate response from the railroads in
larger orders for equipment, manufac-
turers in general bought more freely
of rolled, cast and forged steel and
iron, and the prospect for larger con-
tracts for rails. cars. locomotives and
bridge work was greatly improved.
The buying Of 100000 tons or more of
rails Is imminent and orders for 1000
cars will be placed in short time.
Railroads and agricultural imple-
ment and automobile manufacturers
placed larger contracts for bars and
shapes for delivery over, the first and
yards are closing for 10000 to 80, 600
tons Of plates and shapes to cover con-
tracts for ten ocean and lake boats
just placed or pending.s The plate
mills also booked orders for 10000 to
81, 900 tons for oil tanks and pipe lines
in various sections of the country.
Orders Average 10000 Tons a Day.
The extent Of the improvement this
cboxup In ba f,o$ .Izx