Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-01-04
CREDIT CONDITIONS
HALT SPECULATION
Wall Street Made Dull by Re-
quirements of Annual
Settlement.
MOVE OF MORGAN BANK
is viewed HOPEFULLY
Better Relations Between Washing
ton and Financial District Ex-
pected to Result.

NEW YORK, January "a more hope
full speculative sentiment with the turn
Of the year was restrained by the credit
requirements OF the annual settlements.
An important mercantile embarrassment
in New York gave warning Of capital
scarcity and resultant difficulties. AS
sumptions Of reversal Of party policies
toward corporations were curbed to await
the Presidents official message on trust
legislation. Assurance of prompt grant
of higher freight rates likewise was dash
ed by the commerce commissions open
ing up questions Of outlay Of revenue
While the overshadowing event OF the
week, in point of interest, was the with
drawal of ]. P. Morgan & Co. from va
rious directorates and the news that
similar action was to be taken by other
large financial interests, these develop
ments were. Of no immediate influence on
the securities market.
Hopeful View Taken.
While some members Of the financial
community looked for a period Of unset
tlement as the result Of fundamental
changes in financial methods, the more
generally accepted view was hopeful
one. 1t was felt that readjustrnent
would tend to decrease friction between
Wall street and Washington and. while
not Gripping the efficiency OF the Great
corporations affected, would establish the
financial world ultimately on a better
basis
Demand for New York state AZ per
cent bonds when issued promised the sue
cess of the coming issue and gave tone
to the bond market. All money markets
proved their preparedness for the year
end strain. The customary relaxation
is expected to follow. slackened trade &C
tivity adding its effect
Copper sold higher. more from conf
dence in future buying than from large
present demand. Steel trade hopefulness
had a like cause. Leading returns OF rail-
roads show heavy shrinkage Of traffic.
Steel Companies Encouraged.
The steel companies were much encour-
aged by developments between Christmas
and New Year day. when larger specifica-
tons against tinplate and sheet contracts
permitted higher average mill operations.
The release of some railroad orders for
equipment also means larger rollings In
the next two weeks. Steel mill opera
tons today are about 40 per cent Of capac-
ity against 20 per cent active immedi-
ately before Christmas
The New York Central distributed Or
ders this week for 10000 tons Of rails.
Another eastern road bought 10000 tons,
and lines in the central west placed Or
ders for 1900 tons More, rail contracts
are pending. aggregating 10000 tons.
including the Santa Fe, St Paul, Union
Pacific and Southern railroad, but ex-
GLIDING the Pennsylvania railroad re-
quirements.
Large Orders for Cars.
The Union Pacific ordered 5000 cars.
Canadian roads bought $500 cars, and
contracts for 1900 more are pending.
Merchant car builders booked orders for
10000 cars, and railroad shops received
orders for $4,000 cars in 1913.
The pig iron output for the year was
estimated at 81 10000 tons, and steel
ingot output 80, 10000 tons. a gain Of 4
per cent and per cent, respectively.
over 1912.
Steel building orders last week were
light, but steel contracts for the sub
ways were closed calling for 10000 tons,
bringing the 1913 fabricated steel total
to 100000 tons, a decrease OF a little
over 80 per cent from the 1912 booking.
Several more steel-making pig iron
contracts were closed. Merchant pig sales
in 1913 were less than 100000 tons,
decrease of nearly 80 per cent as COM
pared with 1912.