Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-10-08
PEACE STORY SOON
LOSES INFLUENCE
Level of Stock Values Is Ad-
vanced on Very Moderate
Transactions.
TRADE NEWS OF WEEK GOOD

NEW YORK, October THE rumors
circulated late yesterday regarding i'm
pending peace overtures by the central
powers lost their effect in today S
stock market. The market experienced
another slight chill in the first of to-
days two-hour session. but more than
made up any lost ground, closing with
a strong undertone and numerous net
advances.
Much of the heavy trading of the first
hour, in which some stocks receded one
to three points, was attributed to an
eager short interest and liquidation
from interior points. 1t was regarded
as significant that rallies and actual
gains were effected on very moderate
dealings, as compared with the heavy
transactions that accompanied the de-
cline. Total sales amounted to $4,000
shares.
News Continues Favorable.
General news of the day in no way
detracted from the encouraging advices
of the early week. Trade reports were
in line with similar Intelligence of the
past few months-superab undant pros
perity. despite the shortage of crops
and the lack of labor to hasten produc-
ton. Bank exchanges continue on
phenomenal scale. with exports of raw
and manufactured products making
greater strides.
Other features of the day included
the discharge of the Mercantile Marine
receivership, restoring that property to
the shareholders, and additional rail-
way statements, notably the August
report of the Chicago, Rock Island and
Pacific railway. disclosing a net in
crease in net operating revenue of
more than 100000. The clearing
house statement again failed to reflect
the activity of the stock market. ac
tual changes as to loans and the loss
of cash being relatively moderate. Re
serves decreased by more than $780,
600. reducing the excess to SS2,555, $50.
Bonds We're irregular on comparative
~ light dealings; total sales, par value,
$2.735, 600.
United States coupon IS and Panama
coupon IS rose y of 1 per cent on call
during the week
Market Still Is Sound.
Completion of the fifth consecutive
week of daily operations running from
100000 to more than 100000 shares
finds the market for securities still in
herently sound and responsive, not
withstanding the increasing encroach-
ments of the short or professional ele-
ment and other factors calculated to
impair values.
Chief among these was a seemingly
responsible report circulated yester-
day that peace overtures would soon
be inaugurated by the central powers,
with this country in the role of media
tor. Upon the publication of the re-
port prices of special stocks, particu-
1arly those deriving their chief sus-
tenance from war contracts, broke two
to three points. in few instances
more, but standard shares, including
rails and the more seasoned indus
trials. held relatively firm.
Denials of an impressive and authori-
tative character served to effect very
general adjustment, at more or less
cost to the bears, and moreover the
peace rumors lost much of their weight
and importance from the unchanged
conditions of the commodity markets.
On the constructive side, the most
noteworthy feature of the week was
the large and steady array of remark
able statements of earnings submitted
by leading railway systems. including
the so-called Hartman lines and the
leading eastern or trunk roads. These
returns were followed, where they were
not proceeded, by higher market quota
lions. the shares of some companies
attaining best prices in two, three or
four years. while Norfolk and West
ern made an absolutely high record
The cotton carrying roads participated
IN this movement to an unwonted de-
gree, notably Louisville and Nashville,
Seaboard Air Line and Southern rail-
way. Incidentally issues of minor
roads were extremely active and
strong, particularly Denver and Rio
Grande. Wabash, Chicago Great West
ern and Toledo. St Louis and Western.