Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-12-03
INQUIRY FOR RAILS
A MARKET FEATURE
Advances of One to Three
Points Registered by Some
of the Minor Issues.
NEWS OF MARKET IMPORT

NEW YORK, December 2.-Exten-
sion of the recent inquiry for minor or
low priced rails embracing those whose
immediate future is viewed with in
creasing confidence. was the most note
worthy feature of today's short, but
active, session. Advances ranging
from l to 3 points were registered by
Rock Island, Missouri Pacific, Wabash.
Kansas and Texas and Western Mary
land issues. with further improve
ment in Erie and Southern railT'y.
Other conspicuous features included
Ohio Gas. which made an extreme gain
of Ga points. to 124. an advance of
more than~2o points for the week, and
a new high record: Columbia Gas. also at
the new record of 81 e, with new maxi
NUNS for Pittsburgh Coal common and
preferred. and American Hide and
Leather preferred, the latter gaining
The last half of the session was en-
livened by brisk rise in metals. Utah
Coppers making a gain OF points, with
to ~ in Chile. Anaconda. kennecott,
Inspiration, Miami and American
Smelling.
Specialties Make Gains.
There we're substantial gains in spe-
sues. with recoveries from recent low
levels in shipping shares. Leaders
moved rather narrowly, United States
Steel manifesting some heaviness. but
closing at slight net gain. Invest
ment rails were in only moderate de-
mand, with some strength in Reading
and affiliated coalers. Total sales Of
stocks amounted to 100000 shares
The bank statement fulfilled popular
expectation by disclosing another actual
loss of cash-about 100000. 000-and
another contraction OF reserves, re-
ducing that item to s41,00O,000, the
smallest total since the present system
Of returns came into vogue. This con-
dition. it is expected, will make for
continuance Of recent high call money
rates.
The bond market was stronger today
In consequence of the improvement
shown by lnterna uonal issues. Total
Gales Gales. par value. $4,000 United
states coupon As were n per cent low
er on call during the week.
All other events of a week repiete
with interesting developments We're
subordinated to the note of caution
regarding the proposed Anglo-French
ehort-term loan and the subsequent
cancellation of that project.
Second in importance was the rise in
rate of the year to date and direct
outcome of the steady dwindling of
local reserves in the three preceding
weeks. To what extent these reserves
diminished result of excessive
speculation is a matter Of conjecture.
but their speedy reha Utilization Is alto
gether probable.
According 20 reliable data. there was
no slackening during the past month
of the countrys general activities.
Contrariwise. many new commercial
and industrial records were made and
the last month of the year gives prom
Use of greater productivity.
Stocks Follow Staples.
Temporary recessions in the quoted
values of securities were preceded by
declines in the more important staples
and commodities. specially cotton and
grains, in which speculative extrava-
gance had exceeded operation in the
stock market These reVersais Were
viewed with complacency in respons
ible financial quarters.
Widespread increase Of wages was
accepted as a natural concomitant of
the advance in prices OF virtually all
necessaries. The problem attendant
upon this condition Of cause and effect
finds partial solution in the lessening
of labor troubles and an increase in
savings bank deposits.
In the stock market itself prices.
while somewhat irregular. were well
nj will in