Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-01-03
WALL STREET MARKET
SHOWS GOOD STRENGTH
Cancellation of War Contracts Has
No Effect on the Munition Shares,
Which Are Higher.
Steel Common Gains 4, Central
Leather 6% and General Indus
trial List 2 to 4 Points.

| NEW YORK. January 3.-The fact
that the liquidation in December was
complete and that conditions are far
removed from anything dangerous is
again evidenced by the excellent char
from strong interests-while the SELL
ing is simply the cashing Of profits.
1t became known late yesterday that
| orders for munitions to the extent of
| 500, DOT, 900 placed with American man.
ufacturers had been cancelled, that con-
tracts and renewals to the amount of
about $500, 100000 have been diverted
| to Canada since the federal reserve
board issued its warning against
| ninety-day treasury bills.
It is within the probabilities that
| many contracts will be duplicated in
the United States. but that Canada will
be given opportunity to NIL orders to
| the extent Of her capacity-such a
movement being the most natural
one possible.
Values to Peace Basis.
The feeling on the street is that the
ues to a peace basis But prices for all
products Of factories are still on a war
basis and big earnings are within the
robabilities-dividends likewise.
The best strong of the market il in the
olde time war stocks. which may now be
called largely equipment shares: all metal
stocks. steels. locomotives. Car Foundry.
Airbrake, etc.
Steel common IL the favorite Industrial
II started today at 11oA: as compared
ed up steadily during the morning hours
to 11zx.
Mercantile Marine made a two-point
advance: Mexican Petroleum, 81 points
! higher, selling to par.
Crucible Steel was IL better; Bald
win Locomotive point and American
Locomotive Y higher: Industrial Al
cohol. 118x. as compared with yester-
days closing Of 11e-these being in
the former war grouping.
Rails Are Slow Again.
smelter gained IN: Central Leather,
3 points; Coppers were irregular. In
SEPARATION and Utah being higher: ana
conda fractionally better, and some Of
! the minor coppers soft.
The first hours business was but
262 600 shares. The public is yet in
been eliminated for the time being
from the market.
Rails were again slow and showed
only fair strength. Chesapeake and
| gained Y. Baltimore and Ohio was y
| OF and Rock Island little firmer:
General Motors. new, OF 5A points;
others barely steady.
Positive Firm Tone.
| The market continued with moderate
activity and a positive. firm tone well
into the second hour Of the afternoon
with sales of $4,000 shares for the four
hours
| The feature Of tho early afternoon was
/ the squirt in Central Leather. which rose
to AA. as compared with yesterdays
close at 87h. 1t held its advance we'll
| Other stocks that figured in advances
In the opening hours moved up about
" a point. reacting about a point
later on.
acting to 112h. Sloss-Sheffield gained
4 points, Locomotive extended its ad-
vance to 2, Smelter to IN. Baldwin to
61A. a gain Of IN. and crucible Steel
to So. or 2k points advance.
| Industrial Alcohol touched 100, four
points advance.
| Reading was stronger, at IN gain;
Rock Island moved up / V and st. Paul
IN. Other rails were rather slow.
Steel Common, 114L.
Steel common. near the close of the
session. scored its high at 114A. Gen.
| trail Leather made a new high at OF
and Mercantile Marine preferred touch
ed SO.
Maxwell Motors scored 1h-point
advance. Reading topped the session
at 104, a gain of IN, and Beet Sugar
extended its gain to AZ net.
| General Motors. new, made points
advance, net, for the day