Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-12-23
U. s. STEEL AND ALLIED
STOCKS SHOW STRENGTH
Rails and Some Industrials Were
Reactionary-War Issues
Show Gain.
By the Associated Press.

| By the Associated Press.
| NEW YORK, December 22.-Trading
in stocks today was altogether incon-
| sequentiaI' with q sluggish undertone.
Rails and some Of the more prominent
industrials were mildly reactionary,
but shippings. oils. motors and few
less distinctive war issues showed
/ moderate steadiness and occasional
strength.
Short.coxering was. productive of moro
evenness toward the close. United
States Steel, and allied stocks making
up their losses Sales amounted, to
| ia, 900 shares.
The market for bonds far exceeded
| in interest that for other securities.
! Despite the -disavowal of new peace
| were scored by the Anglo-French 5s.
Paris IS and French municipals.
| On the curb where Russian gov
eminent So and 6lf per cent bonds
are dealt in, overnight advances or b
| to per cent were reported.
Cumulative evidence that a success
| full conclusion of the war must involve
| a greater strain on this countrys re-
garding impending domestic problems
arising from that conflict accounted Tor
| the further serious depreciation OF
values on the Stock Exchange this
week. ..
Loss Was Recovered.
Part of this loss was recovered later.
| the rally being accompanied by peace
rumors. Especially significant. from
the bankers viewpoint, was the SUBJ
stantial rebound in foreign bonds,
notably British and French issues. i.
1t has been definitely determined that
the railroad situation is to be the sun
ject of a special message to Congress
taff nv he hc1i do 90 g n
important matter will be recommended,
but Wall street continues to fear
drastic measures.
Additional trade restrictions were frn-
piled by reports that the ADMINISTERS
ton intends to ask legislation for alb
solute control of such commodities as
coal, iron and oils. The fuel shortage
had seriously curtailed production OF
finished iron and steel and offers new
problems to the labor situation.
These disturbing conditions were
supplemented by an unfavorable crop
outlook, the government reporting
low condition of winter wheat in the
face of the largest acreage ever planted.
Increase in the local federal reserve
discount rates places that bank on the
same level with its associates. Smaller
bank clearings indicate business con-
traction at what often has been the
Has Benefited Steel.
Some Improvement in railroad trans
portation service in the last few days,
resulting from more favorable weather
conditions. has benefited steel manufac-
turers. The Cleveland plant of the
American Steel and Wire Company,
after being down for nine days, re-
sumed operations last Tuesday.
The United States Steel Corporation,
which is not wholly dependent upon
common carriers, has Jared better than
most steel companies and is producing
steel ingots at the rate of IS per cent
of capacity. Steel mill operations are
still intermittent, however. Some in
dependent plants have only 80 to rs
per cent capacity active and the out,
look for sustained increased output is
not satisfactory.
Government buying Is the most i'm
portant factor in the steel situation
outside Of plant operation. 1t is esti-
mated that between so and so per cent
of plant capacity is now occupied with
government work. The Army ordnance
department has distributed additional
orders for 100000 tons of shell steel
and the quartermaster's department is
about to distribute orders for 40,000,o 900
bolts at cost of $1,000 00. The
Emergency Fleet Corporation has ordered
$4,000 tons of rivets for shipbui1ding
plants in the east. The Navy has placed
several contracts for valves required
in construction Of submarines and de-
tstroyers. The Navy also continues to
buy machinery for arsenals and navy
yards.