Evening star., 1917-01-07
SOME RECOVER|ES
IN>DULL MARKET
Trading Is Restricted, Total
Sales Amounting to Only
1896, 900 Shares.
PUBLIC INTEREST LACKING


By the Associated Press.
NEW YORK, January 6.---Except for
its relatively strong underton. to-
days dull and narrow market present.
ed no feature of especial interest. Re-
coveries of to points from yester-
days lowest levels. some of which
were later forfeited. resulted almost
wholly from the closing of traders
contracts.
The attendance of members on the
floor was characteristic Of the post
holiday period and public interest was
again lacking. United States Steel and
the usual specialtles comprising zine
equipment ard munitions groups con-
tributed more than half to the in
significant .otaI. Metals also were sub
stant:aIly bstter with shippings. but
rails were apathetic. Total sales of
stocks amounted TO Ss5,OOo shares.
Another Gold Import.
Foreign affairs evoked little interest
aside from the announcement of an
other large gold Importation for ac-
count OF the British government. Re-
current rumors of the cancellation of
Exchange on London was firm. but
rates On Paris. Berlin and Rome shad-
ed slightly.
Domestic trade reports indicated Il
slight halt in mercantile lines. based on
peace discussions and the probability
of an early reduction from present
high levels for some of the leading
raw products The car shortage con-
tinues to work TO the detrimeat OF
steel mills and allied Industries.
Actual reserves of local clearing
house banks for the first week of the
new year expanded by more than s23.-
0dc, 900. increasing total excess reserves
to abo,e s14o.ooo.ooo. while reserves
in vaults of banks increased almost
$4,000. 900.
Firmnvss ruled in bonds. with an
active demand for Southern Railway
generals IS 1T full point gain. Inter-
national bonds also denoted a better
vaiue). ss.s5o. 900.
Govetnne.:: bonds were slightly
more active during the week, United
states IS advancing a slight fraction,
while Panama IS yielded point.
Public Interest Absent.
Practically the same influences that
operated to depress values In the final
weeks of last year were again effective
N.
degree. Dealings lacked the initiative
or impulse of public interest and trad
ers continued to sell the active list at
almost every marked advance.
The trend of foreign events was
again the most potent factor in shap-
ing speculative sentiment In keeping
with December markets, however, price
changes were often paradoxical and
confusing, so-called peace stocks fall
ing on renewal of peace rumors. while
war shares as often lost ground on de-
velopments favorable to those issues in
the bull markets of Last fall q -.
Absence of any marked investment
demand thus far this year is the most
disappointing feature to conservative
financial interests. Contrary to the
custom. the bond market fails to tndi-
cate more than moderate inquiry from
that quarter, despite the many attrac-
tive issues offered. This condition is
ascribed to a natural hesitation grow
ing out Of current peace negotiations
and the probability OF another large
foreign undertaking by our bankers.
Industrial Conditions Good.
Rails were less active than At any
recent period and the mixed statements
Of earnings for November offered q
contrast to the general gains of .he
preceding months. Industrial cond;-
tions lost none of last years favorable
aspects. but estimates dealing with The
earnings of the United States Stee.
Corporation for the last quarter of
1916 were somewhat modified.
Metals were irregular. parity in con-
sequence of the belle: tha: foreign de.
mand reached Its crest some weeks
ago. Price concessions for high grade
copper served to strengthen this be-
lief. The more distinctive equipments
and munitions were obviously affected
by rumors which suggested an increas-