The Washington herald., 1918-01-20
From the Financial Ticker

At the start of the week, economic
and financial uncertainties again dis
turbed trading sentiment on the Con-
solidated Stock Exchange, with the
prices OF leading stocks tending to
soften. At the same time. evidence Of
a renewal of liquidation in volume
was lacking and the offerings seemed
to be generally well taken care OF.
Commission houses reported a con-
tinued broad demand for small lots OF
stocks, the business in odd lots cover
ing a broad range OF securities. Trad
ing in the steel shares was again a fea-
ture of the dealings. with United
States steel common and Bethlehem
Steel B apparently in demand. Both
rallied well after setbacks. The acute
fuel situation was introduced as an
adverse market factor early in the
week. Another influence was sup
piled by renewed reports that the
third Liberty Loan might be issued
at a higher rate of interest than 4
per cent. The per cent Liberty
bonds of the second issue declined to a
new low record level. Call money was
firmer, loaning once more at per
cent. On Thursday morning publica-
ton on the sensational coal conserva-
ton order of National Fuel Admins
traitor Garfield came upon Wall
Street with dramatic suddenness and
was followed by a degree Of market
unsettlement. 1t was again noticeable,
however, that the undertone of the
market appeared to be good, with rail-
lying power displayed. The Fuel Ad-
ministrator's order, which directs a
cessation OF operations by practically
the entire industrial fabric of the ma
ton east OF the Mississippi River for
a period of five days beginning with
Friday morning Of this week and a
cessation as well of such operations on
every Monday from January 2s to
March 25 inclusive, is the most drastic
government measure affecting Ameri-
can industry ever announced. 1t Is
more sweeping even than any similar
action taken by any of the other ma
tons at war. Not even munition
plants are exempt from its provisions.
1t brings home to the masses Of the
people with decisive force the fact
that the nation Is at war.
One of the adverse influences in the
market which early in the week tend
ed to create fresh nervousness on the
part Of holders OF securities were inti-
nations that strong government
supervision was to be extended to the
industrial field as well as to the rail-
roads. Regulation Of the issue of prac-
tically all private securities, 1t was
said, would soon be proposed by the
government, legislation being under
consideration at Washington which
would give to the Federal Reserve
Board full power to pass upon new Sc
curity issues. The President. 1t was
intimated. might, in addition, issue a
proclamation calling upon the gov
ernors and legislatures of all States.
and county, city or other local officials
to cease making expenditures for pub
lie improvements not absolutely neces-
sary. and to refuse building or other
permits. as far as possible. to private
construction not contributing directly
to prosecution of the war. II was
pointed out that steps 20 unity the ma
tion's financial resources must be
taken before the third Liberty Loan or
the government might ind a mass Of
private issues OF bonds. stocks and
notes on the market In competition