Evening star., 1918-01-13
U. S. STEEL UNL0ADED
AT 2PO|NT Recession
Uneasinsss as to Corporate Financ-
ing by Government A.
fects Stocks.

by tho Associated Press. ..
NEW YORK, January 12.-The lower
range Of prices to which stocks fell
today was generally ascribed to un-
easiness arising from the proposed con-
troll Of corporate financing by the gov
eminent.
There were other causes, however,
Including persistent r norts of a down
ward readjustment of steel and iron
schedules by the authorities at Wash
ington. U. S. Steel was unloadeda in
very large blocks at an extreme re-
csssion of points, while other is' hes
Of that group reacted l to points.
Equipments. coppers, motors, oils and
such specialties as Industrial Alec hol,
American Can and American Sugar also
yielded / to almost points Aod-
crate pressure, while Union Pacific land
Reading featured the rails at losses of
to / Y points.
Shippings stood out by reason of their
strength, Marine pfd. rising points. the
greater part of which was retained Losses
in industrials were slightly reduced at the
active close. Sales amounted to $4,000
shares
A $4,000. 900 decrease in actual loans.
an increase of almost 500, 100000 in net
demand deposits and a gain of more than
$30,000,00 in federal reserves of member
banks were the outstanding features of
the bank statement.
Features of Bond Market.
Mercantile Marine IS and Distillers' IS
were the strong features of the narrow
TO 1855. first As at 1892 to 97.90. second
As at $3.50 to 1854. Total bond sales
tPar value) aggregated s3.42s;ooo. ;,
United States As (od iSSueS) rose Il
per cent on call during the week.
Trading on the stock exchange this
week was almost wholly restricted to
minor groups of professional operators,
who seized upon every opportunity to
take small profits in the narrow swing
Of the dull and irregular session.
OF public interest there was scarcely
the slightest indication. and investment
buying, for many years an inevitable
accompaniment of most January mar
kets. was most conspicuously absent.
Stocks were at lowest levels in the
dnal session, the list receiving pro-
nounced setback on news that the gov
ernment purposes asking Congress for
power to regulate all issues of securi-
ties during the war.
Local financial Developments includ-
ing the f1otation of several note issues
by corporations engaged in war busi-
ness, gave fresh point to the higher
prices of money.
Conjecture respecting the attitude of
transportation measure stimulated
further discussion of public ownership
OF the railroads and utilities.
Full Capacity Needed.
Steel companies have been notified
by the government that practically the
full capacity of steel bar mills equip
ped to roll sizes required in the manu-
facture Of projectiles will be needed
during the first half of this year. This
means 100000 tons Of steel cars will
be called for before July 1. About
half of this tonnage has been allotted
already for the United States and an
equal tonnage. therefore. will be re-
quired for the allies. Some heavy al
lotments have been made for export
since January 1.
The seriousness Of freight congestion
At iron and steel producing points is
emphasized by the December state
ment of the United States Steel Cor
poration. which showed that shipments
in December fell nearly 100000 tons
below orders booked. 1t is now known
that during the holiday week the op-
erations of the corporation dropped as |
low as so to 20 per cent. making the |
average for December little over 80 |
Per cent. |