The Washington herald., 1918-01-19
From the Financial Ticker

At the start of bus iness on the
Consolidated Stock Exchange today,
brokers wore their overcoats and
sweaters. the National Fuel Admin
istrator's coal conservation order be-
ing observed by the. shutting on OF
heat and the stoppage of elevator
service. Initial prices reflected irreg-
ularity, but gradually the list took
on heavfness, with prices receding.
There were rumors that the German
chancellor's speech would be decided
" warlike rather than offer any fresh
hopes for nearby peace, and this was
introduced as a market factor. The
failure Of Crucible Steel directors to
act upon the question OF dividends
was reflected by the stock opening at
"A. going down 5-S and subsequent
Iy touching IS 81 U. s. Steel opened
at 30. down Is and after a rally to
9O1-4 fell to IS IS Then it again ral-
lied to 9O1-4
B. S. 5. opened IS, an overnight
advance of 1-2, but from there it
fell to 70 H. Marine preferred opened
at 90 3-4, down SIS. and subsequently
touched SOI-2 Then it regained a
part of its setback. Interest was
Franklin, of the I. N. NJ. Company,
has held a conference with Secretary
McAdoo. regarding "an important
shipping project" which Washington
officials declined to discuss.
NJ N. P. again developed strength.
1t opened at 81 Is, down IA, touched
IS 81, and then rose to 81.
Commission houses handled a broad
business in large lots as well as odd
lots.
The pool in NJ. N. P. received credit
in early afternoon turning the stock
market. The stock advanced. while
steel issues were still sliding away.
A public following was attracted and
incidentally other issues with Mexi-
can connections followed lead of NJ.
N. p.
So sudden was the Fuel Admins
traitors order for the five-day and
Monday shutting down of industry
that Steel trade is still at sea re-
garding just what operations will be
permitted, although it is apparent
that order is not regarded as wisest
solution OF difficulties which indus
try was facing from lack of coal.
II also appears that every effort will
be made to comply fully with its pro-
visions.
A telegram was sent to Mr. Garfield
Thursday by Steel trade leaders and,
they are still awaiting definite in
structions as to just what parts of
their plants must. be closed
Selling pressure was attributed IN
some commission houses to expecta-
tiOns of warlike utterances from the
German chancellor. who is scheduled
TO address the Reichstag today. This
speech has been delayed for more
than a week and II is assumed that
the delay was Occasioned by political
developments within the German en-
pire.
There may be an element of sur
prise in the speech. It has all along
been contended in the financial dis
trict that the stock market would
respond in an upward movement If
the German chancellor spoke in
conciliatory tone with reference to
the allied peace terms
Steel acted better than Marine Dre-
ferred and was taken in large blocks
The pool in NJ. n. p gave a good
account Of itself and rushed the stock
up fractionally.
Rail stocks were neglected Alto
gether.
Secondary reflections on the Car
field closing order throws little new
light on the general congested con-
dttiOns Of the country. The street
from the first reception of the pa,,,g