Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-01-06
PEACE RUMORS CAUSE
ACTIVITY IN WAR STOCKS
Selling Concentrated in Steels, In
dustria1s and Prominent
Rail Issues.

| NEW YORK, January 5-Reactfons OF
of to points In favorite stocks and
! 8 to points in special issues during
| today's brief but active session wiped
| out much If not all OF the mid-week's
| gain ana left the general list little
above final quotations of last year.
The selling which concentrated in
steels and other industrials and equip
! ments. as well as prominent rails and
| the group of war shares, resulted in
| large part from peace rumors.
These gained force from Turkeys re-
ported overtures to Russia and the
highly significant speech of the British
premier. of which Wall street had only
an fnkling before the markets close.
Losses in steels ranged from to 5
points. in coppers. Y to az. equip
| ments. to 8. with for Pullman: in
shippings an average of 2 points, as
much for motors and accessories and
to in oils and tohaccos.
Aside from actual decrease of
about S51 .000. 900 in reserves. the week
~ bank statement disclosed no marked
changes in local monetary conditions.
Bonds Under Pressure.
Bonds were under pressure, especial
" minor rails. Liberty As changed
hands at 96.e2 to $3.50 and the avs at
$3.50 to ISIS. Total bond sales (par
value) aggregated s2,1T5.0o0.
United States bonds Gold issues) were
unchanged on call during the week.
The week in the stock market, which
served to bridge over the old year and
the new. was attended by develop
ments of unusual interest and impor-
lance to investors as well as the specu-
lative community.
Explicit declaration by President
nf frr1,t taJ
sonable compensation and the indicat-
ed readiness of Congress to act on the
recommendations of the executive con-
tributed measurably to the further
manifestations of confidence.
That peace talk still remains the
paramount issue was evidenced, how
ever, by the sharp reversal in prices
Turkeys overtures and the latest ut
terances of the British premier.
Money on time and for call loans was
easier than at any period in the past
six weeks. but new financing is likely
to hold back until the further require
ments of the government assume more
concrete form.
A commentary on existing monetary
conditions was furnished by the Amer
lean Telephone Company's sale of s40,-
uoe,000 OF one-year notes at a price
yielding the purchaser about per cent.
These notes supersede an issue sold In
1915 on " per cent basis.
Apart from slight heaviness in rates
on Rome, the foreign exchange mar
kets were almost featureless on nom
inal offerings. Scandinavian rates
failed to reflect in any degree the shift
ing phases in the European situation.
Fuel shortage and freight embargoes
are seriously affecting the steel indus
try. The american Steel and Wire
Company suspended operations at the
Cleveland plant on Wednesday, The
Pittsburgh works were also crippled
by the same cause. Foundries in New
York district. even some engaged on
war work. are threatened with idle
ness from lack Of pig iron. The Penn
sylvanfa and the Baltimore and Ohio
railroads are temporarily accepting no
shipments of iron and steel for New
York city and the Norfolk and West
ern is refusing freight of all kinds,
whether of government origin or other
wise. Some shipments of pig iron from
virginia into the east have been in
transit since early November Consum-
ers are alarmed, as almost no iron can
be obtained for immediate shipment to
make good the shortage.
Government orders for ship steel are
heavy and plate mills are being urged
to increase shipments on previous al
lotments. Sixty days ago the United
States Steel Corporation took about.75
per cent of all government steel orders
but now independent mills are taking
larger tonnages.