Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-11-17
PLANNING TRANSITION
i FROM WAR TO PEACE
Assurances From Official Sources
Regarding Trade Adjustments
influence in Market,

NEW YORK, November 16-The
many unqualified assurances from Of
ncial sources that the coming period
with due regard to all interests was
the paramount influence of the week
IN the securities market
Washington is understood to be CO.
operating heartily with the leaders of
finance and industry to effect an easy
transition from war to peace. It is
generally recognized that some of the
most delicate problems now facing
the big interests of this country have
their origin not only in the countries
Of entente alliance, but in central Eu-
rope as well A comforting feature of
tho domestic situation was the an
noun cement by the Treasury Depart
ment o. a reduced program of war
taxation
Foremost trade authorities agree
that the immediate aspects of general
business are very confusing. Com
modify prices recorded further down
ward revision this month. but buying
in many lines was at a standstill in
anticipation of further reductions.
End-of-Week Prices Lower.
The end of the week found prices of
active stocks 2 to 10 points under the
corresponding period of last week. In
dustrfals, shipping. oils and motors
were adversely affected, rails yielding
only nominally.
Apart from developments due to the
termination Of the war. 1t is generally
believed that credit restrictions will
continue to exercise their restraints
From present indications time money
will hold at prevailing rates. with
little or no increase of supply.
| Settlement of contracts for both ac-
counts, fear of untoward events over
the weekend, and announcement that
tho local money pool intends to main
tain existing credit restrictions served
to unsettle today's short stock market
session.
Fully one-third Of the trading was
confined to such leaders as United
F States Steel. shippings, Mexican Pc
troleum, Southern Pacific and promi-
nent equipments. other industrials.
rails and specialties following in
minor degree
Yield In Final Dealings
Mnrine preferred Immediately mani
tested reactionary tendencies. falling
az points to its recent low figure. raj
lying materially. but yielding again In
the nnal dealings.
Other favorites. especially United
States Steel, lost ground when Bald
win Locomotive, Studebaker and re-
lated equipments fell back. Rails were
dull until the Ed
Bonds in general were firm. with q
slight easing among convertible raiis
and industrials- Trading was light.
liberty issues making up the greater
part Of the operations at no material
alteration from yesterdays final quo
tations-
The bank statement disclosed an ex-
psnison in actual loans for the week
Of almost s44, 200. 900 and a contrac-
ton of SIS, 100000 in excess reserves.
reducing total reserves to about $751;
600. geo.
Review Of Metal Trade.
Continuance of government control
of the iron and steel industry. as re-
Qreeted by the producers at their
conferences with federal officials in
Washington early in the week. is ex-
pected to stabilize the situation as
regards these metals while readjust-
ments incident to the cessation of the
war are completed.
Downward revision Of prices il re-
Earded as inevitable. A problem as
yet unsolyed is the reduction in pro-
portion OF labor and other costs 1t
"a planned to maintain production at
about the present rate.
The markets temporarily are not
active but inquiries for large tom
nages are locked for when the out
loek IL more settled Steel needed for
reconstruction in France is estimated
at e.08o. 900 tons. in Italy slightly less.
Heavy domestic demands for ship
budding and railroad steel seem as
sufed
Copper producers viii meet the war
industries board to determine read
5uStment policy. No cancellations
hAvo yet been reported.
Distribution and prices of lead re-
yna1n upchAnged. Inquiry for spelter
Is nsglEible and prices are OF. The
tin market u dull and easy under
1DVaEun1ent regulation