Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-09-15
MONEY CHIEF FACTOR
| IN NEW YORK Market
Review Of Conditions Shows Be-
ginning Of Preparation for
New Liberty Loan.

NEW YORK. September 14.-Money
was again the paramount factor Of
the week In the securities market. ad-
ditional credit barriers forcing FUR
ther liquidation in many parts OF the
stock list. especially among those is
sues subject to tho caprices Of specu-
lative interests.
There was q sharp downward re-
vision in several of those groups,
notably tobaccos, motors and oils.
some of which experienced reversals
of 10 to IS points from maximum
quotations of the previous month.
Shares Of recognized intrinsic value.
especially high-grade rails and IN
dustrials. suffered less severely. Al
though such issues as United states
steel and transcontinental rails were
10 to almost Is points under recent
high levels.
Exchange Controls Brokers' Loans.
Pursuant to last weeks action. the
stock exchange put into enect Its
system of control over brokers' loans
with consequent material reduction
of that item in local financial instttu-
tons.
Gratifying war news and resultant
futher readjustment OF foreign ex-
change on bases more favorable to
the allied cause exerted little inf1u-
ence, likewise the preliminary tabu-
lations of August railroad earnings,
many of which were in keeping with
the high records set by July.
Investment inquiry was confined to
liberty bonds. those issues. mostly at
substantial advances. constituting
fully rs per cent of the daily turn
over.
Final prices on liberty bonds today
were: 31as, 10000: first convertible
Is, $3.50; second IS. 1894: first con-
vertible ANS, 1915; second converti-
bio Ans. SO; third Ans. $3.50.
Prepare for "Rationing.'
With the rest Of the country on an
accepted war basis, Wall street is
gradually but surely settling down to
rock bottom conditions. preparing for
an indefinite period of financial ra-
tioning.
The infle1ible course pursued by the
Federal Reserve Board. with the
hearty cooperation of the clearing
change, is believed to foreshadow a
steady diminution to nominal proper
lions OF business in the securities
market
moderate investment demand. induced
by attractive dividend returns. this
applying especially to high-grade
rails and standard industrials. Buy
ing OF the transportations was fortf-
ded by forecasts of large earnings for
August, as indicated by gross returns
already to hand.
A prelude to the fourth liberty loan
was furnished by the sharp, II tempo
rary, advance in existing liberty 4s
and the 4As, due to Secretary Nc
Adoo's recommendations for an extern
sion Of exemptions not only on those
issues but the forthcoming f1otations
as well.
Plans already under way indicate
that unusual efforts will be made to
distribute the new loan more generally
among small investors.
Iron and Steel Market.
The conference to determine the
suing quarter will be held in Washing
ton next Wednesday. While the gov
eminent is openly opposed to a change
thought probable that some arrange
ment will be made satisfactory to the
merchant furnaces. which insist they
' nnled tonnage a on ns the eu BOOKS e Of the
gust 81 amounted to s.75s.o4e tons. or
Iron c ai s scarce. New business
Is accepted for urgent war purposes
only.
is SssT1 sna Ss gaDpy Of 81 eRDsa
metal is barely equal to 1t, but no
shortage is expected.
Consumers of lead for war purposes
are accommodating heavy stocks to pro-
vide against possible deficiencies dur
ing the winter months.
An international pool for the dis
tribution Of tin has been completed in
London. 1t provides that America will
receive two-thirds of the worlds pro-
duction at regulated prices.