Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-01-05
YEAR IN WALL STREET
OPENS. AUSP|C|OUSLy
B. R. T. Receivership Only Diseor-
dant Note in Financial
Market.

NEW YORK. January 4.-Rapid prog
ress toward a peace basis attended the
first days Of the new year in the finan-
cial market, the only dscordant note
being sounded by the Brooklyn Rapid
Transit receivership.
In most other respects developments
were of a confident and suspicious char
acter. Removal of virtually all federal
restrictions against new capital issues
was signalized by several important
financial issues, large enough in the ag-
of the January interest and dividend
payments.
1t is generally assumed that numerous
other fotations will attract investors be-
fore spring, when the government is to
come into the market with another large
liberty loan. maybe at an increased rate
of interest Apropos of this prospect,
the rally in existing liberty issues was
one of the stimulating features of the
new year.
industrial and commercial conditions are
sound, making due allowance for newt
able price revision of raw and finished
materials, while business credits are on
a firm foundation. il somewhat ex-
tended.
The most uncertain element. accord
ing to general opinion, in the country's
immediate progress toward readjust-
meut is furnished by the status of the
railroads. Mr.. McAdoo's latest plea for
an extension of government control and
Judge Lovett's plan of unification are
from extensive holders of transportation
securities.
Although specialties dominated by
pools comprised very large proportion
of the recent stock dealings, appreciate
strength was shown by other issues
which are believed to owe their activity
to more substantial reasons. Chief
among these were secondary rails, which
are destined to figure conspicuously in
the country's postwar expansion.
A large part of yesterdays general
advance in stocks was forfeited dur
ing today's short session. due to a
combination of profit taking and fresh
pressure against local utilities
Refusal of the authorities to grant
increased fares precipitated declines
of l to almost 3 points in Brooklyn
Transit. Interborough Consolidated pre-
ferred. Brooklyn Union Gas and Console
dated Gas.
Oils. the strongest features of recent
days. forfeited l to 31s points, steels
and coppers. including United States
Steel and American Smelling, an ave-
rage of point and rails to points.
Texas Pacific was again most active
of the transportations. yielding 2h
points of it's recent substantial adj
vance, while Canadian Pacific, St Paul
preferred, Union Pacific and Atchison
eased on very moderate offerings
The few features of strength were
confined to speculative shares, notably
Beet Sugar. American Ice, tobaccos
and distilling stocks. where extreme
gains of l to 3 points were retained
at the heavy close. Sales amounted to
100000 shares.
over-year transfers were reflected
In the weekly bank statement, which
reported an actual loan increase of
$116,400,000, and an increase Of almost
$19 100000 in actual excess reserves.
Trading in bonds was nominal, the
tone becoming slightly irregular on
an easier trend for liberty issues To-
tai sales lpar valued aggregated
$6,37S,000. Old United States bonds
Fwere unchanged on call during the
week.