Show READJUSTMENT T r STANDS OUT AS MARKET FEATURE nL Hopeful Condition Is Seen Seel in Money l Market l Rails Arc Are Undisturbed New cw cv York Jan 18 Considerable in In In- terest attached to the further adjustment adjustment adjust adjust- ment of ot peace conditions during the week as demonstrated h by e events ent nt in Iii the steel copper and textile Indu industries and the thC reported Intention of oC the Pennsylvania Pennsyl vania amia railroad to reduce expenditures wherever possible According to bankers the tho appointment appoint appoint- ment of or the new director general of oC railroads has effected no change o In the position of oC the Store More oro hopeful conditions prevailed In thi tho money market a alight casing of at time funds resulting from the oCt otter otter- ro Ings inga of ot interior banks bank but tile the treasury treasury treasury treas treas- ury department continued to issue warnings against the use of or money for tor other than constructive purposes and a a I further scaling down of ot brokers brokers' loans loaM is J. J Obviously Ob the tho domestic monetary situation for the he next three months month's will be almost whon wholly regulated b by the th desires or or orre re requirements 1 of or the tho ho home hom government Jo In connection with th the tho Victory loan to be bc Is issued in the second quarter of oC the year ear Meantime there are arc prospects of oC more railroad financing ing inS but so far tar no confirmation Is ob obtainable obtainable ob- ob tamable concerning the report that England may soon JOon offer a large largo note Issue to American investors In Various phases of or the reconstruction era assumed more definite form tonu mainly maln- maln I ly in the curtailment or complete abandonment of ot operations For example reduction of or output was reported Irom rom some omo of or the prom steel and copper companies while whit one of the tho leading heading railroads railroad announced eed its decision to forego new construction at an Important terminal The stock market reflected 1 these conditions when It did dd l not hot anticipate them theta b by Irregular declines In th the quoted values alucs of ot many issues What amounted to a general reaction oc t lit In some of ot the more moro vulnerable vulnerable able shares 4 Rails Ralls suffered from tram the additional restraints Imposed b by the tho proceedings proceeding now before the Senate and the injection of labor difficulties this last problem also encompassing some of oC the more mora distinctive lines of ot fn industry Removal of or virtually the last federal restrictions against some somo of or the commodities com corn com modi ties in use ule during tho war was accompanied accompanied ac ac- companied by further downward price revision rc in those staples but lower schedules brou brought ht little Increase of ot domestic do do mes le inquiry I Monetary conditions hayo become sufficiently stabilized to warrant new financing amon among corporations not of oC the time first rank and Indications point to toone toone one ono or more foreign projects of or that character In this market before the advent alIven of ot the Victory loan |