Salt Lake Tribune | 1917-01-05 | Page 10 | Peace Rumors Result in Stock Market Reversals

PEACE RUA0R5 RESULT IN STOCK MARKET REVERSALS Reports of Fresh Complications Between the United States and Germany and Forecast of New Peace Move Actuating Factors. NEW YORK, Jan. . Rumors and reports dealing with the peace situation sit-uation were credited with causing 'a reversal in the stock market today which carried prices down 3 to ti poin ts. Board -room gossip revived re-vived reports of fresh complications between be-tween the L'nited States and Germany, which adversely affected the so-called peace stocks, while dispatches from Washington Wash-ington forecast ini? a new move by this govornment in the direction of peace ap-pea ap-pea re'l to Itave a similar effect on the war Issues. These and other developments created confusing cross-currents In the movement of prices, although it was apparent that professional traders were in control. Market Unsettled. Unsettlement began soon after the firm opening, incorrect advices from Washington Washing-ton giving- rise to the impression that the I federal reserve board had issued another and more empha tic warning against American participation in short-term loans of foreign origin. Losses were general gen-eral ly extended during the intermediate period and again in the Mnal hour. Intermittent rallies of 1 to 2 points were more than balanced by Increased heaviness heavi-ness in L'nited States Steel and allied industrials, in-dustrials, as well as other potential issues, is-sues, including confers, the latter being under especial pressure in consequence of further price concessions for the refined metal. Mexicans wre almost the sole exceptions ex-ceptions to the downward trend, making substantial recoveries from mid-day depression. de-pression. Rails Responsive. Rails today wore more than ordinarily responsive to Ihe bearish attitude of the trading element, standard issues losing 1 to 2 points with 54 for Canadian Pacific. Pa-cific. The southern division was firmest of that group at temporary gains of 1 to 2 points. Munitions and equipments, leather and sugar shares, motois and their accessories, accesso-ries, some of which opened with materia! improvement, ended at net losses of vari-, vari-, able proportions. - United States Steel again contributed about 33 per cent to j the day's business at a final loss of 3 ! points. Total sales of stocks amounted to 1,425,000 shares. Monetary conditions had no bearing upon the course of the stocky market, call money retaining its recenl ease with lower quotations for time accommodations and mercantile paper, which was in scant supply. A slight hardening of sterling and a shading of marks and rubles were the only features of the foreign exchange market. Bonds were irregular with further concessions con-cessions in local tractions. Total sales, par value, $5,470,000. United States bonds were unchanged on call.