Evening star., 1917-11-25
WAR DEVELOPMENTS ARE
REFLECTED IN STOCKS

NEW YORK, November 2&.-The past
week In the stock market was again gov
erned almost entirely by immediate Tor
eign and domestic Developments Inc
british offensive in France heartened sen
t;ment more than any other event OF re
cent months, but was counterbalanced
both by the chaotic conditions in Russia
and the increasing complexities confront
ing the railroads Of this country.
Unity and coordination in the future
conduct Of the war strengthened the for
eign exchange market, except italian re-
n,ittances, which fell to a point tndi-
eating the acute economic disorder pre-
vailing in that country.
In speculatiye circles there appeared to
be growing recognition OF VaIues es.
peciaIly in Industrial shares TINS was
most evident in the steels, some OF WhIch
made appreciable gains on the Week Inc
general list closed well above recent MINI
NUNS, but experienced occasional OPPOSE
ton from professional interests
Pools Renew Activity.
Pools renewed their activity in special
stocks, mainly those comprising minor
war issues The movement in these Sc
curities was predicated in part upon fur-
ther awards of large contracts.
with the recent heavy payment on the
second liberty loan out of the way
local money conditions resumed their
wonted ease. That corporate nnancing
still is attended with some difnculty
was seen in the issuance by several In
dustrial companies of short term notes
instead of bonds.
International bonds were among the
crate Investment demand. but all OF
those issues remained considerably
under their subscription prices with
the United States liberty As and ) JAS
No
market was halted today by indications
that requirements due to the war ana
attendant labor troubles are likely to
revolutionize the country's transporta-
ton system.
Rails rejected this prospective condf-
ton to a greater extent than other is
sues, but industrials, shippings ana
metals also were affected. Gross re-
cessions Of to points were register
ed with no appreciable recovery at the
heavy close.
Trading was light and narrow. early
gains being limited to equipments, the
tobaccos and a few specialt1es.
The inability of the railroads to as
semble raw material at blast furnaces
and at steel mills in tonnages needed
is the most serious impeachment TO pro-
duction of iron and steel at time
when maximum tonnages are required
above all else, and the prospect for early
Improvement in this respect is not
bright
Pig Iron Inadequate.
A shortage Of crude steel is result
ing from an inadequate supply of pig
iron and the finishing mills are curtail-
ing rollings because of the scarcity OF
billets The steel corporation is for
tunate in being able to buy $4,000 tons
Of fngots from an Independent plant.
Heavy tonnages of sheet bars could be
sold il they were available. but the bar
scarcity means that the output OF sheets
l.wfIl fall short of consumers needs.
Light rails are now to be sold on
the basis of cents pound for twenty
| five pounds, but the price OF standard
sections has not yet been considered.
The American international Ship,
building Corporation has distributes
orders for the fabrication of 100000
tons of steel plates and shapes and is
negotiating for $4,000 tons additional
Structural steel orders continue to be
mainly for the government. and fab
rlcators will meet in Washington on
Tuesday to consider expediting war
business. Large contracts of shell steel
are being distributed.