Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-04-22
DULLNESS IS CHIEF
h MARKET FEATURE
induStriaIs and Rails Yield to
Pressure and Trend Is
u Irregular.
U. S. BOND ISSUE AWAITED
u. S. BOND ISSUE AWAITED
By the Associated Press.

By the Associated Press
NEW YORK. April 21.-Heaviness
bordering upon acute weakness marked
the first half of today's brief trading
session, with irregular rallies on short
covering at the close. Dealings were
virtually meaningless. the turnover
amounting to barely 100000 shares.
At the outset there was a resumption
OF professional pressure upon muni-
tions equipments and associated issues,
Bethlehem Steel. new and old shares.
faIlingycHs to points. with to for
sloss- Sheffield and Crucible Steels. ship
pings. motors and leading metals.
Industrial Alcohol. Pittsburgh Coal
and New York Airbrake yielded TO 4
points, the latter. however. making fun
recovery. Utilities, notably gas shares,
were relatively active. Ohio Gas re-
fleeing further realizing for profits at
. gross decline of AZ points.
Rails Not in Demand.
Rails were irregular to heavy. Lehigh
Valley losing point, with fractional
reversals in ether coalers, transconti-
nentals and New York Central. the lat
ter falling to respond to it's very ex-
cellent annual statement.
There were desultory dealings in
minor specialties. mainly at conces-
sions, but these were thought to denote
nothing more than the customary week
end settlement of outstanding con-
tracts.
The days budget of general financial
DEVELOPMENTS bore mainly. upon pre-
vailing market uncertainties, especially
the likelihood of war taxation In
mercantile lines a widening of opera
lions Influenced by war conditions ana
improved crop prospects was reported
The weekly bank statement upset all
calculations. the actual cash loss or
less thin $I2.oo0.ooo being far below the
expected returns. Contraction of ST.
$4,000 in reserves reduces the total
excess to about s121. 100000. loss of
more than $40.000,000 since the early
part Of tho month.
Today's nominal operations in bonds
were Of the usual irregular character,
with total sales (par value) of ST.
$4,000.
Moderate increase of activity in
United States government bonds dur
ing the week was almost wholly at con-
Panamas, losing from l to 3 4 per cent
on call.
War Financing Paramount.
Government financing and taxation in
relation to the war were again the
paramount and perplexing features of
. dull and irregular week. Advances
in the first half of the period were
largely n not wholly lost in the en-
forced selling and bearish pressure of
the past few days.
Public interest was altogether lack
ing, except in so far as IT was occa-
sionally observed in the moderate 1iqui-
dation of Investment holdings and
further cleaning up of speculative ac-
counts in special or individual stocks.
Issues of these descriptions proved
more susceptible to unfavorable infiu-
ences. notably munitions, equipments
and motors.
1t appears to be accepted as a fore
gone conclusion that all war shares, in
GLIDING many of the less distinctive is
sues. will be made to contribute heav-
lily out of earnings to the revenues Of
the government.
Shippings were again under severe
depression because of the British gov
merchant marine, step soon to be fol-
lowed. 1t is broadly intimated, by the
authorities at Washington.
Price Regulation Foreshadowed.
n line with this action are the many
MEASURES now under congressional con-
s1deration which have for their chief
aim the enforcement of price regula-
tfon of all commodities, especially food
stuns. The spectacular course of the
Grain markets during the week. it was
thought, may hasten the enactment of
such legislation.
The investment market continues to
wait developments at Washington. 1t is
understood here that more than half of
the proposed five billion dollar bond is
sue Will be offered at the outset. The
proposition to increase the rate of in
terest on the one-year certificates of
Indebtedness to 9 per cent materially
enhances the prospects of that offering.
for which preliminary subscriptions al
ready have been solicited
Widespread opposition by shippers to
the tentative freight rate Increase will
occupy attention Of the interstate COM
Merce commission during the next few
weeks. Publication of United States
Steel earnings for the first quarter of
the current year will be one O fthe in
teresting events of the coming week