Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-04-29
MARKET NERVOUS;
LEADERS ARE SOLD
Prices Give Way Under Pres.
sure and Recoveries Are
Only Partial.
WAR NEWS is PARAMOUNT
Nv the Associated Press.

nv the Associated fress.
NEW YORK. April es-The market
was nervous and somewhat unsettled
during the greater part of today's brief
trading period. buying of certain issues
being more than neu.ralized by con-
csrted selling of the leaders. including
United States Steel and rails.
First quotations showed trivial de
clines. prices soon hardening. however.
under the impetus of a sharp demand
for coppers, particularly Utah. and a
spirited rise in fertilizers. Atlantic.
Gulf and West Indies and Industrial
Alcohol. Strength of coppers was in
response to latest trade advices. an ad-
vance Of one-half to a full cent being
reported in the refined metal for mid
year delivery.
and related industrials. the feathers,
motors and oils forced the list back to
initial prices. declines becoming more
abrupt later on general offerings of
rails. Coalers were the first to yield.
I.ehigh Valley dropping points. with
for Delaware and Hudson and to 2
for Norfolk and Western, Reading and
Chesapeake and Ohio. Paciflcs and St.
raul also receded i to almost points.
together with low-priced issues. nota-
bly, New Haven and Missouri Pacific.
Steel Regains Most Ground.
Short covering effected partial recov-
cries. Steel making up more ground
than most industrials and closing at
49, y. loss of 4 point. Atlantic. Gulf
and West Indies recorded a net decline
after its early gain of "a points and
Utah retained only fraction of it's ex-
,reme rise of ga points. Rails made
little or no recovery. pressure in that
quarter continuing to the end. Total
sales of stocks amounted to 100000
shares.
tual contraction of slightly more than
s9.000.0 900. making a total of about $52,
100000 in the past three weeks.
Railroad bonds tended lower with
stocks. but internationals were more
steady. Total sales (par valued aggre-
gated $1.715.0oo.
United States coupon 3s declined u
per cent. the registered As l per cent
and the coupon - Il per cent on call
during the week.
Shorts Driven to Cover.
The tentative and superficial char
acter of prevailing market conditions
and the manner in which price move
ments are guided or Influenced by i'm
mediate developments or events was
strikingIy illustrated during the week.
An extensive and overconfident short
interest was hurriedly driven to cover
IN consequence of the very substantial
extra" dividend voted on United States
corporation. which accompanied the en-
|, larged disbursements. seemed to be re-
garded as a secondary consideration.
Better crop conditions and railway
feet. although rails participated In tho
rise. both as to prices and increased
demand. Efforts by pools to inject
fresh interest inta stocks Of the specu-
Further extraordinary advances in
the markets for foodstuffs were viewed
with greater concern. but the harden
ing Of money rates. due chiefly to the
contamination of important financial
operations and resultant shifting of
loans. occasioned no apprehension.
Early Peace Is Discredited.
Statements attributed to members of
the foreign commissions now in Amer
lea caused a general revision of opinion
respecting the duration of the war. In
well-informed banking circles reports
OF early peace receive no encourage
ment. The wider scope assumed by the
International program at Washington
seems to point, in the judgment of Wall
street, to more indefinite prolongation
Of the conflict.
The success which attended the first
war offering of 100000, COO. largely an
emergency measure. has encouraged
the Treasury officials to believe that
the increased undertakings soon to be
negotiated will meet with equal favor.
Reserve centers report an active public
Interest in the forthcoming bond ISSUE
Russia's uncertain status in the in
fernational situation was manifested in
{enewed weakness of exchange on
| Kstrograd. while Tires became visibly
stronger in anticipation Of the assist
ance this country Is expected to extend
to Italy.
Questions of price concessions to the
| home government for war supplies ap-
pear to have been satisfactorily met
by the steel AMI iron producers