Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-04-28

These calls were eagerly sought ana Ill
obtainable within . reasonable range
OF the market were bought up. The Inn
Pr % that .n: sSas 40
movement in Midvals. and Il was A.
sumed that the changes in the admin.
istratton Of the government depart.
crease Its output to the largest possible
amount, which will necessarily G1ve Il
substantial increases In income. Th4
position Of The stock has been one ok
but there has been little spscuiatlea n
1t. although lately brokers making .
speciality OF Midvale have reported Good
buying at moderate advances Il was
natural to assume that this accumula-
ton was in anticipation Of Q coming
substantial advance.
Dow. Jones 4 CA-lAveOt1gn1100O
made in several channels to ASCERTAIN
the character of the buying Of the
Bethlehem Steel and Republic are ex-
ceptionally we'll taken. Buying orders
are reported to be accommodating under
the market for these stocks based on
There are reasons for believing That
strong speculative fhterests are oper.
atfng In Gulf States Steel. on which
We receive additional bullish informa-
iaretion Of the expected melon. still
higher prices are predicted for thia'
stock. which. We think, represents z
concern that 10 destined to become very
prominent in the steel trade.
Moler-1ne placing Of m e8koooy0oo
car contract by the government With
the American Car Foundries Company
should stimulate Its stock.
Henry Clews Company-The stoesk
market huctuates within narrow limits.
ance to innumerable uncertainties
partly because values are low and
partly because present conditions have
been amply discounted. Another tao
tor, not to be overlooked. ID the rising
spirit Of courage manifested in an sorts
OF activities: the psychological effect
doubtless Of war and the imperative
necessity Of facing the struggle. In such
q state of mind investors do not take
fright easily and are more disposed to
regard the future hopefully. The ef.
feet Of price fixing and taxation u al
ready Observable In the net returns Of
some fndustrials. although the war
profits
In q few instances net earnings ana
dividends have been reduced BY circum-
stances just noted. The majority Of IN
dustrials. however, are earning SUM-
GENTLY large margins to allow Q con.
tinuance Of present dividends. The rail-.
road situation is reasonably satisfac-
tory. and better net results are antici.
pated in consequence Of improved trafilo
conditions and the large volume Of
freight that will surely press upon the
roads during the next six months. Less
anxiety is also felt concerning the nnan-
cial necessities OF tho roads. as the war
finance corporation Is expected soon to
be In operation: and, as shown in the
proposed contract now under discussion,
the administration IL known to be intent
on dealing fairly with all phases Of the
railroad situation.
J. 3. Bache 4 C0.-Before the drive Se.
gan month ago. steel was s1H. In I'VE
days 1t fell to ssh. but during the month
Intervening 1t has recovered as much As
ten points and Is now holding around
1895. The market has had in its favor
all through these severe days Of military
danger. a technical condition which
has. of course. been q strong basis for
resistance. All through there has been
absence Of important liquidation, but
undoubtedly back OF all this, firm be-
lief in the ultimate ability Of the allies
to hold the lines accounts for absence
of any substantial selling by large
holders.