Evening star., 1918-08-25
SOME MARKET LEADERS
/. REACH HIGH ALTITUDE
Further Advance Of Allies in
France Has Marked Effect
z on Prices.

NEW YORK. August 2L-Buyins
covering of short contracts. was wit
messed in today's broad and active
stock market, some leaders register
ing maximum quotations of the year.
The remarkable change of senti-
ment was caused by overnight devel-
opmen;s, such as the further sweep of
the allied forces in the western war
arena and signs of easier money as
indicated by the Intention Of . lead
ing banking hcase to lend call money
on high grade collateral at . rate of
discount fixed by the local federal
reserve bank.
Foremost features OF the two-hour
session. in which the turnover of
325.0o0 shares far exceeded any full
day of the week, were Canadian Pa
cific. which made an extreme advance
of eight points. retaining all but the
smallest fraction. and United states
Steei's gain of Pa points to 1141a
its top price of the year.
Go Up One to Two Points
Numerous other rails, industrials.
equipments and sundry specialties
ing gradual and sustained through
out.
There was scarcely an exception to
the upward trend and the few isolated
losses were trivial Final prices
showed no impairment. despite heavy
realizing for profits.
Bonds moved upward, though mod
erately. foreign issues participating.
especially the French group ana
United Kingdoms 5s. which again
.
(par value) aggregated S5,575,000.
A gain of almost $4,000. 900 in ac-
tual excess reserves was the most
notable feature of the weekly bank
statement. loans showing another
marked contraction.
Dealings in Foreign Flotations.
There was a noteworthy increase
Of dealings in the foreign war hota-
sian internal and external bonds. Ao-
sorption of these issues was accom-
panied by greater strength IN ex-
change on London and Paris, francs
making their highest quotation OF the
year.
Buying of the foreign notes and
bonds was stimulated not only by the
further successful offensives of the
allied forces in the west. but also
by the decision of the British treasury
to retire the United Kingdom IS, ma
turing September l next
An important step toward the
restoration of more normal money
rates was taken by ]. p. Morgan &
Co. who announced their intention
to make daily advances on eligible
aceptances at rates based on the
discount quotation OF the federal re-
serve bank.
Weeks Metal Review.
Strenuous. if not drastic. measures
are to be taken for the production.
conservation and distribution Of steel.
At conference in Washington
Thursday the governments estimates
of requirements. for the current half
year were placed at 23.o0O,0O0 tons.
about 100000 tons more than was
thought possible that the figures may
even be increased to 25.O00.0O0. AS
at the present rate of production not
more than 1S.0OO.000 tons Of rolled
steel may be expected. 1t will be
necessary to increase the present ca
pacity of the mills and finishing
shops. Every pound of steel will be
needed for war purposes.
Iron is relatively in worse posi-
tion than steel. Scarcity of the for
mer is largely responsible for the
shortage of the latter
ALLEGATIONS of iron will be for war
purposes only.
behind requirements and strict con-
servation Is necessary.
Lead remains scarce. The dealers
supply is apparently exhausted.
Lighter production and heavier de-
mand are responsible for a steady ad-
vance Of spelter. which Is now nrm
at to 9h as to position
AT SfaniStill