Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-05-05
END Of LIBERTY LOAN
DRIVE SLOWS MARKET
Dull and Irregular Dealings During
Two Hours Of Yesterdays Session
Lack Special Appeal.


tion Of the liberty loan drive was
marked by dull and irregular dealings
during the two hours Of today's stock
market. Trading lacked especial fea-
lures, aside from moderate activity In
a few speculative issues.
Investment stocks fuctuated for the
most part within fractional limits.
United States Steel. for example. vary
ing only half a point and closing at q
slight loss.
Rails were utterly neglected until to-
ward the finish, when moderate pres
sure caused nominal reactions. st.
Paul preferred recorded an extreme loss
Of ~ points.
large part Of the days operation GEN.
tered in Marine preferred. Distillers'
Securities. WHY'S Overland. Sumatra
Tobacco and Tobacco Products. these is
sues scoring net gains ranging from
Mexican Petroleum, General Motors.
Atlantic Gulf and International Paper
averaged one-potnt reactions on light
offerings. Sales amounted to $4,000
Liberty issues again contributed over
whelmingly to the trading in bonds.
evincing further irregularity. Total
sales (par value) aggregated $780,
900. United States bonds (old issues)
were unchanged on call during the
week.
Weekly Financial Review.
Stocks were variably Influenced this
week by the liberty loan drive. bettSr
industrial conditions as denoted by the
United States Steel report, further evil
dence of federal liberality toward the
railroads. and the war situation.
OF these factors tho news from abroad
was most potent, although no illusions
were felt in responsible financial quar-
tiers regarding the continued gravity OF
that situation.
Professional operations in special
stocks comprised very large part OF
the moderate dealings, rails forming an
insignificant portion of the whole.
Earnings Of railroads offered hope OF
substantial improvement, as indicated
by the March statements already at
hand.
1t was considered yet too early accu-
rately to forecast the effect Of the gov
ernments action which virtually COM
handlers the output Of steel and iron.
but activity at full capacity and fair
returns seems to be assured an indef1-
mite period.
Coppers and allied metals were held
back by delay in determining new
prices, but in trade circles the opinion
inclined toward an upward revision by
the war board.
Weekly Metal Review.
The steel mills are now pledged to
divert their entire output to the gov
eminent, and for the next sixty days
or more little or no material will be
available for private enterprise. The
heaviest demands are for shipbuilding
steel and railroad equipment. The
TOT 1oo nj nAA
orders for the remaining 10000 freight
cars Of the 100000 assigned for pur-
chase. The contracts were let to some
sixteen different builders. Wood will
be substituted wherever possible, but
the steel tonnage will be considerable.
NThe cost of these cars which will pro-
vide a per cent profit for the builders,
it Is estimated, will run between $780,
00o,0 and $30o.000.0oo. Orders are ex-
pected soon for additional locomotives
The war Industries board has allow
ed selling agents and dealers in scrap
iron and steel to charge a commission
of az per cent to the consumer. to be
treated as a separate charge.
Pig iron distribution is to be regu-
lated to provide, first, for war needs,
which will probably leave nothing for
private purposes Already some heavy
tonnage has been diverted from nom
essential industries to concerns en-
output of iron continues to increase,
but the furnaces are still unable to
meet requirements.
No decision has yet been reached as
to the price Of copper after May 81,
but the opipion is prevalent that there
will be no change.
Lead is quiet with a tendency to
weaken, though the price is still Z
cents.
The tin situation is still critical, and
the United States government is taking
steps for conservation Of the metal,
which has reached exorbitant prices.