Evening star., 1918-08-18
CAUTIOUS TRADING DUE
TO. MONEY STR|NGENCY
Approach Of Date for Next Liberty
Loan Drive Has influence
on Market.

Stringent money conditions ac-
counted to q considerable degree fer
the weeks cautious trading in stocks.
although a higher trend most often
accompanied the light dealings.
War news received the most favor
able construction and speculative
cliques doubtless would have ex-
tended their bullish commitments
but for tho lack Of time funds.
Investors faced the future with
greater confidence. but the only out
ward manifestation of demand from
that quarter was seen in the steady
advance Of liberty 3hs. which made
the highest record since the time Of
their issue. attaining premium of
one-half Of one per cent
Approach of the next liberty loan
drive, extension Of federal control
dustry. further delay in settling the
railroad contract controversy and
huge war financing are among the
factors which have made for greater
conservation on the part Of the coun-
try's financial institutions.
International bankers reported very
light demand for remittance to Lon
don and Paris, but rates on several
Of the neutral countries were more
favorable to this market pesetas
evincing especial weakness.
High Quotation for Liberty 31Ss.
Trading in stocks for the greater
part Of the short week end session
was overshadowed by STEADY buying
highest quotation in history, closing
at lOO5O, against the previous maxi
mum Of 10000.
Dealings in this issue were fela-
lively mors extensive than in the
steady. After the markets close
10000 was bid for the SIZE. with 1o1
asked.
Important stocks continued to move
within contracted limits, steels and
investment issues showing var1aoAe
recessions at the close.
Specialties and other volatile stocks
were less active. presumably as re-
suit of restrictions imposed by the
exchange, but General Motors re-
tanned much of its IN point advance.
shippings were represented BY ma
rine common and preferred. both clos
ing at gains, but coppers, tobaccos.
oils and war accessories were hesi-
tant, showing no decided trend on
their occasional offerings.
Marked Feature in Rails.
Canadian Pacific was the marked
feature Of the railway division, de-
clining IN points. Other rails were
inclined to yield fractions. Sales
amounted to 10o, 600 shares.
Last weeks heavy expansion OF
actual loans was offset by q decrease
Of $31 ,333, 900, member banks losing
almost $11 900. 900 in cash held by the
local federal reserve bank. Another
decrease in excess reserves reduced
the total of that item to little more
than 30.000.000.
Bonds as a whole were irregular
on nominal trading. Total sales. par
valne, aggregated $2S75,O00. Old
United States bonds were unaltered
ON call during the week.
Concession in Steel Bars.
Steel makers have agreed to reduce
| the price Of stel bars to agricultural
implement makers IS a ton during
the balance Of the year. The oonces-
sion was made to prevent an increase
| in the cost Of implements to the
| farmers.
The July outturn. Of steel ingots Is
estimated to have been 1881 SOC tons
representing a decline in daily rate
| of nearly 20 per cent from June. The
| reduction Is attributed to the heat.
Demand for steel is SO heavy that
| the government departments were
| forced to curtail. OF 100000 tons ask.
| ed for shipbuilding only $1,000 tons
were granted.
| Extreme heat has lessened produc.