New-York tribune., 1918-03-14

The feature of the stock market
performance yesterday was the ex-
treme dulness of the whole proceed
ings- Dealings fell away sharply,
approximating less than a quarter
million shares Prices drifted, with
a slight tendency toward increasing
irregularity. The movement was
not at all pronounced, and, there
fore, bore little significance. United
States Steel common stock, the
markets speculative leader, showed
dealings of only $4,000 shares, and
closed with net gain of 1s, with
range of fluctuations for the day of
IS. Railroad shares were firm, as
a rule, but interest Jagged in this
department, as we'll as in the indus
trials. Judging from the sluggish
action Of stocks for the last few
days, the market is waiting on de-
velopments abroad, and also the en-
actnent of the several important
measures affecting corporate enter
prises now before Congress.
Reports from the various basic
industries are in agreement that
operations are rapidly recovering
from the blow dealt by the series of
Garfield holidays early in the year.
The latest report on production of
hard coal indicates that output is
again on the increase, the February
shipments from the mines showing
gain Of $4,000 tons over January.
Compared with anthracite produc-
tion in February, 1917, there was
an increase last month of $4,000
tons, or IL per cent. March ship
ments to date are running consid-
erably ahead Of February. In the
iron and steel trade the latest re-
ports are encouraging. The output
of the blast furnaces of the Steel
Corporation is now about 83 per
cent of capacity and the ingot pro-
duction at the rate of about 81 per
cent of capacity. Production of ship
plates is at 100 per cent capacity,
while the structural steel mills are
operating at about 80 per cent of
capacity. These percentages, with
the exception of those for steel
plates, show an increase of from 5
to 10 per cent, compared with a
week ago. According to trade au-
thorities, the crux of the steel pro-
duction situation as it will be
brought before the price conference
to be held at Washington next week
is the country's ability to turn out
sufficient pig iron to supply the steel
makers. The government is al
ready developing it's plans for
larger steel requirements for the
latter part of the year. Contracts
now in the hands of the steel pro-
ducers from all sources are said to
represent about eight months pro-
duction, but are not evenly distrib-
uted over that period.
Efforts Of the Federal Reserve
Board at Washington to stabilize
neutral exchanges and reduce the
discount on the American dollar in
many of the foreign countries are
bearing results, although the
process is necessarily slow. The
arrangement recently made with
Argentina is proving highly salts
factory, and the adverse exchange
situation in that direction has been
remedied. At the moment the Span
ish exchange situation is giving
trouble. Yesterday the peseta, the
Spanish unit of currency, had an
exchange value in the New York
market of better than 25 cents. Un-
der normal conditions, the exchange
value of the peseta is 1913 cents.
The balance Of trade between the
United States and Spain is running
in our favor, but this is more than
offset by the heavy Allied purchases
in Spain, which to a considerable
extent are being settled through the
American market. Normally gold
shipments to Spain would solve the
exchange problem, but they are not
permitted under the embargo regu-
lations. In foreign exchange cir
cles it has been reported for some
time past that the United States
might seek a large credit in Spain
as one way of adjusting the ex-
change position and restoring the
exchange value Of the dollar to
moro normal figure.