Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-04-21
,STOCKS RALLY As LULL
OCCURS IN FIGHTING
Activity in Contrast With Fridays
Reversals-Some Shares at High
est Point During Week.

NEW YORK, April lu-l no iuii III eHS
war situation was favorably construed
by market traders today, stocks as
whole rallying from yesterdays late
reversal, while others attained highest
quotations of the week.
Pools were active in numerous
specialties, including the automobile
accessories at gains Of to points.
Their operations also extended to
sugars and tobaccos at net advances OF
to 21a points.
Standard fndustrials and equipments
were hesitant at first, but moved brisk
ly forward in the last half hour under
. leadership of United States Steel. which
made a net gain on 1 y to s6.
Affiliated steels and war issues were
higher by 1 to almost 3 points, oils,
Central Leather and several utilities.
such as Brooklyn Transit and American
Telephone, also making moderate gains;
Rails constituted the only backward
features trading in that quarter being
negligible and mostly at minor ad-
yances. The market closed with a gem
eral rally in progress. sales amounted
to $780, shares The note~ortnE isa-
ture of the bank statement was a de-
crease of practically S25,oOo,0O0 IN
actual excess reserves, reducing total
reserves to slightly less than $4,000
900.
Bonds were firm, all the liberty issues
responding to a broader demand. PARIS
IS were an exception. reaching per
cent. Sales (par va1ue) aggregated
$3.50, 900.
United States bonds Gold issues) were
unchanged on call during the week.
Weekly Financial Review.
The widespread recovery and greater
activity of this weeks market tor Sc
curfties was obviously the result of the
improved war outlook The more salts
factory understanding between the
government and the country's financial
and Industrial interests was another
Important factor.
There was an increasing disposition
20 regard the crisis in France as hav-
Ing passed, but bankers impressed the
speculative fraternity with the need of
further caution. This advice was evil
Identity in special issues.
Public participation; the first in sew
tfal weeks, was seen In the steady ad-
SAnce Of certain market leaders, United
etatss Steel asserting its usual leader
Dhtp at the highest level since the move
On the western front assumed serious
Proportions
Other equipments and the more dis
6nctive war stocks shared in the adj
vance, being strengthened by the ac-
tual and prospective placing of enor-
nous government contracts. Coppers
and rubbers derived much of their sup
port from the belief that the forthcom-
ing federal price revision would be on
an advantageous basis.
Rails alone failed to make more than
moderate upward progress. although
the returns of the Reading system and
several other important transportation
lines were extremely favorable.
Foreign exchange, except for rates On
Spain. which sold at a new high pre-
m yx-J
steady.
Iron and Steel Review.
There has been a steady decline in
the demand for commercial steel dur
Ing the week, but the government re-
Quirements have more than proportion
ately increased. Interest centers largely
IN ship steel There is a heavy call for
plates and most mills are working at
full capacity. In the central west some
of the more important interests have
withdrawn altogether from the outside
eminent work. A falling off of private
enterprise has been particularly
marked in bridge building. Returns CT
the Bridge Builders and Structural So
tracted for of only $4,000 tons against
q nominal capacity Of 1900 tons. Con-
sumption Of structural steel, however,
has been increased by a number OF
plant extensions.
Increased coke receipts and improved
traffic conditions have aided furnace
operations and the outturn Of iron has
materially improved. But demand has
fully kept pace with it. so that the
scarcity of iron Is as keenly felt as
ever. Inquiries pour into the market
from eastern manufacturers. and can
Npt receive attention because the fur
naces are already well sold up.
The production of copper promises to
be ample for all demands. Lead con-
tinues quiet, as most of the larger con-
sumers are well covered by contracts.
and shipments are coming forward
with greater irregularity.
The position of tin is serious and the
straits and Banka grades are unobtain-
able, and for Chinese the holders ask
exorbitant prices. Several conferences
were held during the week with the
war industries board in an attempt to
arrive at some solution of the difficulty,
1but the results of the meeting have not
yet been made known.