Evening star., 1918-08-11
REPORTS FROM THE WAR
/ AFFECT THE MARKETS
Shorts Hmriedly Seek Cover Fol-
h lowing News Of Further
III German Retreat

NEW YORK. August 1o.|Shorts
Nwsre again hurriedfy driven to cover
sSn todays brief stock market session.
fthe further retreat Of the Germans
sand the capture Of Montdidier by the
ta1ies causing another uprush in the
smore distinctive equipments and war
sshares.
United States Steel was tho con-
kepsruous feature. displaying much Of
atD rsosne vtgoF at . steady advance
tof IN points % 11cK. its top price
temce last MsH
Other active stocks At gains Of sub
tetantial fractions to points were
sBethlehem and crucible Steels. Bald
Twin locomotive. Anaconda Copper.
Omitted Cigars and shippings. especial
/ ly Marine preferred, although the
slakter yielded much Of its advantage
lat tho end.
s~xArdness. although showing . firm
to strong undertone, and the more
volatile specialties were represented
by General Motors at q 6ve-point de-
cline. Sales amounted to 2c5.0Oo
shares.
/ July Tonnage Statement.
I The most interesting item bearing
upon industrial conditions was the
Gully tonnage statement Of the United
/ States Steel Corporation, which dis
closed a very moderate decrease in
unfiled orders. in comparison with
the very large gain registered in
i1une.
Actual bank loans increased by the
large sum of $152, 100000, making a
total increase of almost $2S5. .000. 900
in the past three weeks. Another de-
.crease of about s14. 400 900 in excess
reserves leaves that item at tho low
level of barely $41 900. 900.
Bonds were strong. Paris 6S gain
y4ng a point and liberty issues stiffen-
ing on the sustained strength of the
.8Ns. Total sales (par value) were
United States bonds were unchanged
on call during the week.
Producers hold the market under
Speitef is in better demand and
prices have been advancing.
Securities Market Curtai1ed.
Abnormal weather and tight money
combined to curtail operations in the
securities market this week to in
significant proportions. but substan-
fial progress toward higher levels
The heat and tho credit restrictions
suggested by tho local federal re-
eCTNc pduh Oh hOu-pEOOuCtiVC pu6k.
ness often counterbalanced the i'm
pressive daily war dispatches, but
these became a potent influence later
in the week.
Investors as well as bankers took
further account of the mounting cost
of the war and discussions in Con-
Eress regarding the revenue bill. to-
gether with the higher cost Of labor.
the coming liberty loan and arrange
1nents already under way for financ-
ing the crops.
Banking interests were not in 40
cord with the structures of the Fed
eral Trade Commission relative to the
packing industry. but expressed the
opinion that Naturalization" of that
business and its subsidiaries offered
the only reasonable solution.
Demand for Steel Feature.
fhe War Industries Board estimates
steel tonnage needed at 20. ooe, 900 tons
during the balance of the year and
100000 tons during tho frst half
of 1919. Production rate Of rolled
steel does not exceed $4,000, 900 tons.
The trade is. therefore, being can
yassed to decide whether it would be
feasible to extend present plants,
which would involve considerable
tonnage 1t will require utmost econ
omy to make ends meet and not every
pEclcETcu luQuStIy WILL De SupplleQ.
Ten thousand cars and 100000 tons
of rails are needed for the American
|SArmy in France.
The output of iron for seven months
ended July 81. was 21,423,660 tons, as
compared with 22.412.330 tons last
year. The July out-turn was 1920.
'9Se tons. or 110.354 tons a day. OF this
2.456.693 was big steel. making fur
naces- Notwithstanding heavy pro-
duction there is not enough iron to
meet even government requirements.
Copper has been re-established at
|2s cents to November /. the price to
be that ruling on date of shipments.
Supply about balances demand.
Lead grows scarcer A car sold on
Thursday brought 81 cents New
York for shipment to the west. while
|fhe East St Louis contract price 10
only tx cents. Production equals
1ast year, but demand is much heav->