New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-01

With the outcome of the German
drive still hanging in the balance the
security markets during the past
week have displayed remarkable
firmness, stock prices in many in
stances making substantial advances
after the nervousness produced by
the initial successes of the great Of
fensive had worn off. Trading in
stocks was held to a small volume
during the greater part of the week,
owing to the disposition of both in
vestorS and spectators to await fur
Their developments in the military
situation. The stability of prices has
again furnished convincing proof of
the fact that the stock market was
pretty thoroughly liquidated on the
extended decline of last year. Such
offerings as are now coming into the
market from day to day are mainly
of speculative character and do not
represent the unloading of invest
ment holdings. Early in the week
United States Steel common stock
sold down to u for brief period,
subsequently recovering above 80.
Railway shares generally held their
own, the announcement that the gov
eminent would take care of the New
Haven Railroads S43,O0O,O00 note
maturity of April Is tending to in
crease confidence in railway securi-
ties generally. AS regards the gen.
cral market situation the consensus
Of opinion is that no important in
crease in activity can be expected I'M
til it becomes definitely known what
the results of the German thrust in
the West are to be. While leading
financial interests are confident of
the ability of the British and the
French to stem the tide of the Ger
man advance, it is, Of course, conceiv-
able that further Withdrawals along
the line may be necessary before the
full effects of the counter attacks of
the Allied forces begin to show.
In the weeks bond market the
principal activity and interest CEN
tired in the outstanding Liberty Loan
issues, which displayed vigorous
strength following Secretary Nc
Adoo's announcement of the essential
details Of the third Liberty Loan. On
Tuesday $23,000,O0O of the second
Liberty Loan as were traded in,
breaking all records Of bond trading
at the New York Stock Exchange.
One Wall Street house bought $1O,-
100000 of this issue for clients. The
buying was largely speculative, and
was explained by the fact that the
outstanding issues can ali be convert
ed into the third Liberty Loan AIS
I at par. The new loan will total 49,
000,000,000, according to Secretary
McAdoo's announcement, with the
| right reserved to allot bonds on
certain portion of the oversubscrip-
ton. The amount of the issue is less
than was generally expected in fnan-
cial circles. 1t had been believed that
anywhere from $4,000, 100000 to So
Q00,000,000 would have to be raised
at this time, but owing to the back
Lwardness of the governments war
programme the money already bor-
rowed has not been as rapidly ex-
pended as was expected. Much differ
erce Of opinion prevails over the
wisdom of the Secretary of the
Treasury in apparently endeavoring
to limit interest rates on the govern
nent war loans by making the new
issue non-convertible. Under the
terms Of the new loan as announced
from Washington the outstanding is
sues are convertible into the new
4Ms, but once that privilege has
been exercised conversion into any
future issues bearing higher inter-
est rate is not possible. Foreign gov
! eminent bonds displayed steadiness
) in the face Of the war news, with the
Anglo French 5s showing only a
slight reaction.
/, Although some Of the banks were
more liberal last week with regard to
their offerings of funds running for
fixed periods, the local money market
underwent little change. Rates were
firmly maintained all along the line,