Evening star., 1918-02-24
Trading ATTENDED BY
RREGULAR|TY IN PRICE
Equipments Rise and 9 Points and
Several Specialties Go Up
8 to 5 Points.

8 to 5 Points.
NEW YORK February 23-Resumption
Of trading over the holiday was attended
by considerable activity and price irregu-
larity. Rails and equipments rose l to 2
points at the outset and several spe-
cialties as much as to points. The
advance in large measure was attributed
to the Senate's acceptance of the ad-
ministrations railroad program. railway
issues leading the movement.
Selling pressure was soon exerted
against speculative issues. including Cen
eral Motors and Baldwin Locomotive. the
former losing points. while Baldwin
dropped points and a total of almost
points from its best of the midweek.
United States Steel and associated in
dustrials recorded gross recessions of
to points, but rallied the short COW
ering of the final half hour. steel making
net gain Of the smallest fraction
Sales amounted to $4,000 shares.
Weekly trade reports emphasized the
Importance of the governments control
over imports and exports. sounding note
of caution.
Bonds were steady. liberty issues. how
ever. forfeiting part of their recent gains.
Total sales (par value) aggregated
$2.625. 900.
United States bonds. old issues, were
virtually unchanged on call during the
week.
Review of the Week.
The course of this weeks stock market.
interrupted by yesterdays holiday. was
largely determined by events at Wash
ington. together with the obvious i'm
provement in railroad and industrial con-
ditions, due to milder weather.
Rails derived additional stimulus
later from the Senate's affirmation OF
the Administrations railway policy,
which is calculated to benefit minor
roads no less than the more important
systems of transportation.
Banking interests were almost unani-
nous in their approval of the govern
mems war finance corporation bill and
secuted any notion of imitation in con-
nection with that measure. Although
time money showed increa sing scarcity.
this was attributed to the withdrawal
of funds to purchase Treasury bills.
Foreign exchange was unusually list
less. lires being almost the only re-
mittance to register more than nomi-
nal alteration by their recurrent heavi-
ness. Rates to Madrid responded to
the new trade agreement between this
country and Spain.
Liberty bonds and several of the in
ternational group were active and ma
teriaily higher, the former owing their
strength to indications of a higher in
terest rate for the next government is
sue. Investment inquiry for railroad
bonds was negligible.
Weekly Metal Review.
A freer movement of freight in the
south, east and west had a favorable
effect upon iron and steel activities
during the last week But while the
Improvement was gratifying. condi-
tons are still far from normal.
Interest for the moment centers large
1y in the governments heavy require
ment for ship plates and shell steel It
Is learned that considerable tonnage of
the former has failed to measure up to
specifications, owing to the inferior
grade of iron used, which. in turn. may
furnished to the blast furnaces. The
machine equipment for shell making il
considered adequate, but the forging ca
pacity is still unequal to requirements,
and until it is increased operations of
the finishing shops must necessarily be
restricted.
Improved railroad facilities within the
last few days have resulted in a more
active movement of coke, and a proper
uonate increase in the outturn of iron.
Receipts of the latter at consuming
points have afforded some substantial
relief to manufacturers. Demand. espe-
ciaIly for basic and steel making iron
81 particularly pressing. but the furnaces
are still far behind with current obh-
cations, and ore unwilling to accept
further orders for the last half of 1918.
Tho uncertainty as to price after April
has also something to do with their
reluctance.
The copper situation continues salts
factory. Outside demand is rather quiet
and supplies sd far have been ample to
meet all commercial purposes.
Lead continues steady. with fair in
quiry for shipments from the west.
Scarcity of spot tin is causing smaller
manufacturers some concern, as the i'm
porters upon whom they rely have prac-
tically withdrawn from the market for
the time being.
NEW YORK. February 23-The mar
ket was narrow, with trading mixed
and mostly local today in view Of the
over the foreign situation from the
chaotic conditions in Russia and the
uncertainty Of events over Sunday. To-
general list were only 15s,ooo shares.
with the trading in steel and the ma
rine stocks and about half dozen other
speeia,tess the greater
scattered in the other industrial stocks
and about dozen Of the leading rail-
road issues.
The bank statement announced after
the close was better than expected. The
actual clearing house banks now have
q surplus of s57, 900. which is $2s.-
$4,000 more than last Saturday. AL
creased $45 00o.0 900 on the week, cash
in banks members of the reserve banks
increased s24 .O00.-S. B. Chaplin &
Co.
A rather brisk demand for stocks de-
veloped over the holiday, inspired chief
ly by the action of the Senate in re-
spect to the railroad control bill and
press dispatches indicating that Rus
sia may offer stubborn resistance to the
German invasion
At the upturn. however, except in the
case of the rails. was used by some Of
the more timid longs to reduce holdings
over the week end and in advance of
the scheduled German chancelor's re-
marks on next Monday.-Logan & Bryan.
After a continued rise of over ten
days 1t is natural that the market
should have good setback. With pres
ent money conditions, a continual ad-
vance is not possible. but next week,
with any favorable news. the market
might show a good recovery.-Joseph-
thai
Until Congress acts on the several
special measures. including the war
finance and railway regulation bills.
the stock market may reflect these un-
certainties.-Shonnard. Mills & Co.
The stock market is acting all right.
but should only be bought when weak.
Block. Maloney & Co.
There are too many negatives in the
way of a prolonged advance in the