South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-03-24
Notes of the Financial World

The average view OF spectators
in stocks. as heard in Wall st. COM
mission houses. is summarized as
follows: The contending armies on
the western front are quite evenly
matched and it is probable that con-
certed thrusts will result in some
temporary gains on one side or the
other. The market will remain dull
until there is a definite sign as to
the trend OF the battle. Traders will
not bear the market unduly because
they really have expectations Of an
allied victory. AT the same time
there viii be no concerted buying
power until the uncertainties disap-
pear.
An unprecedented step has been
taken by eastern railroads 10 con-
troll congestion Of domestic freight
at New York harbor points by de-
claring an embargo upon less than
carload shipments for a period Of
one week beginning at close Of bust
ness Saturday, March %.
Importers and producers Of prin-
cipal alloys used in manufacture Of
steel appeared before the war in
dustries board 10 protest against any
possible reduction as a result Of the
contentious Of steel manufacturers
that costs Of alloys must be reduced
or steel prices raised. The opinion
Is expressed in some quarters that
slight downward changes may be
made in pigiron, while prices Of iron
ore will probably be advanced. QUO
tations on finished steel it
is thought. Will remain unchanged.
except for possible slight upward re-
vision In plates. it is also expected
that prices to be announced Will be
for a period of six months.
AT the regular meetinl or the
board Of directors Of the federal re-
serve bank Of Chicago yesterday J.
n. billiard and +. Bateman were
elected assistant cashiers. ]. c..
Hasl1in of Detroit has been appoint
ed assistant federal reserve agent Of
the Detroit branch.
The Standard oil Co. of Louisi-
ana advanced its market prices on
all grades of Louisiana crude oil %
cents "a barrel.
The government has increased
! from 60 to so per cent its proper
ton 10 the output of underwear and
| is reported in the market for To-
100000 garments
Everett Hearney & Co. Inc has
applied to the New York stock ex-
change to last 100000 capital
stock
J. NJ Goetchius has resigned as a
vice president and director Of the
General Chemical Co. i'm order to
give his services to the government.
Mr. Goetchius has been succeeded
both as vice president and director
by A. A. Hawkes.
Three thousand five hundred
striking employees OF the Liggett &
Myers Tobacco Co. at St Louis have
accepted the companys proposition
of higher wages and an eighth hour
day.
The petroleum stocks were in
clined TO be weak from the opening.
Texas Co. and Mexican Petroleum
both showing initial losses. A. the
close Texas had declined 3-S points
and Mexican Petroleum 3-S.
\ leading Wall st. news bureau
reported that the steel manufac-
turers who attended the Washing
ton conference would not comment
upon the outcome Of the meeting
concerning prices established. After
executive announcement has been
made the conferees will be willing
to give their views.
The equipment group held mod
erately well. though prices declined
at the end of the session. Baldwin
and American Car and Foundry
were active.
The call money market was easier
than on the previous day. loans be-
ing made as low as ID per cent.
The ruling rate was but 4 per cent
and the high quotation 41-2. The
ease in money was overshadowed by
interest in war news
Ii appears that the conference be-
tween treasury department officials
and governors of the u federal re-
serve banks presided over by Sec'y
McAdoo practically agreed upon the
terms of the next bond issue. though
final decision was left with the sec
rotary.
There was an Independent move
ment in Corn Products common in
the second hour that carried the
stock To IS. q new hish record. Tt
Is reported that earnings for the
March quarter viii compare favor
hIv with tho cD~rpSpoud fncr qua rfaf.