Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-10-13
Securities Affected by Allied Prog.
ress and Portents Of Central
r Powers Disintegration.

NEW YORK, October 12.-Consist-
emily good war news and the many
political portents Indicating early dis
were the paramount factors Of the ac-
tive week in the securities market.
The only adverse development, and
that was regarded as merely tempo
raxy, was the apparent halt in the
liberty loan campaign. Financial in
terests as a whole expressed their firm
eenviction, however. of the unqualified
success of that undertaking in the
final week Of the drive.
Dealings in stocks were broad, the
net result distinctly favoring the bull
account. but trading was largely of
speculative origin, in spite of the rigid
money market, with time funds at an
absolute minimum.
Investment inquiry for utilities. es-
pecially the wire" shares, followed
the governments announcement prac-
tically guaranteeing existing divi-
dends, and rails later rose spiritedly
on authoritative denial that disburse-
ments to the shareholders of those
properties were being held back.
Extreme Gains Noted.
Next to United States Steel. which
ebbed and flowed in a radius of aH
points and closed the week at a loss
of little more than point. an enor-
nous percentage of the daily opera
tons consisted of shippingS and oils
at extreme gains of 10 to 10 points.
Motors, gas shares and some two
score specialties vaguely classified as
peace stocks furnished more than
their usual quota at variable but real
ly substantial gains.
Existing liberty bonds were very ac-
tive and higher in the main. but in no
instance did they approximate their
maximum. Foreign bonds, especially
French municipalS, Stiffened. but Rus
sian issues featured the trading on
the curb" external 5!as and 61as ad-
vancins Is to 20 points on accumula-
formed sources.
Shortage of steel has necessitated
further curtailment in supply for fin
ishing ships. Government require
ments for the most part call for rails
shell steel and barbed wire for use in
France. anu to meet this it has been
found necessary to reduce the output
Of sheet bars. Government estimates
are without material alteration, and
Il deficit of about 100000 tons has
yet to be met.
The untitled tonnage in the docks of
the United States Steel Corporation at
the end of September amounted to
s,297,905 tons. as against s.759,O43 on
July 81, a decrease of 461.13S tons
September output of pig iron was
3.41s.21O tons, as compared with s.
s5s.5s6 in August. The daily rate of
production, 1884 gross tons. was
the heaviest average on record, the
nearest to this being 1879 tons. in
October. 1916. While production has
been as satisfactory as could be eX-
pected, it has all been absorbed as
quickly as produced, and the supply is
still so short as to require exceptional
care in making allotments, as new bust
ness worth mentioning is reported,
and all iron distributed has been on
government account. Prospects for a
heavy outturn during October are ex-
cellent
Soon to Fix Copper Price.
The price of copper to be effective
after October 81 will be determined
in Washington on or before October
Is. 1t is generally conceded that the
present price of 70 cents will be con-
tinued. The supply of refined copper
is no more than sufficient to meet war
requirements.
Lead continues scarce at the estab-
lished price. Spelter is quiet and easy.
The government is in practical con-
troll of tin. and all importers and
dealers will require to be LICENSED.
The new regulations as to price and
distribution are not yet known. Mean
while the market is neglected with
hit M inc The NrSs0