Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-03-31
MOTORS AND
TOBACCO LEAD MARKET
Slow Advances Of From / to 01a
Points in Day Of Negligible
Turnover.

NEW YORK. March So.-Aside fr0m
the strength OF q few specialties. to
days stock market manifested no dsd-
nite trend until the final dealings, whom
standard issues, such as Union Pacific
and Reading, registered substantial
gains, partly as a result of short cover
ing.
Much of the days negligible turn
over was limited to equipments. motors
and tobaccos. at extreme advances Of
to pa points. Coppers also respond
ed to a moderate inquiry. and some OF
the more obscure specialties, including
WuDon Packing, were higher by i TO
100 points.
United States Steel was apathetio with
in fractional area, finishing at tfiv-
ial gain. Allied steels were variable.
as were most of the distinctive war is
sues. Total sales amounted to 10000
shares. All the days general news was
subordinated to a closer scrutiny OF the
advices on the progress OF the battle in
France.
The bank statement reflected the
weeks smaller market operations. the
table of actual conditions showing q de-
cdSC VI icSS ludu $lS,UVVsVuU III lO1uh
and an increase of about $500. 900 in
excess reserves.
Bond dealings were in keeping with
the superficial character of the stock
market. Liberty issues were slightly
lower. and rails. including convertibles.
reacted moderately. Total sales (par
value) aggregated s4.S5o.00o.
United States bonds told issues) were
! unchanged on call during the week.
Weekly Financial Review.
At no time since this country's en-
trance into the international conflict
has interest in financial quarters been
SO acute as during the last week. Grow
ing recognition of the extremely criti-
cal situation in France found its chief
expression in gradual diminution of
dealings, the market lapsing into COM
plete lethargy.
The only spasm of activity was that
furnished by the extraordinary buying
of liberty bonds at substantial ad-
vanceS not all of which were held. The
coming week, it is generally believed.
will be devoted largely to preparations
for the third loan.
Domestic developments bearing upon
the securities market were mainly con-
structive. The very favorable annual
report of the United States Steel Cor
poration, the new and Satisfa Glory
scheQCleS issued DV the war boarQ ana
the evident disposition of the govern
ment to ease the financial burdens of
the railroads were helpful in varying
degree.
Railroad earnings again were of
mixed character, but indications point
to a rapid reimbursement of the condi-
tions created by the embargo of the
first months Of the year
The contrary movements of a few
active stocks, such as shippings, motors
and minor war equipments, reflected
the temporary expedients of pools and
in the case of Mercantile Marine ad-
verse financial returns.
General business, according to trade
authorities, shows remarkable stability.
though in certain lines of industry the
foreign situation is exercising natural
restraints.
Weekly Metal Review.
The slight revision of iron and steel
prices officially announced from Wash
ington last Tuesday. to take effect April !.
had been generally anticipated. Some iron
and steel interests express disappointment
however. that the term Of price agreement
has been again limited to three months.
They had hoped that the time would be
extended to at least six months in order
to conform more closely to contract terms
The action taken by the government is
generally understood to mean that prices
may be lowered at a later revision next
July.
but considerable tonnage has been diverted
to certain steel makers holding govern
meat contracts Foundry operations have
suffered in consequence. and iron is
scarce. Meters. with government work
on hand. protest that they cannot get the
iron. because the furnaces. in their turn
are bic to secure the coke. Compare
lively little new business has been placed
! for the second half. producers are not
in a position to undertake it
Consumption of copper has been heavy.
but distribution to private concerns has
been limited and subject to some delay.
Lead holds firm for immediate delivery
in NeT YORK, but some accumulation in
the west has weakened the market for
futures
Tin is hard TO get. Chinese is the only
grade offering with certainty, and COM
,lands fancy prices.