Evening star., 1918-04-14
Stocks EXPERIENCE
MODERATE REvtRsALs
Equipments and Few STANDARD In
dustrials and Rails Yield
Variahly.

NEW YORK, April 1s.-Stocks ex-
perienced another moderate reversal
during the early part of today's short
session, the war bulletins precipitatinS
further liquidation. Equipments ana
few standard fndustrials and rails
yielded all. the way from large frfo-
tions to / y points. but rallies just De-
fore the close effaced these losses to .
considerable extent.
Actual net gains of variable proeer-
tions were scored by Midvale Steal.
Central Foundry common and pre-
ferred, Tobacco Products. United Ci-
gars. American Sugar, American Ice
and Stutz Motor.
United States Steel was under per-
sistent pressure. but threw on its
heaviness at the end. closing at loss
of small fraction. Sales amounted to
100000 shares.
Bonds were irregular, some of the
foreign issues again hardening. while
domestic rails and industrials were
mixed. Steadiness marked the smaller
dealings in liberty issues. Total sales.
par value. aggregated S2,475.00o. Old
United States bonds ranged from Y to
II per cent higher or call during the
week.
The bank statement reflected the
enormous shifting of funds Incidental
to the new liberty loan. actual loans ex-
panding by almost s6S,o00.oo0 reserves OF
members in the local federal bank mean
while showing an increase of S22, ,500,-
900. Excess reserves gained about SAL
100000. restoring the total to the larg-
est amount since the early part OF Feb
ruary.
Weekly Financial Review.
This weeks listless and irregular
stock market expressed in minor
measure the intense absorption Of
financial interests in the titanic strug-
gle still raging in the western theater
of the war. In no responsible quarter
was there any disposition to minimize
the gravity of the situation. but con-
fidence was expressed of the ultimate
result.
In the main stocks closed at an av.
erage slightly below that Of the preced.
ing week, but the course of the market
bespoke answering confidence In the
future. Pools were active in few
issues whose increased earnings and
trade prospects favored moderate op-
erations for the rise.
General conditions as applied to the
railroads and leading industries were
| without material change. The slight
decrease in untitled tonnage reported by
the United States Steel Corporation for
March was in keeping with general
estimates.
In various lines of trade increasing
evidence of the wars dominance was
presented. From SO to rs per cent Of
/ the production of the leading COM
modities of the country now represent
the requirements of the home govern
ment and its allies.
All accounts agree that the third lib
| erty loan will meet the expectations OF
| it's most ardent supporters. but the
| comparative heaviness Of existing lib
, erty issues continues to be one of the
anomalies of the Investment situation.
! Local monetary conditions denoted
greater ease, both for time and call
| loans, and exchange rates on foreign
| remittances held steady, except for
| Spanish exchange, bills on Madrid and
Barcelona being especially scarce.
Iron and Steel Market.
| The reduction of untitled tonnage on
| the books of the United States Steel
Corporation on March 81. which was
| 232,04s tons, bringing the total down
to 9,056.404 tons, may be taken as .
| fair index of the general steel situa-
| tion. Production is keeping pace with
| the requirements, though demands from
private commercial sources are kept
under. Steel for government work 10
produced in ample quantities, according
to the director of steel supply, who an
nounces that $1,000 tons in excess OF
requirements have been furnished the
Emergency Fleet Corporation. 1t is
estimated that the mills. as a whole,
are operating at slightly. over So per
cent capacity. which. under favorable
| conditions from now on, may be in
creased to 100 per cent of the present
| out-turn.
| The production of pig iron is steadily
increasing, but is not more than SUI
| ficient to hold the present shortage
| down. Scarcity of basic and Bessemer
! is parti. i.ularly pronounced. Certain
steel pIsf is intended for operation dur
| ing the 1 tier part of the year have SO
far fail, to procure the necessary raw
material
Coke has been moving with much
| ND
OUTPUT of iron is expected to material
ly increase.
Production of copper continues to
| keep pace with requirements ana all
consuming demands have been met
The American Smelling and Renning
Company has reduced its contract price
for lead to 7 cents. New York and in
dependent producers have met the re-
duction.
ond for Chinese as much as SO cents q
nound for spot has been demanded
futures are held too high TOT con-
,ta