Evening star., 1919-04-06
BY I. A. FLEMING.

Just when every one interested
fact that steel prices had been stabil-
lied for at least one year and that
further price fixing might be effective
in bringing stability to other indus
tries, that the period of waiting may
be passed and business in all lines
get a fresh start for a carry-on into
prosperity. comes a slight mlx-up
that has caused some uneasiness.
The conces sions granted by the
erous, and the schedule as current
today is FIR under the prevailing
rates for Ike shapes and metals In
the English market.
But it lecomes more apparent that
the control of supply and demand
is the true economic plan, and that
pegged prices, while possible as
war measure and in an emergency.
cannot make for stability in pusl-
ness.
All commodities. according to Dun's
index number, dropped from the 25o.o
of the armistice date to III hy Maren
1, a drop of s per cent IN ieSs tnan
four months, while the steel price
cut was nearly Is per cent.
The stimulus Of government ouylns
is sadly needed to give the business
of the country a lift. even II the
follow their usual rule Of accepting
the lowest bids.
The disagreement between the In
dustrial Board and the director gen
eral was unfortunate. to say the
least, but the enthusiasm OF Amerl-
can business men will not let it re-
tard, for any length of time the re-
cavery of business,
AS the government practically sus-
pended the operation of the Sherman
antitrust law during the war. why
invoke it while yet the war mas not
officially been called of?
When congress assemblies it is a
safe proposition that there Will pc
several real attempts to modify the
measure, that it may not work against
the public interest, while acting POSI-
lively against law-bfeaking corpora
War Finance Corporation 5s.
IT is believed that probably $780,
900. 900 subscriptions were received
FOR the $500, 600. 900 War Finance Cor
poration per cent one-year ponos'
A splendid one-year investment,
thew were much sought after by
hanks for two reasons, one, that the
issue is not as valuable as a security
for rediscounting with federal re-
serve hanks as commercial paper and
liberty bonds are by per cent; and
second, because the banks are keep
ing themselves strong in cash against
the victory loan
The corporation has the authority
to issue bonds up to three times the
amount of it's paid-in capital-$350.-
600. 900; bonds to be for not less than
one and not over fve years maturity.
They cannot be sold at less than par.
The War Finance Corporation re-
nortinp rs of March 10 shows the fol-
lowing condition.: Cash in treasury
and federal reserve banks. $13,s51.-
406.43; loans to banks. trust com
panies and savings banks. $S,S21,S6
to railroads. s116.555,270; to public
utilities, s26.7S1,900. and on cattle
loans. $S.79O,772.35. The corporation
has invested in liberty loans. 1884,
.51s.29; in furniture and fixtures,
$S.761.e4. and had a credit for ac-
crued interest of $3.694.519.62; q total
assets of $356S16.38734.
The liabilities show: Capital stock
paid in $3.50. 0O0. 900; earnings. $3.50 :
122.77, of which $36.284.57 was col
lected in advance interest. a total OF
1856. SIG, 1874.
The investment in liberty bonds rep
resents the purchases of various is
sues by William Gibbs McAdoo.
when Secretary of the Treasury. in
an effort to stabilize the market for
the fourth loan and other issues as
well. 1t will be recalled that the
Fourth liberty ANS opened at about
9s and remained there until tho peg
was pulled, when they started on
down grade.
National Bank Statistics.