Evening star., 1919-03-09
llDUSTRIALS REACH
| HIGHEST AVERAGE.
Expanded Market Activity In
! dicates Country Has Dis
| counted Grave Problems.
REVIEW OF THE METALS

NEW YOhh. MarCn -rIohouhSSo
expansion of activity on the stock
exchange this week and attendant
Developments heightened the impress
sion prevalent in speculative quar-
fers, if not elsewhere, that the coun-
try has discounted many of the grave
problems which clouded the financial
horizon in the first months of the
postwar period.
Average prices in the industrial
division and various specialties more
or less identified with that varied
group not only rose to highest lev
els so far this year. but in severai
noteworthy instances actual new
maximums were made.
The advance was almost uninter-
rupted, the only halt being occa-
stoned by the Senate filibuster. De-
feat of the general deficiency bill
caused moderate reversals among
rails, which were fully retrieved
later.
Plans to Aid the Railroads.
Foremost tanking interests are ex-
.specfed to CO operate in plans for the
tenypprary relief of the railroads.
{ Such support, it is believed, VIII De
given in generous measure, but there
IL little probability OF the 1ormaeion
: of q huge money pool.
Interest in the industrial situation
: seonverged around the conferences be-
tween steel and iron producers and
representatives OF the DEPARTMENT OF
Commerce for the qualification OF
that industry Despite the sanEutne
views OF Industrial executives, there
: is fast.Hrowfnk conviction in trade
circles thatsfurther price reductions
are Imminent regardless OF wage
schedules
That the country is doing a.very
large and prontaole general business.
and that money Is reasonably free
for constructive purposes Is evf-
denced by the enormous bank clear
ings and the comparatively easy rates
for time and call funds,
Moderate Gain in Excess Reserves.
Last weeks large actual loan ex-
pansion of clearing house banks was
materially reduced today. excess re-
serves showing further moderate
gain.
mestfc issues were firm and foreign
rotations made slight gains. Total
sales (par value) aggregated $6,55o.-
coo.
Ola United States bonds were un-
changed on call during the week.
Review of the Metal Interests.
The outstanding feature Of the steel
market this week was the unanimous
approval given by producers through
out the country regarding co-opera-
tion with the Industrial board of the
Department Of Comm cree In the mat
fer Of stabiiixirg prices. The action
accepted by the leading producers
came as a surprise to many interests
IN the trade since considerable oppo-
sition had been in evidence as re-
suit Of the publicity given TO Secre-
fzry Red1efd's plan.
Action In the steel industry slowed
mp somewhat when the date of the
general meeting of producers was
announced for last Thursday and
there was a slight decline in the vol
uIne OF orders placed. Sheets and tin
plate continue to be in good demand.
Wire products are being featured
somewhat. Structural steel has shown
no Improvement except in the number
OF inquiries which are made. The
Ia better than IL has been for several
months.
Total Fig Iron Production.
Figures made public during the
week showed q total production of
pig iron in February amounting to
z.94o.4sS gross TONS. This figure
showed slight decline from the
level reached In the first month OF the
current year, but, compared with
February. 1917 and 1918, a gain was
noted during last month Activity
in pig iron is somewhat backward
In the meantime some producers of
this metal are piiinR supplies at pres
ent costs. while others are holding
or until an active demand shall COM
meuce. The coke market is under
control by producers and conditions
are more favorable than they have
been for some time.
Better Tone in Copper Market.
There is better tone to the cop-
Per market. Some slight gains have
already been recorded and two Ad-
v4nces have been made from the
low level of 14H cents.
The offerings of eiectroiytfc cop-
per reported at 1i-5a early In the
week were either Withdrawn or abb
sorbed by an improving trade de-
mand. with the market Allowing a
decidedly better tone in consequence.
TO 1890. Iron waz unchanged
Lead is quiet but arm, and the
New York price fB being maintained
around 5.25 to 533 cents. spelters
has shown q slight weakness during
the Nlst few days -
The tin market presents mo- new