Evening star., 1919-03-23
labor A FACTOR
IN STOCK MARKET
Promise of No Downward Re-
vision of Wages Tends to
Encourage Industries.
review OF THE METALS

NEW YORK. March 22.-Stock
sought higher levels this week. the
chief factor. in the further advance
being the decision of the steel trade
to reduce prices of finished and semi
finished products from 10 to about Is
per cent.
A reassuring feature in this con-
nection. in view of sporadic labor dif-
ficulties, was the concurrent state
ment that the downward revision
would not involve any change OF
wages, except in isolated instances.
In almost every quarter there was a
disposition to view this new deVlop-
ment as a most important step to.
ward effecting widespread revival OF
the country's foremost industry and
it's many allied branches. including
shipbuilding, house construction and
automobile manufacture.
A superficial view of the trading
on the exchange heightened the i'm
preston that very substantial pro-
portion of the daily dealings origi-
mated with professional interests. This
was especially applicable to United
States Steel, in which a heavy short
account was said to exist.
Rails in Inconspicuous Place.
Rails occupied their recent incon-
spicuous place, but displayed better
tendencies later in the week on an
nouhcement that the War Finance
Corporation had formulated a plan
for their Immediate requirements.
The furry in call money put tenn
potary dafnper on the forward move
meht in stocks, but there were no in
dicationSs that the withdrawal of
funds byslocal banks had Its genesis
In any serious attempt to restrain
speculation.
.Various2 projects now under con-
Sideratioh to proHsote the country's
foreign trade assumed new and in.
teresting phases BY reason of the
cratic and at times demoralized mar
ket for French. British and Italian
exchange.
For the most part. bankers agree
that this unexpected development
should not seriously interfere with
the further extension of credits.
Metal Market Conditions.
Price reductions ranging from 10 to
Ia per cent on some steel and iron
products have been announced as a
result Of the conferences between the
steel men of this country and the In
dustrial board OF the Department OF
Commerce. Many details as to diff
fefentials on basing points remain to
be cleared UP, but trade interests are
considerably cheered by two items
which have been settled. The Afst Is
that the new price list will not ba
further revised during the current
years, and the other is that the gov
ernment departments which control
wide purchasing powers have eigni-
fied their intention Of coming into
the market at the new levels.
The formulation of the new price
scale is regarded as an almost Ger
tain indication that there will be a
revival Of the buying which has been
held recently because OF the uncef-
taInty as to the outcome OF the con-
ferences. The fact that the price Of
iron ore {. o. b. Lake Erie ports re-
mains unchanged pending further re-
visions in the freight rates is taken
as an indication of the willingness Of
the government officials to meet the
steel producers half way. 1t will be-a
matter Of several days before the in
dustry is able to adapt itself to the
new scheme of things.
Copper Remains Quiet.
The copper market remained very
quiet during the earlier part Of the
wee x. but leading producers reported
a distinct Improvement in demand
today with . generally better feeling
In the trade. Some dealers were still
quoting electrolytic at IAN to 14E
New York delivered.
During the past week there has
bsen little change in the lead sftua-
ton.
The tin market continues quiet ,un-
der control, but interests are inclined
to predict that open trading will be
restored around the LIST OF June.