Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-03-21
Standard Issues Fail to Show
Response to Market
Pressure.
BUSINESS IN GENERAL
, TAKES A HOPEFUL VIEW
Possibility Of American Complica-
ton From European War Still a
Factor With Traders.

NEW YORK, March 20-Specialties
were again to the fore during today's
tWo-hour market session, the activity
and strength of Bethlehem Steel being
the most noteworthy feature Trading
IN that stock aggregated about $4,000
shares, its top figure and new record
price being IS, which represented a
maximum advance of almost 10 points
from the previous days low price
Profit taking caused some shading from
Its high level, with a net gain Of 2
points.
Inc movements of this stock during
the past fortnight have been the sub
Ject of much conjecture and snecp1a
non. especially as its representatives
nave several times unquaIif1edly stat
ed that dividends are a thing of the
remote future. There were rumors to-
daE that a contest for control of the
property is on, but this vas NOT cred
ted IN quarters which are supposed to
nave intimate knowledge of the COM
pany's affairs
Motors Share Advance.
Motor shares also participated to a
considerable degree in the general rise
their gains extending from 1 to 6
points, despite revival of criticism in
conservative circles Department stores
issues. National Lead and American
Can trailed along with these more
speculative specialties, while the sea
soned dividend stocks and erstwhiIe
market leaders rose only fractionai1y
IN the railway division Canadian Pa
cif1c and New Haven were the on1,
shares to gain a point or more I-nitad
states Steel took second place to Refh
lehem Steel throughout the session and
vance. oo
London's market seemed to .ipnore tho
news from the Dardanelles, the yarions
nome issues showing but little loss on
na selling. Contrary to its usual
course, Canadian Pacific was more in
clined to heaviness than any other
STOCK in the international list
ne local bank statement met gen.
"a expectations, showing an actual
cash gain of about 311 ,oO0, 900. excess
reserves increasing by almost $40, ooo
Total sales of stocks amounted n
113,200 shares ~
Bonds we're steady, except New York
Central SIS. which were extensiveiH
SOLD at concessions Total sales mar
value). $1.213.00O >p'>-
United States bonds were unchanged
on call during the week
Market Conditions as Whole,
iioiu Iurtner unexplained
gains OF large dimensions in certain
specialties, such as Bethlehem Steel
and the automobile issues, spirit of
caution ruled the dealings in stocks
throughout the week. Growing expec-
fancy of early important events in the
theater of war played large part in
this feeling Spring weather is ex-
pected to bring increased military
activity and 1taly's decision is watched
eagerly.
Recent large additions to new secur-
lily issues and the accompanying ex-
pansion Of bank loans impose limits on
investment demand. The call upon our
credits from the outside world mean
time becomes fairly clamorous. Cash
payment Is thus sought to be deferred
for the flood of war material, which
piled up an export balance for the
second week of March estimated at
$50,000,000. far exceeding any previous
record. Rumors are thick Of borrow
tngs by European and South American
nations in New York. Credit facilities
remain abundant, thanks to reduced
reserve requirements and provision for
rediscounting under the federal re-
serve law and the sluggish domestic
Hold on to Gold.
Possible revival of domestic borrow
ing must be calculated, with allow
ance for the unwillingness Of the bel
ligerents to release gold in payment
of their debts and their resort instead
to fresh liquidation of American secur-
ity holdings. London's reduction of
minimum prices of American stocks
to the level of the New York exchange
has as yet induced no fresh selling FOR
foreign account.
The Introduction of the allies on Ger
man commerce is not expected to
change present conditions materially.
but the risk of embarrassing diploma
tic incidents is not ignored.
New steel buying Is lighter, but the
price of refined copper went higher.
with increased domestic and foreign
demand There was lull In the west
ern tonnage movement and general
complaint of poverty from the railroad
world. Maintenance of Reading and
Lehigh Valley dividends did not pre-
vent declines. especially In the hrst
named Good winter wheat promises
. was a cheering factor.
First steps taken by the new federal
trade commission were studied with