Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-01-21
SHIPPING SHARES
SCORE ADVANCES
Issues in Considerable De-
mand, Despite Fear of Ger
man Commerce Raiders.
METALS GENERALLY HIGHER
By the Associated Press.

By the Associated Press.
NEW YORK. January 20.-Shipping
shares contributed a very considerable
percentage to the moderate operations
of the weekend session, notwithstand-
ing the fears expressed in maritime
circles of renewal of commerce de
stroying activities in American waters.
Mercantile Marine common was the
active feature of the final hour at an
extreme gain of as points. with rs for
the preferred and for Atlantic. Gulf
and West Indies. while United Fruit
rose points with for Pacific Mail.
Utilities. such as Ohio Gas. Columbia
Gas. Montana Power, Twin City Rapid
Transit and North American were
among the usually inactive issues.
sharing In the movement at gains of 2
bly, Sears-Roebuck. Woolworth, Dia-
mond Match and Home Stake Mining
changed hands in small dealings at 3
to 10 points advance.
Bethlehem Steel Strong.
Among the usual favorites United
States Steel recorded a slight fractional
gain. while Bethlehem Steel finished
Is points above yesterdays closing
price, after early uncertainty Coppers,
motors. equipments and some of the
more special stocks made variable i'm
provement, but rails traversed a limit
ed area, with no significant changes.
Total sales Of stocks amounted to ESQ.,
900 shares.
The bank statement fulfilled popular
expectations with an actual cash gain
of more than $25. 100000 and a reserve
increase of about $4,000, 900, lifting to-
tai excess reserves to $202.472. $50, and
aggregate reserves to $S18.044,00O, fig
new system of weekly statements be-
came effective.
An expansion of some s55,00O.00O in
actual loans and discounts reflects some
OF the heavy financing now under way
In connection with new underwritings
such as the United States Rubber bond
issue and the forthcoming British loan
Bond dealings were negligible with
further irregularity, due to heaviness
In the international group. Total sales
bonds were unchanged on call during
the week.
Week Of Small Trading.
Dealings in the stock market this
week prompted little specific comment
Trading was small and narrow in the
main. though with a broader tendency
in the later sessions. Restriction OF
operations was again attributed largely
to the continued abstention of public in
terest.
There was a moderate increase OF
outside or investment demand for
bonds and high-grade stocks, but the
tions. The terms of the new British
loan attracted wide attention and the
syndicate managers already report ap-
plications in amounts SO large as to
indicate an over-subscription of the Of
fering before the opening of the books
Local banking interests seemed to re-
gard the action of the governors of the
bank of England in reducing the open
discount as a logical outcome of the
greater ease of money in the London
market. together with the placing OF
the British governments new internal
loan. Until the important London dis
count banks follow the lead set by the
parent institution, the lower rate named
this week will have no actual signif-
icance in the opinion of American
bankers.
Bank Reserves Pile Up.
Domestic monetary conditions offer
every indication OF further relaxation
Since the beginning of the year the
banks Of the New York Clearing House
Association have increased their ac-
tual reserves by more than $s5,000,000
although loans have expanded by
slightly more than $100.000,000 in the
same period.
Commercial banks report the smallest
inquiry OF recent years from mercan
tile sources, a condition traeeable to
the unusually heavy holiday trade
which left the retail trade in strong
cash position.
1t Is already evident, however. thai
some of the largest industrial interests
of the country will soon come into the
money market for expansion purposes
Reports of a probable bond issue by the
Bethlehem Steel Company accounted
for the weakness of that stock during
the last few days. Virtually all time
rates for money were lower here and
at other reserve centers.
SUGAR MARKET.