The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-03-11
DOvrAlI MARKET
N FACE OF WAR TALK
Stce, Prices So Hish February E"rn-
ings large Even With smaller
Actual output.
HOGS FREAK NIL RECORDS
Sell at $3.50 Uundrcdw eight IN
Chicaro - Marine Preferred Nd
vanccs--,ublic Coming Backa III
Wall street in DroNcs.
inv RRoaDAN WALL

Few York, Marcn i0.--The report
Of the United states Steel corporation
shat unified orders on its books hhd
increased 1o9649 tons in February
and report by the banks that actual
s,-oIus reserves haG decrea sed S2l.-
$3.50 tn the past week came az
the end of an active session OF the
stock exchange In which The leaders
we're buoyant
The average bank statement showed
an increa sc in loans OF sl. $4,000 In
ne, demand deposits Of 50, 40e 600 and
sec~aAse in reserves OF s9h,9452fo.
The actual statement showed the
,oaus Increases s25s3s.0o0 and net
semand deposits $40 54s,o
In connection with the sta tenn ~
y. the steel cooperation. it - reported
anofacislly in the Street that the
sctual output was materially less than
expected. but that prices we're so
much higher that February earnings
were record breakers for that month.
In view Of the fraight tie up, which
vas the cause Of The reduced output
and therefore partially the cause of
he Increase in unified orders the
arser earnings suggest remarkable
possibilities for the coming month
which will see free movement ~
freight The stock celebrated accord
,nsly. Counting the dividend Of SO
/. share Steel common today reached
the highest level 4 has touched since
early in December. Since il sold at
the equivalent Of todays price he
fore i; has had two violent breaks the
rrat on fear Of peace, the second on
Inc fear OF war.
View High Record.
Sneiters made new high record
in the movement in anticipation OF
bonanza earnings 10 he reported nest
week. These earnings have been
made with the Mexican plants practi-
caliy non productive. The street has
been talking for several weeks OF an
increase Of dividend by Smelters
Utah Copper. the Marine issues.
General Motors, wheat cotton and live
hogs were all higher, Hogs in Chit
cago sold at $3.50 a hundred, which
is the highest price ever recorded.
Buoyancy Of the market which pre-
JAILED at the opening was the direct
reeuit Of the announcement Of presi-
dent Wilson that he would arm Ameri-
cen ships and that he wanted congress
m session. This WAS accepted as the
first move In a war with Germany.
Wall street expects to sec "a great bull
market develop as a result. The pub
lie is coming back 10 the Street and
banking interests are making the re-
turn agreeable. There were some ex-
iensive short accounts outstanding aud
these covered.
Marine preferred made an ini@>
gain of more than two points. and
Atlantic Gulf and West Indies ad'
vsrced > Ia. both rold off
prodt-takine also made ats appear.
anee in Steel and smelterx. The lot,
ter TWO. however, held Arm, the re
cession being only fractional
In General Motors the opening pric.
WAS improved later in Dc session
This company is expected 40 prof
from the manufa cturc OF trucks foI
army purposes. There was quicken.
ing of the whole automobile list ant
particularly OF those mp nles max
ing trucks
vs. the market closed Y proat-
taking in speclalties made iys influence
felt, but the standard issues remained
firm 70 the last minute OF trading un-
der TIE leadership Of steel e nd smelt-
rrS.
The Southern Fa,'1c- Central Paci-
~ decision was announced after the
lose o: the market.