The Birmingham age-herald., 1917-03-18
MARKET HOLDS UP IN SPITE OF MANY ADVERSE FACTORS Everyone Now Convinced of the Underlying Strength of American Securities ACTUAL WAR WILL
 MEAN AN ADVANCE But Naturally There Will Be a Slight Depression Upon the
 First Announcement of
 State of War

New York; aMrch 17.-(Specal.) )-This week, like every other week that has passed since diplomatic relations with l Germany were severed on February 8, has afforded a fresh daily surprise to those who predicted that the stock mar ket, the money market and general trade would reflect adversely the new develop ments in our foreign political situation.
 This week there was more than the av- craze installment of unfavorable signifi- cant events. First Wall street was flooded with rumors that President Will son was threatened with pneumonia; then the 100000 organized railway em- ployes involved in the eight-hour contro- versy threw many people into panic by again threatening to strike; next Ambas- sador Gerard arrived from Germany with the warning that this country must fully prepare for war immediately. Finally there was the sinking of the Algonquin. But in the face of such disturbing news, throughout the week the stock market, the money market and general trade continued to display the same underlying strength that has been in evidence since the beginning of February.
 When Gerard was instructed to start for home six weeks ago business men pre- dicted that during the period of uncer- tainty ahead money rates would advance rapidly. During the first three weeks of February plans were being made for the sale of a large block of United States government war bonds. Such negotiations always have disturbing influence on the money market Nevertheless time money advanced back to the lower rate now prevailing.
 That the stock market instead of de- cling on the endless unfavorable news developments of the past six weeks, has simply marked time is now matter of record. As for general trade, there is an abundance of proof at hand to show why business men have been surprised that their predictions of six weeks ago of widespread reaction in trade have not materialized.
 First take the weekly review of the dry goods business issued by Marshall Field & Co, which reached Wall street this week. That statement as follows, shows that both trade and collections are good:
 Wholesale shipments of dry goods for the current week show good gains over the corresponding period of year ago.
 Road orders for at once delivery are running about equal in volume to the period last year, road orders for future are ahead of the same week a assyear ago.
 s. Merchants have visited the market in about equal numbers.
 "CoIlections are better than in the week Ea year ago."
 $ Next, take the country's bank clear sings for the month following the break with Germany. Despite the fact that February this year had one working day less than 1916, the country's total bank clearings for the month aggregated over S20, 800 O00,000 compared with only $1S,000,- 100000 for the corresponding period of last year, and $11, 100000 for 1915. Those figures certainly do not indicate any re- action in trade
 Additional evidence can be found in the statement of thrilled orders just pub lished by the United States Steel corpor- ation as of March 1. During the short month of February the company in creased it's thrilled orders by 2,643 tons. That gain established new high record for thrilled orders at 11,576697 tons com pared with only 8,56S, 966 at the close of for 1915.
 Then there is this weeks statement covering exports for the month of Feb- ruary from the port of New York. With our shipping commonly supposed to be tied up tight during February through fear of the German submarines the total exports from New York for the month amounted to S222, 100000. compared with $224, ,000,0 900 for February of 1915, when the month had one day more. Compared with January of this year. when there were three more working days, this February showed a decrease of $79,000000.
 But during this January the average