Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-02-25
OF BRITISH
EMBARGO is FELT
Drastic Restriction on Imports
Reflected in Narrowed
Stock Transactions.
DULL WEEK ON EXCHANGE


/ NEW YORK. February 24.-For
son, the irregular tone of today's per-
functory market was generally at
tributed to latest developments across
the water.
The more drastic measures taken by
the British government excited some
apprehension in speculative circles and
KAYE an excuse for the early setback,
which ranged from l to "a points in
shippings. oils, and other industrials
3 and specialties that may be affected by
the British embargo
There was some activity at the open
ing, altogether at the expense of quoted
values. but dealings dwindled steadily
thereafter. United States Steel, which
yielded a point at its worst. and the
to the meager turnover OF $4,000
shares. Rails were utterly neglected.
except for a moderate reversal in Union
Pacific and a further recovery in New
Haven.
Short Coverings at Close.
Short covering, which became gen
eral in the last half hour, resulted
in more or less complete recoveries.
with substantial gains in a few spe
'cialties. notably Pittsburgh Coal. Cen
'eral Motors. Central Leather. Pressed
Steel Car, Butte and Superior and Utah
Copper.
The bank statement proved to be
widely out of line with forecasts,
actual loans showing only nominal
increase, with a small gain in reserves.
Week end news bearing upon fnan-
cial and mercantile conditions referred
n fr4, To- ft-.,H kf~y, n
the inability of manufacturers to OBJ
tain raw materials. Purchasing power
also suffered some curtailment by rea-
son of the greater living costs.
Another break in Italian exchange,
with lires at 7.43, was the only in
cident in the market for foreign remit
tances.
Bonds were irregular, mainly in con-
sequence of a further shading of the
international group. Total sales (par
valued s1.465,000.
United States registered As and
Panama IS advanced 4 per cent on
call during the week.
Weeks Dealings Moderate.
The stock market traversed familiar
ground this week. dealings, at all times
moderate, being almost wholly in
lfluenced by the foreign situation. more
particularly in it's bearing upon this
country.
Greater tension in the relations be-
tween Washington and Berlin and the
uncertainty attending the relations be-
tween the home government and Ger
manys allies were overshadowed only
by the increased restrictions upon i'm
ports announced later in the week by
the British government.
\ That Great Britain'S drastic embargo
must work to the detriment of this
country's export trade seems to be ac-
cepted as an obvious fact To what
extent articles under the ban may be
raw materials, for example. iron ore,
copper and other metals. remains to be
seen.
Inquiry for securities from invest
0lent sources continues disappointing.
The status of the bond market is like
ly to remain more or less doubtful
pending definite announcement of
financing for emergencies by the gov
ernment at Washington.
Narrow Demand Shown.
Sale during the week of a large
amount of Bethlehem Steel short-term
notes and the decision Of the Southern
Railway Company not to sell bonds, but
issue notes to meet impending obliga-
tions and pay for necessary improve
ments, were in themselves significant
features Of the narrow demand for
high-grade securities
In the stock market all the more
prominent issues were subject to ir-
regular fluctuations. In the main, rails
were more firm than industrials, while
war and semi-war shares received much
of their propulsion from pools and
speculative interests.
Banking interests continue to dis
courage anything like a revival of last
years extravagant operations in the
stock market. although they are on rec
ord as saying that crisis in the situa-
tion with Germany is likely to be fol-
lowed by another boom in equipments
and munitions.
Domestic inquiry for steel, copper and
kindred materials was facilitated by a
lessening Of the recent freight conEes-
.tion. Numerous orders for railway
Equipment were placed during the
week.