Evening star., 1917-04-08
PRICES FALL Off
ON HEAVY SELLING
Recoveries of One to Two
Points Follow When
Pressure Lets Up.
WAR INFLUENCES MARKET

NEW YORK April THE securities
market was decidedly unsettled today.
even though Wall street and the finan-
cial community as whole had some
time ago accepted the country's projec-
ton into the war as all but an accom-
plished fact
Prices of important stocks. notably
United States Steel. dividend pa ying
rails and coppers, broke to points.
with considerably more fo- munitions.
equipments, oils and some Of the active
utilities.
Offerings exceeded 100000 shares in
the first hour but tapered off to a
marked degree later, with irregular
recoveries of l to . points. Rails were
not responsive to any appreciahie de-
gree, however. holding back on the ex-
tremely unfavorable condition of crops
reported by the government.
The more extensive recessions OF the
brief session included almost 4 points
for United States steel. with points
for Bethlehem Steel old stock at 135,
and q for the new at 12S. Gulf States
Steel broke almost points, with Y
to more than for Lackawanna and
Crucible Steeis and Republic Iron.
Other Issues Recede.
Atlantic. Gulf and West Indies. Marine
ana jnlLct TulI rtCtuSC
to points. with TO -or Petroleums.
an average OF for active metals and
motors and 3 to 4 for American Can,
Central Leather, American Beet Sugar,
Wilson Packing and Industrial Alcohol.
The greatest reversal was recorded by
Ohio Gas, which yielded much of the
carly weeks spectacular advance, fall
ing almost points to 12i. Total sales
amounted to 665 600 shares.
hn n Il, ,N,--l
chiefly for the Impressive totals report
ed in the actual loan and reserve ac-
counts. Loans increased by almost
s9o,0oo.eoo, reserves in own and re-
serve vaults by more than $50, 100000.
and net deposits almost 97,000.0 900. Ex-
cess reserves expanded by about S50-
100000. Just about offsetting the con-
traction of the previous fortnight
Bonds were irregular, foreign war
issues reacting after early strength.
while domestic rails followed the lower
trend OF stocks Total sales (par value)
aggregated S2,5S0,000
United States and Panama bonds
We're 4 to point lower on call during
the week.
Finds Country Prepared.
Declaration Of a state of war with
Germany finds the country in an unpre-
cedented state of financial, commercial
and industrial preparedness. although
rot without some confusion in the mar
ket for securities. The reaction in
prices recorded at the week end was
attributed to a combina ton of circurn-
stances. including an increase of ap-
prehenslon among timId investors, un-
certainty attending the broad aues-
tion OF war taxation and adverse crop
prospects.
Ihe latest government report, indi-
eating an enormous decrease in winter
wheat. is likely to bear vitally upon
the war situation in its direct relation
to prices of toodstuffs. To what extent |
such situation can be regulated by |
government control remains to be seen. !
Pressing need of definite national |
financial policy. as indicated by the an
preparations already made for the |
army and navy, is being brought to the !
attention of the Washington authorf-
5les. with the attendant question of
bond taxation. Wall street and its |
banking associates throughout the
country are preparing for early re- |
100000 |