Weekly journal-miner., 1917-03-28
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M A R K E T N E w s
By R. Allyn Lewis
Stock Letter.

NEW YORK, March H-RailroadS have not been speculative for two years, for that reason, to market them you have to sell them down and to buy them you have 10 bid them up. \ short interest has been created in the past six months. When news of a probable rate advance came, they ! tried to cover, bringing about very sharp r:.c. As the feeling has become ul;ra-boar.sh the last few days, they have heen sold down by those who covered higher.
 The case against the Lehigh Valley in regard 10 their shipping line 10 the lakes has been decided against the railroad Since the copper compan- ies decided to sell their commodities to the government at half the market price, it is evident that the steel com panies and others who will furnish war supplies must do the same; for that reason industrial stocks, depend cnt on the war, selling at high prices are not in favor. The move in Bald Win is on the report of big war con tracts. Nothing that company has ever shown warrants high prices. With the new short interest created, we will get the basis for another ad- vance.
 Ii is startling to find that steel mills have sold 2,250,000 tons of roll cd products thus far in March not withstanding enormous drafts made against productive capacity in the past few months The heaviest buy ing has been done by railroad, ship ping and agricultural interests. These heavy consuming classes have taken l,425, ,000 tons. This great volume of business has carried prices upward the last few weeks to S30 per ton.
 Cotton goods exporters are won dcring what will happen to their trade should this country adopt a trading with the enemy law, such as now obtains in Allied countries, as much of the American export trade is now done through German houses, 1 in foreign countries.
 There has been very strong buying !. of corn products and much higher prices arc talked of.
 O'Bricn says: We may get some | further decline at the opening but would play the long side again on all weak spots"
 For the first time in many months official reports of the German war office are being held up. No official statement las come through from Berlin since Sunday. At the Sayville wireless station it was said that static wire conditions were rcspon- sible" However, press adviccs were received from Berlin via Sayvillc.
 Finding very little support to the market, shorts are beginning to put ont stocks quite freely
 There was an absence Of interest in stock market trading all the after noon, traders finding an absence of brving power in nearly all the i'm portant issues at declines. |. s. Steel common after selling at $115I, drop ped to Sll41S. The railroads missed same way. Marines yielded under small sales.
 Summary.
 Secretary Lansing intimatcs that President Wilson will not ask con gross to declare war but will ask that body to decide on state of war"
 Independents in new house join Democratic ranks assuring reelection of Speaker Clark and a complete Democratic organization.
 Governments of Entente powers oppose idea of United States present. ing those countries with one billion dollars.
 A dispatch says President Wilson IS considering the appointment of F. R. Stettinius, of J. P Morgan & Co.,, IS secretary of munitions in event of war