Evening star., 1917-03-11
WAR THREAT FAILS
TO DEPRESS PRICES
Specially Stocks, in Fact, Ad-
vance as a Result of
Developments.
WEEK OF GOOD TRADING

By the Associated Press.
NEW YORK, March 10.-The stock
markets response to the latest meas
ures adopted by the administration to
safeguard American interests was a
general advance in industrials and
specialties of l to 3 points, accom-
panied by an unusually heavy turnover
United States Steel, Bethlehem Steel
and other issues of that class were
lifted IL to points. with for Gulf
States Steel Shippings. which were
most directly affected by the decision
to arm ships of American registry,
gained 1 to 21a points; coppers at one
time showed average advances or
point. and specialties, particularly
leather, paper and motors, as well as
accessories of the latter, rose l to j
points, with an additional points for
General Motors, making an extreme ad-
vance of 10 points for that stock in two
days.
The course of rails was again disap-
pointing, the only noteworthy move.
ment in that division being a gain of
~ points for Southern Pacihc, the
rise preceding the announcement or
a decision favorable to the company
in the long-pending Central racine
4 railway suit.
Irregular Before Close.
Moderately reactionary tendencies
were manifested by Industrial Alcohol'
Texas Company, Baldwin Locomotive,
Utah Copper and other less prominent
Issues The entire list sold off irregu-
larly before the close, partly in con-
sequence of extensive realizing for
profits in steel, shippings and some
other leaders. Total sales amounted 10
$4,000 shares, United States Steel con-
tributing fully 25 per cent of the whole
General news of the day included the
United States Steel tonnage statement
of February. showing unhlled orders
Of II, ,697 tons, an increase of slightly
more than 100000 tons over the pre-
ceding month and almost $4,000 tons
above all previous records.
The bank statement was interesting
chiefly for the fairly large expansion
in actual loans, with a s9rresponding
contraction in reserves. ana a decrease
of almost $4,000 in excess reserves.
Bonds We're irregular in the susht
reversals recorded by the international
division. Total sales (par value) ag-
gregated s2,913.000.
U. S. registered 3s gained 4 per cent
and the coupon IS and Panama coupon IS
" per cent on call during the week, while
the coupon IS lost u per cent
STEADY advance IN FT1CeS.
The outstanding events of the week,
notably the decision of the federal ad-
ministration Immediately to adopt
policy of armed neutrality and convene
an extra session of Congress. did not
materialize until the market had
evinced strong disposition to shake
off it's recent depression.
This feeling was evidenced not so
much in the gradual increase of opera
tions as in the steady advance of prices
In almost all issues except rails. The
latter were again under restraint, be-
cause of moderate but persistent liqui-
dation of high grade shares. presum-
ably for foreign account.
Much of the weeks activity may safe
1y be ascribed to the professional ele-
ment. that faction again taking up the
more speculative spectalties. The
strength of seasoned industrials re-
suited. however, from known trade
conditions. this being seen in the high
er prices quoted for fabricated products
as we'll as the sharp inquiry for raw
materials
Coppers and other metals benefited
from similar causes, the strength of
American Smelling arising not only
from improved conditions In Mexico,
but from the belief that the forthcom-
Ing annual statement of the company
will show record earnings. Higher quo
tations for war and semi-war shares.
including leather and paper issues and
motors. were predicted on similar hope
ful signs, the increased dividend for
General Motors being a case in point.
In the broader domain of finance con-
hdence was largely restored by the
statement of the federal reserve board
regarding American investment in for
efgn loans. especially those floated
through the wars necessities. The err
ratio course of exchange. especially re-
mittances to Italy and Russia, indi-
hot xyiern
measures may have to be taken to sta
bilize credits with those countries
These and other foreign undertakings
are being held in allegiance, pending
definite announcement of home re-
Quirements.