Evening star., 1917-05-20
OVERNIGHT WAR NEWS
SOBERS STOCK MARKET
Actual Decision to Send Troops to
Europe an influence on
Trading.
BY the Associate ted Press,

By the Associated Press.
NEW YORK, May 19.-The dullness Of
striking contrast to the activity of the
two preceding sessions. Momentous
overnight events. such as the Presi-
dents call to arms and the decision of
the government to dispatch an expe-
ditionary force to France. had a sober
ing effect upon speculative sentiment.
Prices were little changed at the
opening. apart from another severe
ferred, & result of the ruling of the
federal court which inflicted a severe
monetary penalty upon that system
Other minor rails. including some
once known as part of the Gould sys-
tenn. were firm to strong. a marked in
quiry developing for the new Missouri
transportation stocks the Pacifics.
Reading and other high grade shares
ruled firm to strong.
War Shares Are Higher.
War shares were better by one to two
points. their setback in the middle of
the session being largely made up at
the end. United States Steel came
imum. and the more distinctive equip
ments and munitions recovered l to
2 points from yesterdays reversal.
Metals. shippings and petroleums
were irregular at times. but hardened
later with specialties like Industrial
Alcohol, Distillers' Securities and Ohio
from IL to about points.
The automobile group accentuated
their backwardness of the early week.
General Motors. Studebaker common
and preferred and Chandler lost to
4 points, but rallied slightly on short
covering. Total sales amounted to
$4,000 shares.
A very slight decrease of reserves
was shown in the actual condition of
the banks. with a loan expansion of
$37.537.o00 and an increase of about
$44.000.000 in demand deposits.
Bonds were heavy, Denver refundlng
6s breaking three points and Union Pa
cific 4s and Chicago and Northwestern
S1zs IL each.
X per cent on cali during the week.
but other governments were u to 1
per cent lower.
Weeks Favorable Factors.
Technical conditions again accounted
to a considerable extent for some OF
the important changes that accom-
panied the enlarged operations of the
week in the stock market. The many
signs of increased industrial activity
awakened an inquiry for steel and iron
issues and the general list of equip
ments and munitions.
While no official announcements have
been made, it is understood in trade
circles that several large contracts for
supplies were conSummated recently at
prices which bore no suggestion of op-
pFeSSloH On lno part oi tne 1eotTdl du-
thorities.
Another favorable factor of the week
was the 1et-up in liquidation of rails
and utilities. albeit motor issues were
under increased pressure. Betterment
in rails was assisted by more encourag-
Ing crop prospects. and a well defined
belief that the interstate commerce
commission will soon accede, in part, to
the demands of the railroad companies
The change in the stock market came
more Immediately from the loan made
by the government to Russia. Prior to
that development exchange on Petro-
Russian bonds became acutely weak.
Worry Over War Taxes.
Investors continued to show much un-
easinesst over the course Of revenue
legislation. Affirmation by the lower
house of the retroactive clause afforded
an excuse for much realizing in the
later dealings of the week. New as
poets in the general situation were
presented by the Presidents call to
service and the forthcoming departure
of an American force-to-the foreign war
zone.
Issuance by the Treasury Department
of another 5000, 10000 Of certificates
moneys to this country's allies created
no change in domestic monetary condi-
tions. Home trade showed a slight re-
cession from the high crest of recent
months, but all mercantile demands
were met without strain.
1t was expected that the liberty loan
would gather fresh impetus before the
end OF the month as a result of the
extensive campaign now under way.