Evening star., 1917-03-25
Coppers in Steady Demand.

L
gains of / TO almost 2 points. Utah
proving the exception. falling back un-
: der pressure. but making full recovery
later.
Baldwin Locomotive was strongest of
the equipments. rising points to OK.
Among the less active industrials and
specialties strength was shown by
Mating common and preferred. Hide
Aand Leather preferred and Gulf States
Fsteel at gains of l to points. Wilson
iaeking added 4 points to yesterdays s
material rise, making a record al 747s
and Virginia Iron and Coal rose 6 to
II. Realizing for profits caused gem
esal shading of prices later. but the
market closed with a strong tone. Total
sales amounted to $4,000 shares.
Actual reserves in own vaults and
federal reserve banks of local bank
ing institutions decreased about $780,
Voo.ooo during the week. excess re-
serves decreasing by little more than
$21.O0O.00O. just about offsetting the
previous weeks gain.
Bonds were generally higher today
on an expansion of dealings. Total
q, sales (par yalue) aggregated Sass, 900
United States coupon As rose one-half
per cent on call during the week and
coupon rs declined one-half per cent
Bullish Factors in Market.
The foremost features of week
markets of last fall and early winter
were the Presidents proclamation call
Ing Congress in extra session and the
Supreme Courts decision upholding the
Adanson law. More important as di-
rect bullish factors were the favorable
annual report of the United States Steel
corporation and the tardy but sweep
Ing rise in railway shares
wall streets calm in the face of sig
hlncant miitary and naval preparations
was accepted by leading banking in
terests as evidence of the country's
ability and determination to confront
grave eventualities. Absence of mar
ket hquidation, stability of money rates
ana the apparent success of the new
French loan gave emphasis to these
extraordinary conditions.
Trading was broad. even though
dealings ran mainly to industrials and
the more speculative shares commonly
described as war issues Advances in
some of the latter DOUBTLESS We're re-
taroed. however, by a we'll defined be-
lief that contracts to be awarded by
the home government will allow of no
more than moderate profits.
shippings Feature of Week.
Shippings figured largely in the
weeks business. probably on the theory
That their status has been substantially
strengthened by the latest policy of the
administration. The impression gains
ground that the government authorities
etTill take favorable action on the petit
tion OF the railroads for higher rates to
onset the increased expenses incurred
by the eight-hour law.
Military and political changes in the
wide area covered by the war excited
much comment and conjecture The
sensational turn of events in Russia
was accompanied by improvement in
exchange rates and indications of the
early establishment of direct credits
with that country under conditions and
to an extent recently regarded as i'm
possible.
The suggestion that large unsecured
loans be placed at the disposal of the
entente allies in the event of actual
hostilities with Germany did not get
beyond the point of academic discus
sion. II is not unlikely that Great
BRITAIN may come into this market be-
Tore many weeks for another huge di-
rect obligation.