Evening star., 1917-04-01
STOCK PRICES OFF
At END OF WEEK
Liquidation and Short Selling
Combine to Drive Down
Quotations.
GENERAL TONE is HOPEFUL

BY the Associated Press.
NEW YORK, March 31.-Liquidation
in moderate volume. combined with
short selling. both probably impelled
by misgivings regarding forthcoming
DEVELOPMENTS in the international
crisis, caused a general shrinkage of
ootatfons in today's two-hour session.
Some of the leaders. including United
States Steel and standard rails. de-
ciined TO lowest levels of the week,
recording extreme recessions for that
period of to 5 points. Munitions and
equipments, as well as shippings and
metals. followed the general trend.
which became more pronounced toward
the close.
PetroIeums and motors, sugars and
specialties of no definite class were
freely offered at concessions OF con-
siderable fractions. The heaviness of
Reading, ST. Paul, New York Central
and several other high grade rails was
brought about on comparatively light
sales
Pool issues We're the only features of
strength, Ohio Gas continuing its up
ward march at a gain of points to
the new record of 1851 Wilson
Packing. Virginia Iron. General Motors
and Utah Copper were higher by l to 2
points. In the main the list closed at
lowest prices of the day. Total sales
amounted to 2S5.0o0 shares.
Strengthening of Exchange.
Developments bearing upon financial
matters included the increased strength
of candi0avian Inc n he,
payment by Washington OF SIS. .o0O, 900
to the Danish government for the
Danish West Indies, additional exports
of gold to Spain and the purchase of
$l0.600,0o0 of Baltimore and Ohio rail-
road trust certificates maturing in an
nuai installments during ten years.
The bank statement more than full
hlled adverse forecasts actual loans in
creasing almost s30,O00.0 600. the cash
contraction also approximating that
hgure. with similar decrease of re-
serves For the past fortnight excess
s50.000.000.
Weekly reviews of the mercantile
agencies report no abatement of the
heavy purchasing power by the public,
this condition being stimulated by buy
ing for government account
The bond market manifested an
easier tone today on small dealings
io.ai sales tpar value) aggregated
In government bonds the on!y change
OF the week was a decline of a point
IN coupon As on call
Street Not Alarmed.
On the eve of session of Congress
which will deal with matters of world
wide Importance Wall street during
the past week bore no surface indica-
tons of undue anxiety or pessimism.
The increasing hum of Industrial
activity. expansion of bank clearings
and quiet confidence with which the
foremost banking interests entered
upon new commitments were regarded
as evidence of the country's readiness
to meet the most serious emergencies
Dealings on the stock exchange were
materially reduced as compared with
the heavy operations of the previous
week, but quoted values held steady
when not actually firm Efforts of an
aggressive bear party to depress prices
were OF little avail, except to create
snort interest of considerable propor-
tions. thereby strengthening the mar
kets technical position.
Sentiment was visibly encoura ged by
the favorable attitude seemingly evinc-
cd toward the question Of higher
freight rates by the interstate com
merce commission, which already has
relieved some Of the railroads of a part
of the extra burden imposed by the
efght-hour law. Rails were disposed to
respond to development of this char
acter and probably would have EXTEND
ed their gains but for several indiffer-
ent February statements of earnings
and the crop outlook, the latter being
an especial deterrent.
"War Brides Quiet.
All the munitions and equipment were
were moderately active at irregular
advances. but the spectacular war
brides of the past year or two were
comparatively quiet. Shippings, mo-
tors, oils and specialties OF various de-
scriptions which owe much of their
intermittent activity to the initiative
of speculative interests made less
progress than other stocks or recog-
Missed merit.
Foreign conditions again found their
most direct reflection in the movements
of exchange. Rates on London and
Paris were firm, with marked strength
in remittances to the Scandinavian
countries and Spain which have pros
pered by the war, while quotations on
Germany and Austria were practically
suspended.
Further heavy gold imports. osten-
sibly for account of the entente allies
but doubtless originating in London
were accepted d s the forerunner of an
other large loan to the British govern
ment. The recent French loan of
S100.000,000 was largely oversubscribed
according to the statements of the
syndicate managers.
TT " 1n17 n