Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-05-06
RAILROAD SHARES
ARE AT Low EBB
Free Offerings Drive Some Is
sues to Minimum Price of
Several Years.
INDusTRIALs ALSO SLUMP

by the Associated Press.
NEW YORK. May 5.-Weakness Of rail-
road shares, which were again; in free
supply at substantial concessionsi featur-
cd today's highly professional market,
some Of those issues recording rainimum
quotations for many years. There was
no news to account for the unceasing
pressure upon these stocks. which, includ-
ed many of the minor western and south
western groups.
make up part of their recent losses. but
the lack of support in rails proved too
strong to overcome. the list closing with
q heavy tone. except in metals ard few
Of the speculative specialties.
The relative strength of coppfrs was
IN response to trade reports of Large adj
ditional sales Of the refined product for
home consumption at satisfactory prices
opposition to the short interest," with
American Can.
Specialties Fall Back.
Some of The high-priced specialties fell
away with rails. notably American Snuff.
Montana Power. Ohio Gas and: Texas
Company. United States Steel wifhstood
bearish activity. closing at trifiing net
loss. Bethlehem Steel new stock was ac-
tive but forfeited more than it, early
one-point gain. Total sales amounted to
815. 900 shares
Predictions regarding an adverse bank
statement were fulfilled only in part. the
actual cash loss of slightly more than $40.
600, 900. being less than half that ehtimat-
ed In conservative quarters. Thief heavy
transfers OF money during the week to
fected in an increase Of almost $4,000. 900
in federal reserves Loans contracted
more than $4,000 600. but the gfeatest
change was shown in demand DEPOSITS.
which decreased by more than Sll3.
o0o. 900.
4 further decrease of about s21 900. 600
in actual excess reserves leaves th.tt item
at little more than $so.Ooo.0,p. the
smallest total thus far this year. of the
Alz, ooo, 600 actual reserves held BY the
6 banks ks in their own vaults almosti ss72.-
Bonds were weak on restricted onArings
Total sales (par valued aggregate 3d.
On call during the week United states
government 3s Of 1916 and Panama 3s
were quoted at recessions of 4 peg cent
other issues averaging declines T half
influence Of War Financing. !
The main influences of the w,Ak in
the stock market were supplied ~ the
governments plan for financing Is al
lies and the persistent and inexplScable,
liquidation Of railway shares. chiefly
those of the investment section.
Wall street was somewhat disap4oint-
ed at the delay connected with thu set
Element of details of the So 1000, 0Ho. 900
loan. but proceeded to assist in thi sue
cess of that stupendous undertif king.
From present indications estimateA that
fully half Of the total amount win be
forthcoming
likely to be fulfilled.
Selling of railroad shares INCREASED
with the progress of the week. many
Of those stocks falling to lowest squo-
absence OF definite news 1t waA as
sumed that offerings of these seacuri-
ties originated in large part FROM for
oagn interests.
Industrials and the prominent spe-
o1alties lost little ground. despite the
aggressive activity of the short Inter-
est United States Steel backed and
6ued within four-point radius. other
ktocks OF the same character showing q
oAghtly wider range.
Shipping Shares Fluctuate;
Ehippinss and oils were subject to
greater fluctuations, the former raced
ing sharply as q result Of the su Hma-
sins menace and increasing evidence
make known its intention to national
he" American vessels.
Prices OF raw and finished products
In the more important lines of iredus-
try held to recent schedules, in dome
important instances rising to higher
levels. As yet the proposition to place
commodities of all descriptions under
government control has exerted nc; ad-
kefse effect.
Hardening Of money rates duringi the
week was ascribed to preparations how
under way to meet the financial re-
quirements of the government. de-
mand for money by brokerage or sbec-
nlatfve interests is smaller than mi the
early months Of the year.
The many statements Of earnings dub.
United by railroads for March wert in
keeping with similar exhibits of the
preceding month. virtually all showing
large increases in operating costs Some
lntimation of the interstate commerce
commissions attitude toward the Q,ies-
hon of higher rates is expected during
the coming week.