Evening star., 1918-02-03
ACTIVITY ON Market IS !.
KEPT TO FEW STOCKS
Half Dozen Issues Contributed %
Per Cent to Total Of $50, ,O0
Shares.

NJ the Associated Press.
NEW YORK, February Financial
representative stocks were not especially
responsive today to the prospects OF
suspension of fuelless Monday after next
week, but various other issues especially
ahippangs, oils. motors. feathers and pa
pers, advanced to almost points. main
~ at the expense of the bears.
Rails moved within a narrow area and
industrials, notably steels and coppers.
were disposed to react. though making up
lost ground before the close. United States
Steel was under steady pressure most of
the session, but finished at a nominal ad-
vance.
Half dozen Substituted States
Steel. Marine preferred, Distiilers Securi-
ties Industrial Alcohol. Reading and Cen
trai Leather over 30 per cent
to tho days total Of 355,000 shares.
The chief feature of the weekly bank
statement was a further actual expan-
sion of loans by over $111 900. 900, making
an aggregate of $1,000 for the past
fortnight Excess reserves decreased al,
most $35.000.000. reducing the actual total
to little more than $62.000.0Co.
Bonds Are Irregular.
ing at $3.50 to 1914: first IS at $3.50 to
$3.50 and second As at 90 TO s5.S2. Bond
sales (par value) aggregated Sss5o.0op
Old United States 2s and As were y 70
per cent higher on call during the Week
The attention of the financial COM
munity was frequently diverted during
the week from the vexations and COM
plexities of the domestic situation to
the significant changes suggested by
advices concerning conditions in cen
trail Europe. High financial authorities
concurred in the belief that the peace
movement is making formidable prog
in mr. ri
President Wilson's message to the
western farmers was regarded as the
most important market factor since the
decision of the government to take over
the railroads.
Transportation Improves.
Improvement in transportation condi-
tions, especially in the eastern states,
was apparent even before authorities
In Washington announced that the en-
barge had accomplished its primary
purpose. Railroad earnings for December
were extremely unfavorable and Janu-
ary returns are, likely to reveal larger
net losses.
The United States Steel statement for
the 1917 hnal quarter indicated a steady
decline of production and it is believed
the current period will reflect in great
er measure existing economic disturb-
anees. Maintenance of the extra
common dividend was one of the stim-
Much of the activity of the last of the
week converged around speculative
shares. notably motors and specialties
more remotely identified with the war
group. The meteorfc rise recorded by
some of those issues served little pur-
pose, it was thought. except to make
the short interests more wary.
The railroads. already congested have
been still further tied up by snow
storms and continued cold weather. As
result the steel industry has been se-
verely crippled. Many plants east and
west were either forced to close or to
limit operations to work that was inn
perative.
Some heavy orders for structural
steer nave been placed by the govern
Few small bridges, but apart from this
new business has been held back Ac-
cording to figures compiled within the
last few days. orders placed with
tabrieating shops during December
amounted to 100000 tons, exceeding the
rated capacity of the plants by IA per.
cent. 80