OCR Text |
Show U. S. STEEL AND STANDARD RAILS LOSE 2 TO 5 POINTS Short Selling Causes General Shrinkage of Quotations Quo-tations in Yesterday's Two-Hour Session. Nf'J W YORK. March 21. Liquidation in mod era 1 volume, combined with short selling, both probably Impelled by misgivings regarding fortln oming developments In the international c:i?!s. caused a general fill rink a ge of quotations In today's two-hour two-hour session. Some of the leaders, including United St at en Steel a ud standard raihi, declined to lowest levels of the week, recording extreme ex-treme recessions for that period of 2 to 5 points. Munitions and equipments, as well as shippings and metals, followed the ye,m.-ral trend, which became more pronounced pro-nounced toward the close. Petroleums and motors, sugars and specialties of no definite class were freely nfierrd at concession of considerable fractions. The heaviness of Reading", St. Pa ul, New York Central, and several olhe.r high-grade rails was brought about on comparatively light Bales. Pool Issues w ere the only features of strenctli, Ohio Gas continuing its upward march at a gain of 5 points to the new record of J35Vv. Wilson Packing, Virginia Vir-ginia Iron. General Motors and Utah ''upper were higher by 1 to 2 points. In thft main the list closed at lowest prices of the day. Total sale-;. 2S5.000 shares. Developments bearing upon financial matters Included the increased strength nf Scandinavian exchange, due to t he payment by Washington of $25,000,000 to the Danish government for the Danish West Indies, additional exports of gold to Spain and the purchase of $10,000,000 of Bait I more & Ohio railroad trust cer-tlhYates. cer-tlhYates. maturing In annual installments during ten years. The bank statement more than fulfilled ; adverse forecast?, actual loans Increasing almost $20,000,000, the cast contraction also approximating that figure, with a similar decrease in reserves. For the past fortnight excess reserves show a reduction re-duction of about $50,000,000. Weekly reviews of the mercantile agencies agen-cies report no abatement of the heavy purchaslng po'er by the public, this condition con-dition being stimulated by buying for government account. The bond market manifested an easier tone today on small dealings. Total sales, par value, $1.755, "00. In government bonds the only change of the week was a decline of a point In coupon 4s on call. On the eve of a session of congress which will deal with matters of worldwide world-wide importance. Wall street during the last week bore no surface indications of undue anxiety or pessimism. The Increasing In-creasing hum of Industrial activity, expansion ex-pansion of bank clearings, and quiet confidence con-fidence with which the foremost banking interests entered upon new commitments were regarded as evidence of the country's coun-try's readiness to meet the mosL 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. Sentiment was visibly encouraged en-couraged by the favorable attitude seemingly seem-ingly evinced toward the question of higher freight rates by the Interstate commerce commission, which already has relieved some of the railroads of a part of the extra burden imposed by the eight-hour eight-hour law. All the munitions and equipments were moderately active at irregular advances, but the. spectacular "war brides" of the past year or two were comparatively quiet. Foreign conditions again found their most direct refieciion In the movements of exchange. Rates on London and Paris were firm, with marked strength in remittances re-mittances to the Scandinavian countries and Spain, which have prospered by the war. while quotations on Germany and Austria were practically suspended. Further heavy gold imports, ostensibly for account of the entente allies, but doubtless originating- in London, were accepted ac-cepted as the forerunner of another large iloan to the British government. The re-icent re-icent French loan of $100,000,000 was l largely oversubscribed, accordfng to the statements of the syndicate managers. I |