OCR Text |
Show STOCK MARKET RESPONDS TO PREPAREDNESS MEASURES NEW YORK, March 10. The stock market's response to the latest measures adopted by the administration to safeguard safe-guard American interests was a general advance in industria Is and specialties of 1 to ;i points, accompanied by an un-usuaJIv un-usuaJIv hf a vy turnover. 1 .'nired States Steel, Bethlehem Steel and other isHues of that class were lifted I to 3 points, with 5 for Gulf States Su-el. Shippings, which were most dl-ie'Mly dl-ie'Mly affected by the decision to arm ships of A rrieriran registry, gained 1 to j - '-j points, t oppers at one time showed jav;rae advances of a point and specialties, special-ties, particularly leather, paper and nio- tors, as well as accessories of the latter, 1 rose 1 to :i points, with an additional 5 points for General Motors, making- an r-xtrr-rne advance of 10 points for tliat sto-k In two days. The course of rails was again disappointing, dis-appointing, the only noteworthy movement in that division being a ?aln of 1U points for Southern Pacific, the rise preceding the announcement of a decision favorable to the company in the long-pending Central Cen-tral Pacific railway suit. Moderately reactionary tendencies were j manifested by Industrial Alcohol, Texas company, Baldwin locomotive, Utah Ctp-ptr. Ctp-ptr. and other less prominent issues. The entire list sold off irregularly before 1 he close, partly in consequence of extensive ex-tensive realizing for profits in steel, shippings ship-pings and some other leaders. Total sales. 595,000 shares, United Sta-tes Steel contributing fully 25 per cent of the whole. General nws of the day included the United States Steel tonnage statement of February, showing unfilled orders of 1 1,576,69-7, an increase of slightlv more tons 100,000 tons over the preceding month and almost 30,000 tons above all p re v I o u s reco rd s. The bank statement was interesting chiefly for the fairly large expansion in actual loans, with a .corresponding con- ; traction In reserves and a decrease of ; almost $22.01X1 in excess reserves. Bonds were irregular on the slight reversals re-versals recorded by the international division. di-vision. Total sales, par value, $2.9l:i,0un. L'nited States registered 3s gained J4 per cent and the coupon 3s and Panama couoii 3s per cent on call during the week, while tile coupon 2a losl 1 per cent. Weekly Review. NCW YORK, March 10. The outstanding outstand-ing events of the week, notably the decision de-cision of the federal administration immediately im-mediately to adopt a policy of armed neutrality neu-trality and convene an extra session of congress, did not materialize until the market had evinced a strong disposition to shake off its recent depression. Tliis feeling was evidenced not so much In the gradual Increase of operations as in the steady advance of prices in almost all issues except rails. The latter were again under restraint because of moderate but persistent liquidation of high-grade shares, presumably for foreign account. Mucli of the week's activity may safely be ascribed to the professional element, that faction again taking up the more speculative specialties. The strength of seasoned industrials resulted, however, from known trade condition, this being seen in the higher prices quoted for fabricated fabri-cated products, as well as the sharp inquiry in-quiry for 'raw materials. Coppers and other metals benefited from similar causes, the strength of American Smelting arising not only from improved conditions In Mexico, but from the belief that the forthcoming annual statement of the company will show record rec-ord earnings. |