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Show TOiHFTIIIIiC Most Stocks Refuse to Follow Fol-low Lower Prices After i Recessions. J. A. Hosle & Co., 169 South Main street, received the following digest of financial news, received over their private pri-vate wires: St. Louis lead, firm at 57.75, on basis of late trade; spelter, $7.75; twenty industrials, indus-trials, 79.5, up .40; twenty rails, S0.20, up .07. Financial Bulletin: stocks offering for sale do not follow down prices in any volume after recessions. Professional bearishness, therefore, tends to produce an oversold condition on moderate lines. When efforts to retire shorts are made, only limited offerings are available and advances easily take place. Pools have been finding it easy to mark up specialties special-ties and where attractions of the company- are strong more of this activity is expected. Following" the trading policy would seem to offer reasonably good results during dur-ing the period of backing and filling and waiting for important incentives. We think fair declines will meet support and sharp rallies be checked as a rule for the present, and until something radical develops de-velops in the war or Washington situation. situa-tion. Equipments, oils, shipping and rails are still in bull favor and may do some better. There may be some selling on the Washington refusal to approve the Japanese Japa-nese invasion of Siberia and also the sweeping Democratic victory in New iorK, due me tecnnicai position ougnt to be absorbed without much of a reaction. reac-tion. Industrial Alcohol has had a big year. Earnings in 1917 were sufficiently large to show a surplus of $2,848,984, even after af-ter allowing $5,239,860 for federal taxes and ?3, 842,000 as a dividend on the common com-mon stock, neither of which was provided pro-vided in 191G. New York News Bureau; The White! Motors has declared a quarterly dividend of 51 per share, payable March 30 to j stockholders of record March 16. ; The regular dividend was declared on Lehigh Valley and a regular quarterly dividend of 50 cents on Home Stake, payable pay-able March 25 to stockholders of record on March 20. Denial is made in official quarters that the Baldwin Locomotive works is arranging ar-ranging or contemplating any financing. Republic Iron & Steel earned $51.88 a share on common stock in 1517, against $47.95 in 1916. Hercules declared a regular quarterly dividend of 2 per cent on common stock and an extra dividend of 2 per cent. The regular American Can company's preferred dividend of 194 per cent has been declared. Chicago Evening Post: American Steel Foundry's earnings for 1917 were $7,-819, $7,-819, 43S net. against $3,968,570 last year. After allowing for excess profits and income in-come taxes there remained a surplus of $5.531.R3S. Louisville & Nashville's earnings for 1917, net after taxes, decreased $2,OS7,-712; $2,OS7,-712; net operating income decreased $625,741. Rock Island's surplus, after charges, for 1917 was $7,527,145, against ?8,07S.1S9 in 1916. Corn Products earned 51S.60 a share. Chicago Daily News: Pennsylvania rail way s's earnings for 1917 show a balance bal-ance of $39,2S1,5S5 after charges, equivalent equiva-lent to 7.86 per cent, against 10.42 per cent last year. Dow Jones says: Wilson & Co. earned $28.95 a share on common stock in 1917, against 21.6 per cent in 1916. New York Times: Miami Copper company's com-pany's February output was 4.502.905 pounds, an increase of 205, 57S pounds over January. Porphyry February production: L'tah Copper, February 11,900,00 pounds. January Janu-ary 13.500.000 pounds; Chino, 5.SS2.5S1 pounds, against 7.590.244 pounds last year; Ray Consolidated, 6,860,000 pounds, against 7.571.U0O pounds last year; Nevada Ne-vada Consolidated, 6,250.000 pounds, against 6,500,000 pounds last year. New York stock letter: The published earnings for 1917 of the Republic Iron & Steel and Industrial Alcohol, along with the highly favorable results disclosed by other industrial enterprises quite recently, recent-ly, came in for much favorable comment in the forenoon and was reflected in an improved demand for hid us trial issues. Tho rails also were rather prominent on tlie upside for a lime, with buying in the St. Paid Issues induced chiefly by the belief that the compensatory clause in the railroad control bill, based on the company's com-pany's earnings during the three-year period .that is to be considered, will' enable en-able tho company to if it chooses declare de-clare the last paid rates on the common and preferred storks. Tho day's news budget contained no significant development of a domestic nature na-ture on the International viewpoint, and the factors mentioned in the foregoing were the prime stimulators in the market mar-ket action. The market eased somewhat in the late dealings, scattered profit taking tak-ing and a moderate amount of selling indulged in-dulged In by the professional element, the initiative of the latter being inspired by t ho reaction theorv and the inability of the market, especially the industrial issues, is-sues, to respond more vigorously to the highlv favorable earnings reports disclosed. dis-closed. Temporarily, the market's tendency Is likely to be somewhat irregular, but it is said in many circles that with the prospects pros-pects of the railroad war finance bills tho tendency of prices is more apt to he In an upward way rather, than otherwise. other-wise. New York curb letter: There w-as a steady tone to trading, although business was smn II and In some groups stocks were offered at s'isrht concessions. Most In ; crest was at t a died to motors. but there was unexplained selling of Chevrolet, Chevro-let, from 124 to 122. United Motors held fairlv well, from 27 to 26-. About 2OO0 shares of Aetna were traded in nt 9ai and 9K, most of tho buying beinu In accnmuln t Ion for vot ing purposes at the co mine meeting. Oil stocks were generally st ead v Houston poUI n t 46 to 4fii and Cos.Ion nt 7r,i to T1. Two English controlled corporation: cor-poration: Rrlt I sh-American Tobacco and A nglo OH wore both hen vv hecause of the knowledce of the proportionately hlnh taxes which these companies must pay to the rtrltlsh government. Wrltrht -Martin was traded In to a small extent nt 7ni and 7r,i. M Inlntr stocks were steady and ren-prnllv ren-prnllv mv-Vui'Tcd. with 1 tl tr T edge selling it l; and United Wrdo nt "fl. |