The New York herald., 1866-03-17
FINANCIAL AND CONNER CIAL.
FRIDAY, March 1916 P. N.

FRIDAY, March l0-0 r NJ
The stock market continues active and In tho ascend
ant although its movements today were somewhat
.regular Hudson River advanced per cent and Mchi-
gan Southern bat the improvement In the rest oil the
railway list was only fractional The prevailing none
trv ease and the prospect OF Congress egsatng spe
eaally and with regard the finances gives
confidence TO the bus and the ssbearsn are daily be-
coming more reluctant TO put out fresh ''shorts" The
large earnings OF the leading railways and tho indi-
cations in favor of their spring traffic greatly
augmenting their receipts at the same time
presents substantial basis for following upon the
heavy decline of January, which yet has been only
partially recovered from, with two exceptions
On the I'd Of January New York Central sold at %,
Cleveland and Pittsburg 81. Northwestern preferred
o2x, Erie s7,s, Fort Wayne lO4]s, Reading 1o7h. The
only active railway stock which not higher then than
is Michigan southern which has advanced rapidly
during the last under heavy purchases by parties
acquainted with the condition of Is affairs and the official
inmaon in the forthcoming report that the company
will be enabled declare dividends in future at the rate
OF eight per per With this exception stocks
which were not high the opening OF the year from
i've to fourteen per cent lower at the present time
In view of this and recent reassurng references 10
financial questions in both Houses OF Congress- specu
for rise gradually increasing in number and
tho upward movement will progress until such
Meanwhile the fact OF Mr.. Morrill, from
the Committee OF Ways and Means, having yesterday
moved strike out the clause in the McCulloch finance
bill providing payment OF the interest and prnc
pal sold abroad the coin Of the country where
they held, virtually kills the foreign loan project
altogether, and, in combination with Mr.. Sherman's
action In the Senate indicates decided disposition to
deal with the finances very conservatvely in Congress
Al the early of the open board the transactions
in Michigan Southern very large the sales aggre
eating 600 shares at TX 4. Cleveland and Pttsbug
(sales 800 firm at 1874 Reading weak at 100
a99H Fort Wayne sold at 91H, Erie s3H, New York
Central 924, schuylkip Coal 151 AT the FIRST regular
board the market 6rmer, and Michigan Southern
tsaes l65o advanced 11s closing higher than at the
half-past two board yesterday. Erie, Northwestern,
Alton and Terre Haute and Ohio and Mississippi certia
Gates were steady. New York Central n higher,
Fort Wayne u, Hudson River IN, Canton 2.
Beading was u lower, Northwestern preferred
u, Missouri state skies l. Government Sc
curities firm. Coupon nve-twenties Of tho old
issue advanced a. thirty of the second series
y. Ten.forties were dull at yesterdays quotation.
At the o'clock sessions the market dull but
stoady, and at the half past two board 1t armer
Erie closed u higher than at the first regular board,
Cleveland and Pittsburg "a Northwestern preferred d,
Fort Wayne (saes 24oo Is Alton and Terre Hauo pre-
-, a.
Southern y lower Canton u. Government securities
firm but quiet Seven-thirty notes of the second
series advanced Il, At the halfpas three board the
market strong New York Central closed the call
at 9S Erie s3'S Reading 100, Michigan Southern 7sN,
Cleveland and Pittsburg 7s7S Rock Island l0sx, North
western 81 preferred 53N Fort Wayne oak, Sohuykill
Coal l6k Is was bid for Mariposa preferred. Alta
meeting Of the latter company held yesterday, Mr.
David Jones was elected President Mr. Edward Dugdae
retiring e..sss OBJ 1.asg s.si
At haifpast five. the following quotations werc cur
rent-New York Central 92x u, Erie S3H u, Hud-
River l06 u, Reading 100 4, Michigan Southern
7sa Y, Cleveland and Piitsburg 7sK X, Rock Island
I08 Y, Northwestern 20 a y, preferred Sax a 81,
Fort Wayne e2h u, Ohio and Mississippi certificates
25sx.
Money continues abundant the Stock Elk.
change at six per cent, and at vs upon government
oolaeras First class commercial paper passes freely
alta per cent r
The gold market has been heavy The price weaken
ing from 131 at the opening TO 1907 at the close The
''short" interest large, and consequently there IL a
borrowing demand fully equal TO the supply OF for
delivery Speculation in the "room" stIn almost
wholly on the ''bear' sde
Foreign exchange was very dull and rates suffered q
further decline Late the afternoon bankers bills on
England at sixty days were quoted al 1878 y.
short sight losZ, commercial lO6k 1O7,. Bills on
France at sixty days rated at 81 23k 81. 2sN,
short sight 5r 1ssi a ST. 90
Petroleum and mining stocks continue active but
rsble Al rst board Bennehon Run closed Toe
than at the yesterday, Pithoe Creek 60c.,
Shade River 10s United States s0c Benton 20c., Con-
solidated Gregory Gold &C., Gunnell Gold 1Oc, Quartz
Hill 81 20. Smith and P4rmlee s0c., Excelsior Copper
15o Excelsior 20c higher New York. Philadelphia
and baltimore loc., copake Iron l6c AT the second
.h.fH oE- Ls-A. n.
drs board selling at 1885, Central l0c., selling at s.
Pithoe Greek zoe, selling at IS 25, Atlantic and Pacific
seiiing at 81 IS United States 20c. lower selling
at SIS rs. Quartz Hill 81 10, selling al 81 40.
Excelsior sold st 81 90, New York, Philadcl
phia and Baltimore Csc, Homowack 81 90, Shade River
SIS 75 Benton sa 05, Dobtal IS rs, Consolidated Greg
ory Gold s2a 25 corydon 81 65. Downeville Gold asc
Holman Gold ooc., Texas sl4, Smith and Parmce
$40 S.
The Supreme Court OF the United States recently de-
o'ded in the Of tho Internal revenue against a
savings bank in this cit, that savings deposits
equally liable with ordinary ank deposits to the Of
per cent per annum. Tue hanks sfec ed are how
over, reluctant TO pay the tax have made rspreseu
tations TO members OF congros with view obtaining
amendment OF THE law, which will exempt savings
institutions from It's operation We css, nevertheless
good why such a distinction should bc
made for the savings banks well able pay tho
Tar trust companies which equally liable with
other banking institutions The savings banks VI this
State had the LIST Of January according TO the report
Of the Bank Department at Albany just published m
OF assets liabilities amounting 10 oo4 ss5
and their deposits aggregated at the time eii5
Sy2,s7s
A meeting Of the Prairie du ChIen Railway Company
held Wednesday last which Mr. Tsaac Sherman,
In she interest Of the first preferred stockholders, Mr.
James Garner. for the second preferred stockholders
and Mr. 8 Tildcn, for tho common stockhodess wers
appointed committee to consider and report upon
western extension Of the road. resolution offered
with regard 70 ,he purchase Of the McGregor Western
Railway under option contained In the leAse Of tha,