New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-12-30
FINANCIAL RECORD
HERE And ABROAD
Securities Lower in Quiet
Session - Railroad
Earnings Down.

After a little early selling that sent
leading stocks down point or 60 the
market yesterday subsidized into ez-
IRENE quiet. Business transacted
amounted to less than 10000 shares IN
A narrow list. At the close part Of the
carly loss had been made up but de-
elines Of a substantial fraction were
general. Bonds dealt in 20 the amount
of about 100000 par value were gen
orally steady. though pronounced
weakness developed IN Rock Island is
sues. Announcement Of extension OF
the roads s2,5OOOOO bank loan, due al
the end OF the month, was not mace
until after trading hours.
Steel moved In "a narrow range ano
closed a fraction down at 49, poin'
above its minimum. Missouri, Kansas
& Texas preferred, which had not been
dealt in since week before last fol-
lowed Mondays decline IN the common
With a drop Of around q points. In ad-
dition 70 poor business conditions III
tho territory served. which affect the
road In common with other southern
lines. It was the subject OF unfavora-
BILE discussion because 10 has had d''H-
oultv in floating new securities
Southern Pacific was unusually quiet
and lost a small fraction on the day
Reading. Lehieh VALLEY, Union Pacihc
and Conner we're all reactionary. "a
madam Pacific was dull. Rock Island
d.benture 5s feel nearly points on
fairly heavy BUSINESS, but recovered
a little before the close. The collateral
Is of the railroad company went nearly
points lower.
Sterling exchange was again weak
Checks for Saturdays steamer gov
down TO 4.84h. one-quartor OF q cent
on the pound under Mondays low rec
ord. Cables were lower, requirements
for end OF the year settlements having
o,,ore,tlv been met. New York funds
In Montreal command high premium
Money rates continued easy. Oai'
loans again renewed at pa per cent
and most of the business Of the day
was at that figure. Little was done
in time accommodation, and mercan-
tile paper Of the best quality was
scarce.
Statistics Of foreign trade we're again
In contrast with the depression prevail
ing in domestic industry. Exports here
last week amounted TO over Sl5'oOo'OOO'
nearly 100000 above those OF the
same week Of last year. Railroad re-
ports OF last months earnings were
generally unfavorable, though Union
Pacific and Illinois Central reduced ma
terially the loss in gross before It was
carried over into net. Canadian a.
eifc's earnings again made partlcu-
larly bad comparison with those OF
1918.
The Presidents protest 70 Great
Britain against unnecessary disturb
ance Of our commerce was recognized
as only a part Of the dlthculty that
must accompany supply by neutral
power Of warning nations. lntetha-
tional law. as has been made evident
tion. From time 20 time we must de-
mand our rights, for there is no tri-
bunal Of nations In which they viii be
offered Us. The Controller Of the Cur.
rencv in his annual report aroused
some interest by his recommendation
that deposits Of a national bank
should be restricted TO ten times its
capital and surplus. He asked that
mower be given 70 impose fines on
banks and offending officials for viola
tions Of the law, for which no proper
tionate punishment Is now provided,
New York bankers were awarded TIE
issue Of sG.e0O,OOO Montreal three-year
ner cent notes London having more
Important matters Of finance demand
ing attention. IL Is expected that fur
Their loans 20 our neighbor at the north
will follow this municipal borrowing
and the Canadian Pacific note issue re-
Gently placed here.