New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-04-04
REVIEW OF THE
STOCK MARKET
Stocks Recede Toward the
Close List of Reserve
Cities Disappointing.

Another dull season or tTaolne III
yecurities was passed yesterday, with
prices firm az the opening sagglns
later and receding on some selling
pressure toward the close. Bonds werc
Yenerally firm. transactions being
made in a rather broad list. Though
without direct present market bearing
the announcement OF Federal Reserve
cities and districts added TO the de-
pressed conviction that federal authori-
ties could be expected 10 show little
regard for renewed commercial pros
pertty.
So far as opinion in this city went,
twelve banks were considered too
many, and placing New Orleans in At
lanta territory. making Dallas ana
Richmond reserve cities, and including
both Kansas City and st. Louis, were
sscribed TO motives arising from politi-
sal expedicncy. Under the old system
Atlanta and Richmond arc neither
central reserve nor reserve cities. The
organization committee, in its desire TO
take away all that was possible from
New Yorks financial supremacy. ap-
parently ignored the necessity or
urengthening the position Of this city
against competition from the great
financial centres Of Europe some
slight hope was expressed that the
permanent reserve board when ap-
pointed might he men who would
realize the improperly of separating
The Jersey cities across the Hudson
md nearby Connecticut towns from
New York.
The bourses Of Europe Yesterday
we're generally dull. Consols were
heavy. rentes lost part OF Thursdays
improvement and prices in Berlin were
lower. Scarcely any business was
transacted for foreign account. The
market opened firm, fractionally above
he close Of tho day before, but profit
taking soon wiped out the initial ad-
vances. During tho greater part Of the
raw trading was almost at state OF
stagnation, many usually active seeur'-
lies falling to appear on the tape. ON
The late selling, however. the market
eroadened and became more active.
At tho close declines OF around a point
we're general
Missouri Pacific. under some pressure
If nroNt taking. opened a point down,
n IS. and receded to 25ss. %. points
below Wednesdays last figure. Denver
and Wabash shares did not appear in
the trading. but Wabash refunding As,
after advancing ~ points to 5S'2 on
hope Of progress toward reorganization.
fell Of 10 Sc. Rock Island collateral
Is we're again heavily sold, dropping TO
s+t.. Rock Island shares also made
new low records at SO, for the COM
mon and 5le for the preferred. Inter-
borough preferred. Goodrich and Stu
Sebaker we're strong until the last hour
md kept a small fraction Of their ad-
.ances through the late decline.
The commercial agencies reported the
movement Of merchandise below nor
NAL. with collections backward and
business mon hestating TO make COM
mitments. Failures were about the
same as for the two previous weeks
and some 20 per cent more than in the
same W ELK OF 1913. Bank cearings
were larger than in 1913. and weekly
returns Of gross railroad earnings for
March somewhat less unfavorable, bit
this was time Of foods twelve months
ago. From known movements Of cur
rency a cash gain Of over 100000 by
the banks is expected. From the IN
terror over SSOO0OoO has been gained.
with $4,000 in gold imported from
Canada. on Treasury operations
the banks have lost S4,1jG.000. Gail
loans renewed over Saturday at Ia
per cent. Sterling exchange was slight