New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-03-07
REVIEW OF THE
STOCK MARKET
Sharp Break After St. Paul
Charges Are Known
Low Records Made.

Charges Of serious irregularity in st.
Pauls accounting for the purpose of
aiding the sale OF its securities, made
public in the last half hour. caused a
sharp break in that stock, followed by
heavy selling Of the entire list. De-
clines in the early trading. influenced
by continued liquidation Of Chesapeake
& Ohio. had been in part recovered in
he carly afternoon. but on the late
break new low records for the year
were set. and the close was at or near
the low levels Of the day. Business
VAS i'm large volume. particularly IN
the last half hour. about 100000
shares changing hands. Bond transac-
lions increased to about So ,4OO,ooo.
convertible and speculative issues fol-
lowing the downward trend of stocks.
Overvaltrations by the ST. Paul,
amounting to S1O0O0Oo00 in equipment
and investments i'm the Puget Sound
extension. was charged by the commits
sion. and a loss of S5,O0OGGO in income
io 1910 il was alleged. was concealed
the next year ny reporting a decrease
of S2.So0,O 900 in income. where an In
crease OF 90, 100000 had actually been
made. This was done, according 70 the
commission. by Juggling figures TO show
, high cost OF labor and loss through
failure to obtain high rates. The road
insists that the whole question is
merely one OF methods Of accounting
and that no bad faith has been shown.
The financing OF the Puget Sound com
pany was made a matter Of discussion
some years ago Since the commission
ordered its findings sent TO other rail-
roads as a warning, considerable ap-
prehension was felt as TO its effect on
the pending appeal for Increased
freight rates by the Eastern railroads.
On the publication of the report 81
Paul broke abruptly points SOLO
down 10 $751; and only closed one
eighth higher, a loss Of Az points on
the day on sales of about $4,000 shares.
The convertible AIS that had closed AT
1921 on Thursday dropped TO looS4'
statement Of President Schu-
rnacber of the Rock Island that so
600 600 at once and $29.OWOoo more IN
i've wears was needed by the system
Was also a depressing factor as was
his announcement that the interests
NOW in control of the road would
,,.;tbdrsUv if satisfactory arrangements
Cor it's rehabilitation could not ne
reached. The collateral Is. heavily sold
declined over a point 10 421s, and the
,roforro5 stock went TO 7ss. new low
records.
Chesapeake & Ohio continued TO seek
further low levels. Selling eX-diVidenu
i, went TO 527s. closing At 53ss, drop
II over { points on the day and OF :
since the terms of the note agreement
came ont ON Thursday. The notes IL
,.as announced. haxe been oversuo-
scribed. Baltimore & Ohio went 10
81. IA loss of ~ points, closing
fraction higher. New York Central IN
The late trading was sold down to o'2'
below, the previous low mark OF - set
in 1s96. Losses Of over > points were
recorded in Northern. Union ana
southern Pacific. and railroads sener-
ally closed down. Steel resisted con-
siderable early pressure, but closed al
GU. a loss Of IA points
Money continued easy, call loans
being renewed over the week end az
Is. per cent. The known movements
~ currency through the week indicate
a loss Of cash by the Clearing House
hanks of around 100000. Gain to
,he hanks or transactions with the in
terror was around $6.OOoco; S2,ooo'o"V
was exported to France and S6'ioS'ooo
vas lost on ordinary Sub-Treasury
transactions.