New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-04-12
REVIEW OF THE
STOCK MARKET
Price Trend Still Down
ward-Steel Heavily Sold
Bank Surplus Up.

Yesterdays security market con-
tinued the downward movement evil
dent before Good Fridays holiday.
The volume of trading was rather large
as Saturdays have run Of late, the
total, over 10000 shares, being nearly
twice that of the week before. Steel,
under considerable pressure all day,
was the weak feature of the market.
Stocks were heavy at the opening and
declined gradually on comparatively
small business until the last half hour,
when the selling became more active.
Final prices were made at or near the
low points of the day. Business in
bonds was transacted to the amount of
about 81 100000, with the more specu-
lative issues somewhat easier. but price
movement generally small.
Though the decrease in untitled or
ders on March 81 reported by the
United States Steel Corporation was
not much worse than had been pre-
dicted, the outlook for the steel bust
ness seemed rather gloomy. New
bookings for April are reported fewer,
and, with the railroads generally alb
staining from purchases. there seems
small hope Of any increase in new bust
ness for some time. Mil operation, at
present reported at from 65 to 70 per
cent of capacity, is expected TO be
greatly reduced. Representatives of
the Steel Corporation were not among
those reported at the recent conference
Of steel companies to consider decreas
ing wages, but unless business is re-
vived through some such stimulus as
the expected advance in freight rates,
II, too, must consider reducing return
TO employees. Transactions in Steel
yesterday made up for almost one
third of the business OF the exchange.
The stock sold down to Sos, closing at
this low figure, with loss Of 1as points
on the day. Reports of numerous stop
orders around 90 served to encourage
selling pressure.
New Haven was also rather heavily
sold. closing 1 point down at 66a4, only
Is above its low mark for the day.
The unfavorable report Of February
earnings, though bad enough, was yet
not so disastrous as those of other
large Eastern lines. For the month
the New Haven proper lost about s
per cent in gross and SO in net. as
compared with the same month of last
year. The Pennsylvania system had
reported losses of 10 per cent in gross
and 20 per cent in net and the New
York Central system IS and 50.
Canadian Pacific was less active than
on Wednesday or Thursday, but de-
clined over a point further to 19S.
Northern Pacific. at 111A, and st. Paul,
al 99h, also made net losses of over 1
point. Reading held fairly firm In the
earlier trading. but declined q fraction
on the day, as did Union Pacific.
Petroleum issues were weak, follow
ing report Of a cut in the price of
crude oil. California Petroleum, at %,
touched new low mark for the year.
Rumely, at ~, and Can, at %, also
reached new low levels for 1914. Rock
Island collateral As declined further to
33%. General Motors moved contrary
to the course of the market, advancing
' point TO 70, and closing at 1871.
The bank statement showed week
end increase Of strength that largely
made up for the requirements of
financing at the end Of March, ap-
parent the Saturday before. The
actual increase in cash was over ST.
100000, and, with deposits nearly Sc
100000 less, surplus reserve increased
over SS,000,OOO. to SIS, $50. Loans
were reduced about $4,000, 600. The
average condition gave a cash increase
Of little over 81 100000, with surplus
reserve some 100000 smaller. and
loans and deposits each increased
about $1,000 900.