New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-03-26
REVIEW OF The
STOCK MARKET
Dull Session, with Further
Fractional Decline-"Pan-
handle" Breaks.

In another day OF dull trading IN
narrow list prices declined fractionaiIy
among the standard securities. Trans
actions in bonds were less in volume.
with the number Of issues dealt IN ma
terially decreased and the more specu-
lative issues tending TO follow the
downward trend of stocks.
Foreign buying again figured IN TINS
market. The Parliamentary crisis that
has followed the Ulster fiasco caused
dull trading in the London market, but
securities there were firm, consols
yielding only IS. In Paris rentes were
a trine stronger. Early prices for
American shares in London were irreg-
ular. Here the opening was falrly
firm. but professional selling brought
about early weakness. Dull trading
followed. with renewed pressure toward
the close.
Reduction OF the panhandle" divi-
dends from > 10 3 per cent on the COM
mon and from = to i per cent on the
preferred took the Street by surprise.
The common. after opening at -,
broke to 40 but rallied to over a..
closing at 1Jl2, a net loss of points.
Earnings of the road have been poor
for some time and increased charges
for maintenance and operations. due to
the disastrous foods Of a year ago,
caused depletion Of surplus to pay
dividends.
PENNSYLVANIA which owns the greater
part OF the Panhandle" stock, also de-
clined. though the reduction in divi-
dend of its subsidiary is comparatively
unimportant.
Corn Products issues opened under
renewed pressure, but made up large
part of the early loss on heavy buying
later. The preferred opened at 60. 4
points below Tuesdays close, but ended
the day at 625s The common made a
net loss Of ~ points. international
Harvester, on rather active transac-
tions. more than made up its dividend.
Reports from the iron and steel trade
gave further confirmation that new or
ders this month will fall below those of
February. Steel prices are weak, but
pig iron makers are trying to establish
a higher quotation. The Steel Cor
poratiOn is said to be doing fair ex-
port business. Anthracite coal pur-
chases are reported excellent for the
time Of year. A further slight adj
vance in the price of copper metal was
disregarded by traders in copper
stocks, and rumors of shipments to
Europe being held out of sight in
warehouses instead Of being absorbed
in trade persisted.
Good reports came OF the financial
affairs Of Europe. The Bank Of France
will return to-day an increase of over
. 100000 francs in gold. The Imperial
Bank OF Germany showed continued
strength in its position, though the IN
crease in gold holdings was only about
100000 marks, as against $4,000, 900
the week before. The decrease in cir
culation of 1O,OO0,000 marks was COM
paratiVely slight. Loans and dis
counts, however were reduced over
22.OO0,0OO, with deposits increased &c.
100000. The 100000 Belgian gov
eminent loan in London was oversub-
scribed three times. Call money here
was trfie firmer loans being renewed
at per cent. Sterling exchange con-
tinued dull and weaker. with easier
discount rates in London. Since Fri
day the banks have lost 81 493 900 TO
the Sub-TreasurV