New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-03-28
REVIEW OF THE
STOCK MARKET
Prices Sag in Restricted
Trading - Retrenching
by the Railroads.

WIN tr3ClnE greatly IeuuCt' al WI
ume the securities market sagged yes
terday. making general fractional
losses despite lack Of definite selling
pressure. Stocks changed hands to the
amount Of only about 100000 shares In
n narrow list. Business IN bonds, how
ever, was comparatively good. standard
investment issues being fairly well
sought though the bond market closed
a shade easier.
Practically no trading was done here
for foreign account During the first
hour many usually active securities
failed to record any transactions. Only
one sale Of St Paul was made IN the
first two hours At many times In the
course of the day trading came TO
standstnl. Prices at the opening were
fairly firm. but with little support the
market eased off, standard securities
and spocialties joining in a gradual de-
cline.
SO far as there was any impetus
from outside news It was supplied by
reports OF railroad retrenchment. fol-
lowing announcement that Pennsyl-
vania lines east Of Pittsburgh had re-
duced working hours nearly 25 per cent
through part time and laying off men,
and had begun 10 restrict train opera
lions. Though other roads were not so
radical I'm their announcements oi
economies, It was learned that in add
ton to restricted shop work, mainte-
nance works were being rather general
" reduced, either directly or through
failure to make the usual spring IN
crease.
Norfolk Southern directors formally
passed their April dividend. Since 1911
the road has paid at the rate Of per
cent, and II Is understood that present
dividend requirements had been earned,
but prospects for future receipts were
discouraging. This action had been ex-
pected. and 10 transactions were made
Yesterday in the stock. on Monday II
sold at oSia against 43 the first of the
year.
American Sugar stocks were weak,
the common declining to 991s, loss OF
over 2 points, and the preferred TO
1921. q new low record for the year.
Panhandle lost over , points of its
gain made Thursday on short covering
Lehigh Valley. selling ex-dividend, de-
clined to 1427a. closing at 144s4, . points
down. Canadian Pacific and Northern
Pacific also were weak with losses OF
over point.
Mercantile agencies reported some
optimism regarding the future but 1T
tie Improvement in trade conditions.
Commercial failures were largely In
creased over those of the correspond
ing week last year, though about the
same as reported the Friday before.
Gross railroad earnings returned so far
for March show q decrease Of about
per cent as compared with the CORE
spending period of a year ago. Bank
clearings, however, show a gain OF over
8 per cent, the first increase for some
weeks. Copper exports for the week
ended on Thursday were a little over
ten thousand tons, about one thousand
less than the week before.
Known movements Of currency indi-
Gated a cash gain by the banks Of over
100000. with a gain Of over $1,000
600 from the interior. imports Of $780,
600 gold coin from Canada and a net
loss on Sub-Treasury operations Of &c.
IA 900. Call loans renewed over
Saturday at 1A per cent. London dis
counts weakened, and sterling ex-
change here was dull and easy.
Announcement was made that the
$4,000, 900 Burlington general mortgage
As had been readily disposed of. Pur-
chase Of S9,JOO,OOO Chicago, Rock
Island & Pacific Railway 8 per cent col
lateral trust notes by a syndicate
headed by a banking house identified
with the Rock Island stockholders
committee provided for the immediate
needs OF the system. 1t is not planned
10 offer the notes 10 the public.