New-York tribune., 1915-03-13
FINANCIAL RECORD
HERE and ABROAD
Irregular Late Decline Al
ter Early Advance by
SpeCialtieS.

The stock market yesterday failed 70
maintain the frmness OF the day be-
fore. Al the opening and for some
time thereafter prices generally were
little better than those Of Thurs
dnv', close. Activity in the first hour,
however, was largely confined to such
spccIalties IS automobile stocks, whose
strength was far from convincing
Weak spots then developed IN the mar
ket. and at the close general losses
were IN evidence. varying from smali
fraction 70 a point or more. Business
wa, considerably above that of the re-
cont restricted volume, but the turn
over WAS less than 100000 shares.
Standard issues were unevenly AZ
focted by the decline. Reading showed
Weakness rather early, and at the close
was down more than II points South
ern Pacific, Copper, Northern Pacihc
and St. Paul each lost point or more
Steel closed fraction down. oelo"
A5. after an early improvement Sou'n-
ern Railway preferred made maxi
nun, loss Of S points in the late after-
noon. when formal announcements was
made that the dividend hao ,V DevI
nassed. though there had been nVLle
general expectation that any woold po
49, S1oss Sheffield deferred IT'S pre-
ferred dividend. ALLY
stocks seemed supplied more readily,
and after the early upturn the 'rSnu
CF nricos was steadily down" ara "a"
no-tsrt news from outside the mar
tet 70 account for the decline was
lacking. but unfavorable developneH.S'
particularly In our internatlohaI r..
lions, have been sccumulatln8'
the advance that culminatod on Mon
dav reaction Of greater extent thAH
SSS ,rToored was not unnatural. There
vyaa little 20 indicate liquidation sell
inc npparently coming from those VINO
+ook nrofts OH the recent advance, WIN
,,rac oneretions on the short side.
Ronds changed hands At about the
saroo low volume as on Thursday ana
some disposition toward weakness ap-
,,oared in the list. For issues maturity
of which is not far distant faIriy
GOOD investment demand continues
The large bond offerings since the hrst
OF the year seemed for time 10 haNe
taken UP demand for long term ooi
cations, and bond houses report puS'-
ness in such securities ratner Slo"'
Aoain little frmcr tendency ap-
,,oaro5 IN monetary conditions here,
-boucl rates were little changeo. CHli
loans renewed over until Monday nj
~ cont hut were made as hlgh as
~, Financial institutions mere main
cain the firm tone Of mercantile paper,
and tbongh some was placed at 3S4. q
,ar dent was more common. 0IeIl'lH
a,cbopoc was weaker, but rates on
T.aI,, ron+inued their recovery. Reports
of credits here for Rome continued.
4 gain Of 81 100000 or so was IN
sicated from the weeks currency move
ment Net overflow from the interior
Was around $4,500,0OO, and losses 10
+ne Sub.Treasury were not sIVvaC
or,o,,e,b to Offset this. In view OF the
Swis, loan and the state 6ohd sale an
o+be- eVnausion of the loan item 10
a,aoc+od i'm to-day's Clearing House
e.5+o0,ert In London discount rates
SordcDed Securities there continued
-, uitl, more dealings in the amer
80 section. On the Paris Bourse
vices were reactionary and per cent
rcutes declined. ..-...u or,
- of the week trade statistics were
- ro~+icularlv pleasing. Bank clear
80 i,naJc noorer comparison with lasC
vo9~ both here and in cities outslue'
commercisl agencies reported con
-inued irregularity in trade, WIN hes'
tation ton increased through uncertainty OF
on foreign relations. Gross railway
earnings for February offered some ONE
oround for encouragement. The loss
rom 1914 was much less than IN th the
two months preceding, and only IN the
south did receipts fall off to any great
a,-topf