The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-03-11
FINANCIAL NEWS
AND COMMENT
Further Slight Recession in
the stock Market. but
No Pressure.
STATE BONDS SELL HIGH

There was no real movement WI tHt
stock ma ket yesterday. Wall stree;
seemed to be disposed 10 pause to make
a further reckoning OF its bearings. but
quoted values lost none OF their tone
OF underlying frmness. Dealings cor-
tracted In volume and closing prices
shove irregular changes. with a slight
average decline. but the feature of
the session was the manifest ack OF
pressure. Recessions brought no in
crease of offerings. although an inclina-
ton was lacking TO bid for stocks.
American Sugar responded with an
advance on the publication Of the am
nual report. which was much better
than had been expected, showing very
nearly the full dividend earned against
less than . per cent. In previous years
Third Avenue persisted In It's rather
curious demonstration Of strength. Con
solhlatcd Gas declined moderately 10y
way Of rejecting the Public Service
Commissions plan to cut electricit;
rates. ON sp-cialties were bid up
aggressively. but the market AS a whole
seemed content to rest AZ it's level of
recovery from the February reaction.
News OF marketwis, bearing was per-
haps mixed enough to offer some bal
ance OF conflicting Influences. which
tended TO give the share list ~ waiting
aspect.
Advices from abroad were not par
t%icularly dominant In Wall street con
siderations but bankers were Interested
In the more or less expected oversuh-
scription reported for Tia. British EN-
clIequer loan. The announcement that
British finance did not Vet consider Ii
% . ~ e. H.N~E... H.. flf1 country fNtIgf
have some ether explanation than that
which the course % foreign sterling eN.
change has afforded. hu, relations he
tween New York and London probably
provide sufficient assurance that at the
proper time recourse can be had 20 GU
lending capacity for the -euuiremcuts
of British trade with tins country.
The news that three more Brit!@f
steamships had been torpcdoed suc
ce.ted hat the Allies were not likely
80 modify materially their naval pro
gramme OF reprisals against Germany
and possibly hts had something 10 dc
with making the wheat market weak
Mexican matters did not loo any bet
ter over night because ~ the Indication
that Washington was not ready e
change It's policy of allowing the Mex
, can situation to drift from bad 20 worse
save for an occasional diplomatic re
nonstrance.
Among the items OF news more or les
unfaVcrablc was IN. United states ste
Corporations statement OF for"ar'
orders showing only . $4,000 ton IN
crease In February. This was less thai
half OF recent forecasts. and unsatisfac
tory elements In tho steel trade wer
emphasized by the further contracts 10
Canadian steel rails placed by Americas
railroads. The Steel shares. however
were conspicuously firm and Furnished
another intimation that quoted value
are more or less in the way OF antici
pating favorable developments in tn
course OF the spring
on the other side OF the news oalanc
, sheet vas the large and important mat
ter Of the New Yoih state sale Of 81,
100000 o. -, per cent. bonds. Tn
was n success beyond all expectation. r
much so indeed that the syndicat" wh.c'
bid for them at l03.4j9 was commonl'
spoken Of as having offered an unneces
sarilv high price, The Az per cen
bonds which the STATE sold In January
year ago on about II AL basis have be-
selling on about a 4lO basis ana IN
basis OF yesterdays sale was iOS. a
the same time the curb began deallnI
In the new bonds yesterday a:ternoo
above l0i and the outcome OF the sal.
including "a, large ov-rsubscription. Wa
testimony To- the sustained excellence a
the Investment demand.
similar testimony was given by N
rapfd disposal OF all of the Slj.0UO.0 40
OF swiss Government; notes running troi
one 10 i've years a. prices to yield ~
i per cent; There ~ a suggestion h'r
o. the good market watch would b
found for such foreign loans ~ on
bankers cared to negotiate. and there
nothing In the financial position 10 war
rant any doubt about the maintenance c
our export trade. German marx eN
change displayed frTnness, which pre-
sumahly vas thu effect OF private 81,
scr!ptions 10 the new German Govern
m.nt loan. As London reported che sal
OF about 81, O00, 900 gold by the Bank
England u was Inferred that arothe
importation from Ottawa Was una,
usnN