The Washington times., 1915-03-31
HEAVY VOLUME OF
TRADING CON T|NUES
Upward Tendency of Yesterday
on Market Is Maintained
Throughout Today.

NEW YORK, March 31.-The heavy
volume Of trading that developed yes.
terday was maintained today on the
stock exchange, and though the upward
tendency manifested at the opening was
checked by realizing sales, prices con.
tinued firm.
Ihe standard issues at noon were al
practically the same levels established
at the close yesterday, but several OF
the speclalties and industrials particu-
larly the copper stocks and the motor
ISSUES. showed substantial gains. The
advances recorded in rails, with the ex-
ception Of New Haven, were confined to
the cheaper stocks, such as Missouri
racine, which registered an early ad-
vance Of IL points at IA; Missouri Kan
sas, and Texas. and Kansas CITY
southern.
New Haven sold up to the first hour
~ points to 62%. and on the report
that the road had sold its controlling
interest In Ontaria and Western, and
Delaware. Lackawana, and Western,
those issues followed it's lead.
Inc establishment of a French cred
II In the United States, ana the report
that British credit would shortly
follow had bullish effect, as traders
reasoned that these steps would tend
to check foreign liquidation.
One of the strongest stocks in tho
list was Rock Island which has made
sensational gains in the past two
to 36% P'i''
Bethlehem Steel, for more than q
week one of the market leaders, eased
on. and at one stage Of the early trad
ing lost full point, selling at SslS.
Inc coppers were strong on the state
ment that q, 933, $50 pounds Of the metsl
were exported from this port dur, ing
the week ended March q, as compared
week. Pie|e'iiiS
=, evidence that the members of the
feoeral reserve Board resent criticism
oi their resolution adopted last week in
ing made toward legislation to remove
otates restrictions against the entrance
OF banks 10 the Federal reserve system
appeared today, when Paul NJ. Warburg
hn aade statement to clear up the
poards position in the matter Mr.
Warburg was absent on the day the
resolution was adopted and he feels
that 1t has led to some unfortunate mis-
conceptions as to the boards attitude.
mere Is no difference OF opinion in
tne board as to the desirability of seeing
nauonal banks secure the powers per-
fnltted TO be given them by the act. pro-
vided State laws permit. but 1t is un-
!1rtunate that any one should suppose
that the Federal Reserve Board wishes
10 interfere with the rights and action
or the States" said Mr.. Warburg.
IT Is, i believe, proper for me to saw
that majority of the board would not
wish to create such erroneous impress
SION. have no reason to think that
there Is any desire on the part of the
board to 'nationalize' State banks. ON
the contrary. the wish appears to be
general to deal with the State banks and
trust companies as literally as possible
so as TO enable them to Join the system.
1t is this thought and hope that was in
tended by the preamble of the resolu-
tion.
But It is clear in order to carry out
this policy, fairness to the national
banks demands that they should be
treated with equal liberality and that
the board should wish them to receive
to the largest possible degree the
powers conferred upon them by the
act"