New-York tribune., 1915-03-07
FINANCIAL RECORD
HERE AND ABROAD
Prices a Shade Lower in
Quiet Trading-Bank
Surplus Reduced.

The stock market yesterday gave lit
tie evidence Of the continuation OF FRI
days buying movement Trading fell
of 70 total OF less than 100000
shares and prices Of active issues
sagged from one-Quarter 20 one-half a
point lower on the day. Fractional
declines around the opening indicated
some realizing on tho advance OF the
day before. Then there was a little
rally, and st the close prices fell back
again In quiet trading. Bends were In
proportion more active than stocks,
around s1.eO0,000 changing hands at
steady prices. =,
The list of active stocks Was broad
one. considering the small volume OF
business, q number Of issues not heav-
by traded in making changes OF some
eTtent on sales of one or two iots'
ssandsrd securities lost only a trife
Of the advance that began week ago
last Wednesday. Interborough-Metr
politan shares and the AZ per cent
bonds presented an exceptional appear
ance OF strength. Pressed Steel Car
common and preferred and American
Locomotive were dealt in at their mini
NUNS. Little evidence of improve
ment has yet appeared in the equip
ment business.
Abroad rumors Of approaching peace,
which have been so widely circulated
on this side. have had little effect on
security prices. The London Market
however, continued firm. as the recent
course Of the war has been favoraoie
10 the Allies, particularly in the sue
hafora (-nnstant1nO-
ple. According TO cable advlces re-
ceived during business hours. tenders
for the new British EXchequer per
cent bonds were heavy. and it was eX-
pected that the issue will be placed on
a 8l1 pcr cent basis. Discount rates
IN London were STEADY in spite OF the
government borrowing, closing at ~
per cent .,.,
ported further large additions 20 loans.
which increased a total at the end OF
the week more than S82,000,0 900. This
expansion of credits was much greater
than had been expected, IN view OF the
small amount of new corporate borrow
ing. Demand deposits were nearly
S2s.O00, 900 greater. while reserve maze
little change. Accordingly surplus was
reduced over s5.000,000, to less than
SlOU.UUU,OUU. MS - bilt 'A~NNii
sive week in which q loss in surplus
has been shown, and the excess OF
loanable funds produced by the low
cred requirements Of the federal re-
serve law is now the smallest since the
middle of January.
At the Federal Reserve Bank mere
discounts by member institutions IN
creased over so per cent. to about So
100000. No new investments were
made during the week. The Federal
Reserve Board has extended to the
regional bank Of San Francisco Priv
uege of purchasing bank and bankers
scceptances at the same rates as those
approved here. and as this business IN
creases the funds Of the central lnsti-
tutions should 90 into this form OF IN
vestment in greater amounts.
From London the British Board or
Trade reported exports for February
$4,000. 600 lower than those for the
same month last year, which imports
decreased only 50 100000 This makes
an import excess since the first Of Jan
uary Of s7S, 100000 against f40,OOO,OOO
In 1914. and in itself is enough to ac-
count for a considerable decline IN
drafts on London. Sterling exchange
Yesterday was a trife frmer here, and
francs hardened little, while marks
declined