New-York tribune., 1915-03-22
Stock Market Still Small,
but Prices Are Steady
Industrials Up.
MONEY PLENTIFUL
FOR SHORT LOANS
Gold Returning from Ottawa
Exchange Rates Low-Ex-
ports Well Maintained.

anv great amount of trading IN secu
rites last week. Again prices held
fairly steady, indicating that senti-
ment in the financial district was hope
full for an upturn when the market was
relieved of apprehension over develop
ments abroad. Possibility of Italy and
other powers heretofore neutral align
ming themselves with the Allies was
considered favorable TO our securities
Much has been done to strengthen the
market position. and the great corpora
tions of the country, with better treat
ment from courts and commissions
should so ahead rapidly when trade
turns upward. When the end of the
war comes definitely in sight an ad-
vance of no mean proportions in bust
ness and securities is looked for in
some quarters.
At present the securities market is
dull. Commission houses are doing lit
tie and investors are holding aloof.
Bond dealers say that they are finding
it difficult TO dispose of obligations
having long periods yet TO run. At
the same time there is little evidence
Of liquidation. The stock market
largely represents operations of pro-
fessional traders, and in bonds a
greater proportion than usual of the
dealings on the floor of the exchange
are probably trading between bond
houses.
Funds Easy for Temporary Loans.
Money for short periods continued to
show the abnormal ease that character
ICES periods of industrial depression.
The Secretary Of the Treasury has at
last called for part of the government
funds deposited in national banks, 10
be transferred to the Federal Reserve
institutions. in the South there is
still considerable emergency currency
outstanding and any large Withdrawal g
bv the Treasury will probably result
IN drawing funds from New York as
well as increasing rediscounts.
Last week rates here remained low.
Call loans renewed at IA and per
cent and time loans on collateral
ranged from 2l3 to 3h per cent, ac-
cording to maturity. There was little
better buying of mercantile paper, but
in the present state Of general trade
notes Of the best quality are rather
scarce. Receipt Of some S3,0OO,OOO in
gold from Ottawa and continued gains
Of currency from the interior swelled
resources Of Clearing House instltu-
tions so that in spite of a further in
crease Of over S14,000,000 in loans sur
plus reserve at the end Of the week was
nearly S10,000,0O0 higher at over $780,
100000.
Discounts Firm in London.
Discount rates in London hardened as
p result of borrowing by the Bank of
England from the money market, and
rates on bills which had recently been
below IL per cent rose TO 2l2. Tins
firmness. however was only temporary.
and discounts relaxed after the bank
on Thursday had shown material I'M
provement during the week. The pro-
norton of the banks reserve TO Ia
bility rose about / per cent to over
- p.
and deposits making q net shrInkage
Of over IS OOO.0O0 The loss in bullion
was under $500. 600, though during the
week there had been set aside the usual
81 100000 for currency redemption,
81 300 GOO for account Of Argentina,
where Great Britain is buying heavily
beef, hides and wheat, and s39O,oOO mad
been released for export to New York.
~ . p
culation increased, but loans were re
duced nearly 120,000.000 francs and
gold holdings increased about 100000.
While DIPLOMATS discussed wars re-
striction Of ocean commerce, our ship
rers have been rushing out goods to
the other side Of the water. From the
Port of New York exports in the week
ended March l3 amounted TO the great
total of more than $40.000000. and last
week, according TO daily figures, some
S3l, ,OO0.0O0 was sent out For the sec
ond week in March the governments
preliminary estimates made our favor
able trade balance S50,0OOOOO. All
this mass Of OUTGOING merchandise re-
suited in q large supply Of foreign eX-
change here, and rates during the
week were low. Demand sterling again
went under 4.S0 in the pound, hoyering
around the gold import point. AT Its
lowest it sold at 4.794.
German exchange, after little up
turn early in the week, due 20 sub
scriptions here TO the new German war
loan. fell back again. Negotiations
were bepun TO place in this country
100000 900 of German treasury notes.
and the plan was understood to be re-
cejving strong support from houses
with German connections both here and
in +be Middle West. Sight drafts on
Berlin, however. sold as low as s2is
cents for four marks. Francs got down
to 5.31i4 for q dollar.
Express Companies Ask Relief.
The express companies, having test
ed for over year the reduced rates
ordered by the Interstate commerce
Commission, asked for and obtained
lehearing on modification of the order
fixing charges, rules and practices. AS
the railroads have been receiving more
consideration. IL appears that the eN-
press companies have ground to expect
favorable treatment. The parcel rost
has been a formidable competitor. The
commission reduced rates so that the
express companies could get enough OF
the trathc 10 make some reasonable re-
turn, but on the figures presented It
appears that lowered charges, instead
Of producing new business enough TO
Justify the reduction. have resulted in
what approaches coniiscatIon.
The new Federal Trade Commission
assumed Office and was instructed by
the President as 10 his ideas of the
part il should play in government reg
ulstion Of industry. Forecasts of the
extent of the commissions influence
vary widely. In some quarters it is
hoped that IL will be merely the bu-
reau of corporations. which il ab-
sorbed. under a different name Others
- IL n will lay It's hand ON indn.-