The sun., 1915-03-14
FINANCIAL NEWS
AND COMMENT
Stock Market Does Not Con.
hnue Fridays Display Of
Weakness.
BOND DEMAND ASPECTS

rnsignifcant pr1oe changes resulted
from yesterdays stock market dealings
or rather no particular sirn'fcance at
tach~d 90 them. The list az a whole
dispiayed relative firrnness In contrast
with Friday af'crr oons weakness, bat
this seemed TO be tho consequence OF n
lack Of slstained pressure end soms
abort covering BY traders. for other
buying was light. There was no strik-
ing alteration in tho scale OF business
Comparatively strong features were
provided by a few sp-cialties, notably
1ntorborough Metropolitan preferred
and the automobile group.
Bonds were sornewhat more active
thnn stocks. but mo bond market has
not been exactly satisfactory In the
lar few days While the Now York
State Offering OF .27,0oo.o 900 o; AZ
Dor ONT. bonds went az a high price
on wedncsday ~ success 81 the esle
d,d not stimulate the general bond mar
tet There have rAsn Indications rha.
dealers have proyided tho bulk OF the
inquiry for investment eecurit!es lately
and they may have anticipated litle
too much tho capacities OF public ab-
sorption Certain 0orrOborative signs
as to the prevailing character Of tho
bond nnarket have becn furnished by
the loan account OF tbs baniS, and yas-
terdaya bank statemcn, showed al In
croase of almost $40, 900. 900 in the loan
item.
IL Ia quits likely tha. IN. conditions
fnVAa+snAnf
what Influential n causing tho check
which was adminis'ered during tho weel,
10 tho rising movement IN stocks a.
though there were other factors OF re-
straint. One OF these was tho fresh d.
recton of notice to the csutionary IS
poets OF the war abroad. Tho eplso1.
Of tho Eitel Friedrich was calmly e
cc.ved becauss 1t WAS realized tia. G.r-
many could not con1one tho d.struc, on
Of the American ship Frye A. the s. ne
time tho development OF more sctiv. op-
erstiuns In Tho war c-nphaazed th- ne
cessity OF caution IN Wall street ard /.
was natural that Tho expression Of oD-
tim !stic Impulses should be made largely
IN stocks OF SPECIAL descriptions which
are most remote from the effects OF the
war
The overnight announcement ve.ter-
dsy OF tho British extension o, the con-
trabsnd list suggested 'se likelihood OF
contraction IA our fore gu trade move
W~nt, but the weakness ~ sterling az
change was rather adlcrs. to such a
conclusion Moreover ov- position I'm tho
fore ign exchanges Ls srJw .ng better all
the time, for export trs!c balances are
accruins In substantial volume and more
and more recourse is being had TO
American funds by foreign borrowers
The placing OF $4,000. 600 loan for
the Swiss Government u only pre,imi-
nary to other grams ot credit TO foreign
nations, and the proceeds are 70 be taken
cut OF the country n tho form o. soods
and com n odities
Mexican affairs were adverse TO
continuation o. advance in quoted
values. but only because Of N. tIncsr-
tairty OF WaRhington's policy toward
Mexico. Tho financial community would
mako a satisfactory response 70 any
thing definite and permanen. IN this
mRtter
Domestic trade news was moro or less
depressing or disappointing. The United
States Steel Corporations statement Of
forward business, showing; a gain OF
less than 10000 tons In February. and
tho idle freight car statement OF March
/. showing more than 100000 sde-
traced cars, wore evidence OF tho per
I.stence OF business contra ction.
Far and away tho most favorable
news OF thc week was contained IN
tho Supreme Courts decisions IN the
West Nirr' MA passenger and North Da
lota freight rate -. TIE effect Of
these decisions was 20 carr along the
new public policy OF relief for tho
railroads 10y curtailng tn. jurisdiction
of State regulation and by euunclating
= doctrino OF substantial compensation
;or railroad gcr'!cc. which portends a
possibility OF proAt when trsnic grows