The Washington times., 1915-04-01
NEW YORK MARKET
SUFFERS IN REACTION

NEW YORK, April 1.-The fast pace
at which tahe stock market has ;rav-
elcd during the week. coupled with the
fact that the exchange will old no ses-
sion tomorrow, caused a reaction to de-
velop shortly after the opening this
morning. and price levels generally fell
below yesterdays closing figures. At
the end of the second hour however,
the tone strengthened, and the market
resumed it's upward tendency.
Buying by foreign interests, together
with reports of good earnings. made the
Erie stocks the strongest of the rails
The common advanced IA points to 2Gb,
and the Erie first cold up 21s points
to SIN.
leader. selling up 3ls points to 1oSIk.
There was no news to account for the
sharp advance.
The greatest activity appeared to be
In low-prtced issues. Interborough
stocks were particularly strong, the pre-
G7k.
Governors of the New York Stock Ex-
change, at meeting yesterday after
voce vote on the floor of the exchange
on Monday against closing the exchange
tomorrow, and granted the petition sub
sequently circulated for. holiday
Good Friday. This is in line with the
custom of the last fifteen years. Good
Friday having been a holiday with only
Most of the other important stock
and commodity exchanges have decided
to close tomorrow. The Philadelphia
the state will be closed. as the day IL
legsl holiday in Pennsylvania. The
Chicago Board of Trade will be closed
and 1t will also be closed next Tuesday
which is the spring election day II
Illinois.
Transactions in. both stocks and
bonds on the New York Stock Ex'
change during the month of March ex
ceeded the trading In the same month
last year. and showed large increase,
| over the previous month.
The aggregate sale of shares o
! stock for the month was 1877 1853, an in
crease of !, 1876, ,572, as compared with tn,
pared with the same month last year
! The largest days trading was 742 36
| shares, on the 3lst, and the smallest
| 1852 shares, on the 18th.
The tota! sale of bonds OF all classe
was S., ,S04 800, an increase OF $4,000. 90
compared with the previous month, an
s2.23l 500 as compared with the SAM
| month last year.
Returns from 232 trade unions, repre-
and n membership of 552,9l7 men. ac
cording to statistics compiled by tn
New York labor department. indicat
that the number OF unemployed men Il
these trades in, New York State for tn
year 1914 nearly equaled the number 70
1908. the worst year for labor in re
cent times. The average percentage o
idleness for 1914 was 2s.s, compare
with 297 in 1908 and with a mean aver
age for the last twelve years of is pc
cent.
The American Bankers Associatio
will not allow itself to be drawn int
any suit to test the constitutionality q
the Federal reserve act, such as som
trust company members of the organ
cation have been urging. This wa
made clear yesterday when William 4
! Law, president OF the association. al
lowed 1t to become known that the ad
ministrative committee, which is th
supreme authority OF the organizatio
; between the annual meetings of tn
! executive council and the yearly cor
ventions. had gone on record agains
any action of this nature.
1t was also learned that tho specii
committee of twelve, appointed afte
the Richmond convention to make re,
concentrations as to changes in the RI
: serve bank act which would induC
, State banks and trust companies {
enter the system, had taken a simila
I stand. This committee unanimousl
adopted the following resolution at
: meeting held on March %:
, Resolved, That IL is the judgment
this committee that II would be III
wise for the American Bankers ASS,
citation as an association to enter in,
any test of the constitutionality of Il
Federal reserve act or any porto
thereof.