New-York tribune., 1915-03-14
FINANCIAL RECORD
HERE AND ABROAD
Dull Trading, with Prices
Steady-Bank Loans Up
Surplus No Lower.

TrsdingNin securities yesterday was
on a small scale. the list was narrow
and price changes OF standard issues
were unimportsnt At the end Of the
day small fractional changes were gen
eral. During the week the market has
withstood news that might have been
expected TO cause considerable resc-
tion. No doubt the restricted volume
OF trading had It's part IN preventing
any great decline. In addition, how
ever, II must be that after the world
shaking crisis Of last summer traders
are able TO receive more calmly threat
sning developments in our interna-
tional affairs.
The unwarranted sinking Of the
American merchant vessel presents
serious problem. Yet disturbance to
trade must be expected by neutral
power IN time of war. When this Is
carried bey, I'd reasonable bounds the
damage resulting can be made case
for claim Of monetary damages. and
the difficulty settled in dollars and
cents rather than in warlike prepare
tions. The slaughter OF American
citizens in the City Of Mexico was,
after ali, only another addition TO the
outrages that have been perpetrated IN
that country. Eventually II seems we
must force a reckoning in Mexico ana
IL appears probable that this settle
ment will not be monetary one
Compared with what is taking place on
the battlefelds Of Europe, we can LOOK
forward 20 the possibility OF srmeu
intervention IN Mexico with much less
disquiet than that prospect caused
year ago.
In the face Of all this yesterdays
market was ebnormally quiet. total
business Of less than 10000 shares was
principally accounted for by profes-
sional transactions. After opening
with some appearance Of weakness
prices hardened on short covering.
Changes that reached any extent were
mainly among the industrial special
ties In which speculative pools have
been operating so cOnspicuously. Such
transactions DO little toward making
the market inviting 70 the investing
public. and are becoming more and
more unpopular IN the financial dis
trict.
The Clearing House statement issued
after the close showed the effect OF
the state loan and other financing OF
the week In an expansion Of more than
s39 100000 in the actual loan item,
and demand deposits were So4,OOo'OoV
greater. In spite o. this great IN
crease in liabilities surplus reserve
made a slight gain, reserve in vaults
and In the Federal Reserve Bank hav-
ing been enlarged over S1OOOVVO.
gain OF some S2,00O,OO0 in gold IN
vaults suggested the possibility Of gold
l.. 1,,,1 NDapg1gl HrEFft.lfi
not made public.
The local Federal Reserve Bank re-
ported q small addition 20 its dis
counts, but otherwise showed little
change on the week. In preparation
for placing resources o. one district
lt the service Of another, the Federal
Reserve Board has fixed rates Tor re
discounting between the regional
banks. Applications for rediscount
from any institution which desires as-
sistance will be placed with the board
which may apportiOn the paper among
the other Institutions.
The frmer tendency in the London
discount market manifested on Friday
WAS more in evidence. Discount rates
on three months bills. which ned been
~ per cent, were quoted as high as
per cent. In London the possibility OF
higher monev rates there strengthen
ing our sterling rates has been FIRE
quently discussed Of late. but yester-
days advance was without effect
Sight drafts on London IN the middle
Of the day sold as low as 4.l919 IN the
pound. and il appeared that further eX-
tension Of credits here and gold i'm
ports would be necessary. So there
was little surprise VIII n engagement
for import Of 100000 more gold in
japan and S3,100,O00 from Ottawa was
made known late in the day.