New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-02-12
FINANCIAL RECORD
HERE And ABROAD
Securities Go Higher in a
Broad Market-More
Favorable News.

Securities YESTERDAY mace oe'Ve'
roSponse 20 favorable Developments
and the more prominent issues made a
general advance Among the good
news Of the day was decision OF the
Interstate Commerce Commission al
lowing railroads 20 meet competition
% The Panama Canal by reducing rates
from The Missouri aver to the Pacii'e
Coast without a proportIonate cut IN
charges 20 intermediate points. Inc
southern Pacific declared its regular
dividend and the government shipping
hill appeared blocked. Stocks opened
higher and we're generally IVY"
throughout the DAY. though there was
= little reaction at the close on proh'
taking before the holiday. The lS'
was the broadcst for some time.
The gain in untitled tonnage OF the
United states steel Corporation cN-
cr:ed greater market influence than on
tho day before steel was heavily
traded i'm and advanced over points
a above 4a and tho preferred and the
sinking fund Us also improved. Eeh-
road shares generally were strong: par
.iculgriv tho transcontlncntaIs behe-
Gted by the Interstate Commerce
Commissions ruling. GAG OF over
point we're made b. Great Northern
Northern Pacific. s. Paul Atchlson
and Union Pacific Southern PacInc
also advanced Relief IN the rumors
circulated last week that cast doubt
Oh The declaration Of the regular d'Vl-
6cnd had been pretty well di>s1pated.
After the dividend announcement 10
was explained that the decrease nm
earnings was steadily growing less and
that TO now financing vas m prospect
Vow York Central was reacuonaIy'
though there was ovcr-applcauon ior
rcrmissIon % loln iG the syndicate
that is 60 uudcrwritc the new BOND
issue
The decision IN tho intcrmountaln
r7'o case Was Unexpectedly prompt.
The supreme Court had upheld the
Interstate Commerce Commission m
itg ruling under the long and short
raul clause that allowed lower rates
from eastern points 20 the Paclhc
Coast than 20 The intermediate region.
Now that the water route through the
Panama Canal has cut into the bust
ness Of thc railroads the commission
decided that II should be permNted
20 compete FOR this long distance traf-
ic Accordingly proDortiOnately lower
rates on aumbcr OF gross com
modities arc allowed from the Missouri
River to the coast than to points I'M
'hc iutcrmouutain region, than had
been SGT ir the former decision. other
wise. tho commission admitted, with
an rates proportlonateiy reduced. the
earnings Of tho railroads would he
swept away.
With available ocean tonnage re-
iuced because Of the val. water rates
are not so low as thew will be later.
When conditions on the sea become
normal again, II may well be that the
railroads will be compelled to abandon
great part Of traffic In heavy com
wodities TO the water route. Much OF
this is now carried at rates that give
comparatively little remuneration.
Should tho Pacific Coast be built up
through steamship traffic, the trans
continental lines must reimburse them
selves through tho greater require
ments Of these communities for ma
tcrials that can he more advantageous
Is handled by the roads themselves.
In spite OF the announcement OF gold
imports on Wednesday, foreign OK
change rates yesterday were lower. De
mand sterling closed at 4s2'.. the
lowest on the present movement. Gable
adriccs told Of sale of 100000 more
cold hy the Bank Of England for trans
Ter from ottawa TO this city. None
'sry conditions here yesterday were
little changed, though time accommo-
jatIon was q trifo t-mcr. From
known movements OF currency u an
pears thai a loss OF some S4.OO0.OO0 by
local bankluGS institutions TO the Sub
Treasury has not been completely made
up by the gain from the interior.
Weekly reviews Of the commercial
agencies. made public day earlier
because OF to-day'S holiday. told of a
mall irregular gain in general trade.
Railroad earnings for January still
compare better with the year preced-
mr. than IN former months. Bank
clearlngs throughout the country show
about the same percentage of loss from
the corresponding week of 1914 as on
the week before, comparative improve
ment here being offset by losses else
where. Commercial failures. while out
numbering those Of 1914, are much less
than for l.. ,rr.l