The Washington times., 1915-03-26
NEW YORK'S MARKET
TENDENCY UPWARD
Bear Pressure, However, Serves
to Hold Stocks in Check, to
Certain Extent.

NEW YORK. Marsh IS. 6.-ThonSh
scattered realizing and bear pressure
served to hold the stock market. III
check to certain extent today, AT
tho same time reducing its breadth.
the general tendency was gradually
upward. There was not however, n
disposition for the rapid advances
that marked the first two days OF the
full market.
AS on yesterday traders cndcaNorcd
TO take profits on the industrials un'
der cover OF buying OF the raIls'
Nevertheless. the majority Of issues
were fractionaIly above yesterday"
closing figures. and In "A few ofs the
more active stocks the gains were
substantial.
Atchison. as result of the stronS
February statement Issued Yesterday.
sold up in the early trading Ii
points to 99a;: baltimore and Obi"
advanced l point TO 72h: and Chcsa =
poake end ohio, ~ points to A5h.
but all eased Off slightly on later
profit taking.
est stocks in the list. selling at -
! for a gain of Y points.
The softest spot in the market wa
| California Petroleum. This storH
met with rather heavy foreign llaul'
| datior. which, coupled with rumort
Of Government suit to recover
some OF the bends held by the com
pany. caused IL to sell down ;.
| points. to 10.
w. p. G. Harding, member of th'
J Federal Reserve Board, in an inte'rieF
in Atlanta. expressed confidence III !
sI,cedy return to normal business coma
tons, and predicted that the war In ~
rope would make Ne" 1orh INC "oIi"
financial center.
| in some of the Federal reserve dis
tricts particularly in the Vest, sac
Mr.. Harding, business conditions al
ready are normal, ana the fcd"r'i T
serve banks are having few appli,a
tiCns for rc-diSCounts. Business is alS'
becoming normal in the South. Th" hd
vance I'm the price of "otton Is bound u
he a wonderful stimulus to general hNsi
ne Ss conditions in the South but N ls Il
he hoped that Southern farucrs Will no
be carried away by this advance an'
plant another large crop. They shoul'
he very conservative in cotton acrcag
and should materially Increase thci
acreage of food crops
! Having denied there is disposition
on the part of national banks to lesse
the effectiveness Of tn" Federal rescrN
system Mr.. Harding remarked the tu
ropcan struggle IL going tC max" NcN
; York the financial center Of tn" wnrl'
and added that the Federal reserve citic
of the country will share this honor I
| the extent that they will heartily sur
port the promotion of New York to thi
: achievement. a
\ remarkable earnings statement ft
! February was contributed by II
AtChison road. 1t showed gro'
increase of $l.0Tl.25l. or about II p'
iCent moro than last year. Net earning
/ FOR the month were s26S9.69l, an II
crease Of S72I.455. or about p p'
r cent. In eight months this road hf
had gross increase Of S4,5i1O36.
about per cent, and net increa!
o of s3.6SO.941. or IS per cent.
Daniel GuRgenheim, president OF Il
= American Smelling and Refining Con
many in the annual statement for l9l
Q SAYS a large reduction Of output
=. the lead aud copper mines ocCurr'
after the war began. but that II
> provement in demand since January
has resulted in an increase of produ
tion.
Al DESPITE tho sluggish market in {
- last FIVE months Of the year, the r
. port shows that the company's n
) earnings were l,603. OILS. only $a0i
392 less than in 1913. Net earnin
IT applicable to dividends aGSreEat
50, O31, ,J65. aS compared with 50, 49,
, 564 in the preceding year. after s24
; 600 had been set aside reser
ne against losses incident to the MeXiC
1t and European wars. The depreCiati
It allowance of sl.540,0O0 was slight
49, greater than in the preceding year