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Show HEAVY SELLING CONTINUES; BROKERS ARE DISCOURAGED Decline in Security Prices Which Began Early in the Week Increased Toward the End. NEW YORK. March 23. A decline In stocks, which had proceeded aieadlly. I though slowly, since the first of tho week, I bringing no increase of buying as ciuota-tlona ciuota-tlona receded, encouraged heavier speculative specu-lative selling today. Traders on tho long side were disheartened by the constant Injection recently of new bearish factors and by tho lack of outside support. They wore In no mood to resist efforts to raid tho market, and for a time Belling was carried on with a fair degreo of activity. Tho shorts aimed their fire chiefly at tho steel group. United States Stool gavo way easily, and shares of Independent companies sagged with It. Losses in general, gen-eral, however, were not severe. Covering, Cover-ing, such as Is usual at the week-end, -caused a lato rally. Unfavorable Reports. Railroad statments submitted today wero unfavorable Canodian Pacific reported re-ported a decrease of moro than SI, 000,000 in Us not earnings for February. Erie's operating income was reduced from ?970,-000 ?970,-000 in February of 1013 to $215,000 last month. New Tori: Central reported a pol-, icy of retrenchment as rigid as Pennsyl- vania's. Tho fact that railroad slocks, i while steadily sagging, have not exhibited apy marked weakness in spite of the decidedly de-cidedly unfavorable showing recently is ascribed to belief that tho petition for an Increase In freight ralCB will bo acted upon favorably. Tlma money rates wero easier today, owing to tho Inflow of money recently and tho slack demand. These conditions at a season of the year when ordinarily there is renewed activitv In almost every direction were interpreted as an indication indica-tion of unsatisfactory business conditions. Ine weok's statement of banks, however, how-ever, failed to show tho expected further gain in cash. Instead of a substantial addition ad-dition to tho cash Item, tho statement disclosed a loss of nearly $5,000,000. Bonds wero easy. Total sales. 500,000. United States bonds unchanged on call on tho week. Review of the Week. Factors which helped to sustain prices of stocks earlier in the month waned in Inlluenco this week. London's early hopefulness hope-fulness for an Irish settlement gave way to anxlpty over signs of an Inflammatory stcto of feeling. Tho New Haven agreo-i agreo-i mont with the government relieved fears i of a deadlock, but gavo no positive benefit bene-fit to fhi rnnrlj-nt A Tinniinnnn.n. ther hearings of tho eastern railroads petition for a 5 per cent advance in freight rateB canceled the effect of last weeks rumors of early favorable action. I hero were some heavy declines In February Feb-ruary net earnings of railroads, in spite of expectations in outlay and the decrease of Idle freight cars. The cut In tho dividends divi-dends of Pittsburg, C. C. &. St. Louis common and preferred and suspension of rsorfoU s payments gave a concrete object ob-ject lesson of tho difficulties confronting the rallroadH. Tho necessity for railroad economies cheered tho fooling in tho stoel trade. Gloomy predlotion3 wero heard of an April curtailment of output and a -break In prices. Orders and specifications wero reported to bo coming In at the rate of only about half tho current shinments from tho mills. Thero was said' to be buying of copper, but textile mills were looking forward to reduced production Aculo weakness in special stocks grew out of trust prosecutions and financial needs. Additional note Issues by railroads, rail-roads, minor than bond issues, were discussed dis-cussed in splto of tho easy money conditions. con-ditions. Varying Influences on the check to business busi-ness were ascribed to tho Intended trust legislation, the federal bank reserve organization or-ganization and the Mexican problem. Bank Statement. NEW YORK. March 2S. The statement of tho actual condition of clearing house banks and trust companies for the week shows that they hold $22,337,050 reserve In excess of legal requirements. This Is a decrease of $3,009,000 from last week. The statemont: ACTUAL CONDITION. .Lroans, W.ObS,7J8,000; increase. $3,713,-000. $3,713,-000. Specie, $307,030,000: decrease, $S,30G,000. Legal tendors, $75,950,000; Increase. $3,-502.000.. $3,-502.000.. Net deposits, $1,075,257,000; decrease. $10,282,000. Circulation. $41,905,000; decrease, $12S,-000. $12S,-000. Banks cash reserve in vault, $400,385,-000. $400,385,-000. Trust companies' cash reserve in vault, $63,610,000. Aggregate cash reserve, $172,995,000. Excess lawful reserve, $22,337,950; de-creaso, de-creaso, $3,009,000 Trust companies' reserve with clearing house members carrying 25 per cent cash reserve. SS9.C10.000. Summary of state banks and trust com panics in Greater New York, not Included In cleaving house statement: Loans. S530.805.G0O: increase. $l(277.900. Specie, $G2,04S,500; lnorease, $5,454,000. Legal tender, $8,186,200; Increase. $$700. Total deposits, $050,019,500; increase, $17,274,300. N"cw York Money. NEW TORIC, March 2J. Call money, nominal, no loans. Tlmo loans, weak: rlxty daye. 252i per cont: ninety days, 21 "2 3 per cent; fix uiouthn, ZQZ per cent. , M'ccfcatllo paper. 3A34t per cent; r.terlluc ox-char.go, ox-char.go, cany; nlxty days. 34.S4.60; demand, J4.S6.20; commercial bills. J4.S3?;: lr sllvor. S3e: Mexican dollars, 45lic: Kovornraent bonda, steady, railroad bouda, easy. " Sugar Markot. NEW TORK, March 23. Raw eiiear. steady: mo-Iaesre, mo-Iaesre, 2.30c; centrifugal, 2.J5ci raflned, ateady. |
