Salt Lake Tribune | 1914-03-08 | Page 23 | Stock Market Unsettled; Prices Cover Wide Range

STOCK MARKET UNSETTLED) PRICES COVER WIDE RANGE Bank Statement the Most Unfavorable of Recent Weeks; Cash Loss of Over $4,000,000. NEW YOItK, March 7. Tho stock market mar-ket was unsettled today and prices covered cov-ered an unusually wide range. At tho opening tho inarftet was depressed by tho Influence of the sharp decline In the London market, followed by active selling sell-ing hero for European accounts. St, Paul was tho center of weakness, although al-though ItSmado a better showing today than during yesterday's decline, which followed the news that the company had been charged with Irregularities In Its book accounts. Its extreme loss today was 3 points and at the close half of this amount had been made up. Trading was unusually active at the opening, over 200,000 shares being dealt In during the first hour. Prices gave way rapidly In all directions, losses in many cases running run-ning to a point or, more. Weakened at Close. The demand at the lower range was so vigorous that quotations were quickly lifted to a lovel over yesterday's close. Shortly before the end of the session, however, tho list weakened once more under the lead of Lehigh Valley, which gave 3 points. Another Item In tho long list of developments de-velopments operating against the railroad rail-road shares was New Haven's decidedly poor January report. There was a deficit of $S8O,Q0O. Tho bank statement was tho most unfavorable un-favorable of recent weeks. Surplus fell off more than ?9,000,000 and there was an actual cash loss of more than $4,000,-000. $4,000,-000. Bonds were Irregular. Total sales, $1,705,000. United States 4s coupon advanced a and the 4s registered declined 2 on call on the week. The Irregular movements of stocks this week reflected tho unsettled state of speculative sentiment. Tho storm obstructed ob-structed tho operations of the market and was a depressing influence on account of tho loss in earnings, which it caused. Tho effect was heightened by other ad-verso ad-verso Influences, bearing especially upon railroad securtleso. Chsapeako & Ohio's $."?3.000,000 noto Issue was made on terms which called Into question the conLinued payment of dividends at tho present rate. Tho great railroad systems reported decidedly de-cidedly poor earnings for January. The chargo of lrrogularity in St. Paul's accounts ac-counts upset tho market. Foreign selling was resumed on a large scale. Confidence Lacking. The lack of poise betrayed at times was in contrast with tho feeling of confidence con-fidence at tho opening of tho year. While a generally hopeful view was expressed regarding tho longer outlook, developments develop-ments of the laHt few weeks Indicated that the definite chango for tho better would not be as rapid and comprehensive as had been expected. In spito of theso conditions, steel trade authorities expressed confidence that railroads rail-roads would perforce be freo buyers of material In a short time, and they relied upon this belief for early, effective trade rovlval. Present forward buying of steel, however, has fallen off. The copper market mar-ket .also was soft. The interior currency movement shifted away from New York and moro gold was sent to France. Government deposits with banks were drawn down. Railroads resorted again to short-term notes because be-cause of unsatisfactory bond market conditions con-ditions Foreign money markets eased and financial strain at Paris relaxed.