New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-12-17
FINANCIAL RECORD
HERE And ABROAD
Germany's Naval SOrtie a
Check to Activity-Price
Changes Slight.

Business on the Stock Exchange yes
terday was quieter. Less than half the
number of shares changed hands that
did on Tuesday, and price movement
was slight. Possibly the market might
have steadied simply as a result OF the
violent advance and reaction that fol-
lowed resumption Of trading, but q
more immediate cause appeared in the
news OF bombardment Of British towns
and Of naval conflict on the North
Sea. So much Of our recovery has
been based on the assumption that
Great Britain's strength on the seas
would keep the North Atlantic clear
that any development that seems TO
threaten her control naturally causes
disquiet.
The market. however. was uncertain
rather than weak. At the opening
prices we're irregular and only frac-
tionslly changed from the close Of the
day before. international issues were
much quieter, it being realized more
clearly that London must sell here on
advances 20 close out trades. Some
strength and activity was shown by
specialties. Central Leather advanced,
accompanied by rumors Of an increased
dividend impending. and American Beet
Sugar was also strong. In the late
afternoon prices eased of little. and
at the close were around the lowest of
the day A few issues touched the
minimum prices established.
Generally changes were Of fractions.
Steel. Copper. Baltimore & Ohio, Great
Northern preferred, Pennsylvania and
Southern Pacific all were lower. North
ern Pacific was particularly weak tow
ard the close. Union Pacific ended the
day shade higher. New York Cen
trial lost : point on small transactions.
Michigan Centrals semi-annual divi-
dend was announced at l per cent in
stead of 3. which had been paid for
some years. New York Central owns
around Sl7.000,000 out of less than
S19,000,000 Michigan Central stock out
standing.
From cable dispatches it appeared
that the raid on the British coast did
not greatly disturb the London market.
Discount rates were practically IN
changed and securities generally were
steady. though American shares were
lower in response 10 Tuesdays decline
here. Paris, too, was quiet, but 3 per
rentes closed lower. Sterling exchange
here was again a triAe frmer, but little
business was transacted. Marks con-
tinued reactionary.
Money rates were little changed. save
that. as on Monday, call loans were
made as low as 8 per cent. More
regional banks have taken advantage
Cf the per cent rediscOunt rate al
lowed py the Reserve Board. The New
York institution, ~ Is understood, de-
sires 70 begin purchases in the open
market Of bank acceDtences arising out
Of import OF export Of commodities.
This would allow some Of the idle
funds mere to be probably employed.
in addition l. would be a start toward
Necessary open market operations. II
the ofcial discount rates are to intlu-
oncc monetary conditions II must be
possible for regional bank TO buy
paper when its own rate is above the
market and so fierce up the outside fig
TRES.
Washington dispatches announced
that France had taken cotton from its
list Of contraband. as Great Britain had
already A number of cargoes are nov
being made ready for shipment TO Ger
many and Austria, and the better move
ment should soon be apparent in our
export figures. In November our ia
vorable trade balance was increased TO
$4,000. 900. S22.00O.000 better than in
October and only some SlS,OOO,0OO
under that Of November of last year.
This constantly increasing gain in in
ternational transfer of goods seems 10
make unnecessary extraordinary rene
dies proposed in the early autumn.
Foreign selling of cur securities here
has so Ear been light and yesterday
was practically insignificant. Steel
trade publications report good foreign
buying in barbed wire and in other
lines