New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-06-23
FINANCIAL RECORD
HERE AND ABROAD
Railroad List Improves
France to Borrow Here
on Our Bonds.

Securities yesterday were firm az
the beginning and end OF the day. with
activity in the specialties less in EVIL
dence and railroads making q show OF
strength. Bond prices were generally
better, and while the amount Of bust
ness done In bonds was not large u
was we'll distributed through a repre-
sentative list. In stocks the days to-
tai went o little higher than that OF
Monday, business still largely that OF
professional traders. There was a no
ticeable increase in sales Of bonds for
future delivery and some liquidation
of stock for foreign account. presuma-
bly, in preparation for investing IN lhe
new British war loan.
Baltimore & Oh,o's gain in gross Tor
Nav, and, through reduced expenses,
better increase in net, advanced that
stock and gave a good tone TO the rail-
road list. In the noon hour and tow
ard the close railroads were firm, par
ticularly the Eastern lines. Baltimore
& Ohio made a net gain OF over
points. New York New Haven & Hart
ford and Ontario Western also i'm
proved in similar fashion, and New
York Central advanced in the late
trading. The anthracite roads showed
no bad effect from the Supreme Courts
decision against the Lackawanna the
Gay before.
Canadian Pacific made q maximum
/ loss of nearly ! points on rather heavy
dealings. Continued losses shown in
/ its earnings reports have caused con-
| siderable discussion as TO maintenance
Of dividends at the present rate.
! United States Rubber was also de-
pressed in the morning and lost point
on the day. The metal stocks were
soft Studebaker. Can. Pacific Mail
and the Interborough issues were ad-
vanced.
Full details of tho new British war
! loan revealed plans for more compre-
! hensive financing than had first been
reported. Borrowing Of Up to $1,000
| 100000 provides for refunding Of con-
soils and Of the former war loan now
| outstanding on a Az per cent basis.
! Discount rates In London hardened to
/ close at per cent, where a week be-
| fore they had been under 3, and Brit
| ish investment issues were depressed.
/ What effect on money rates Of the
world will result from payment Of this
/ high interest by the British govern
1 ment remains to be seen. Applications
/ for the new issue were reported in
/ good volume Yesterday.
Here sterling exchange was trifie
/ frmer. following the higher discount
rates in London. Announcement of the
/ French credit arrangement showed that
American railroad bonds owned in
] France had been gathered together by
the Rothschilds in Paris and would be
/ deposited here as a basis for a French
/ government loan TO run for a year
/ This accommodation. it is understood
/ will be furnished through private
banking transactions, and the size of
| the credits granted will depend wholly
on the ability of the French bankers to
collect our securities, there being prac-
tically no limit TO the amount that can
be obtained in this city on such col
lateral.
Through addition of an export ex-
cess last week of over $4,000 our
favorable trade balance for the present
fiscal year reached on Saturday 1916
100000. New York's shipments last
week were nearly S30,000000, of which
over 100000 went TO France. EX-
change rates on Paris, in expectation
Of announcement of the French credit,
were frmer in the morning. but re-
acted to new low levels later.