New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-04-13
FINANCIAL RECORD
HERE and ABROAD
Stocks Close ReactiOnary,
with Bethlehem Steel
in New Ascent.

Securities closed reactionary yester-
day, prices generally working lower
through the list as Bethlehem Steel In
the last hour was rapidly advanced
again TO new high record. As on
Saturday, orders in commission houses
were all not one way. and the market
had 70 withstand a good deal of liqui-
dation. At the opening, following a
lower level for American shares In the
early London trading, prices here were
n little under those at the end OF Sat
urday, and through the morning the
trend toward lower levels apparent at
the end of the week was again mani
fest. Around noon business was dull,
but prices hardened later, TO fall back
again before the close.
The volume of business was again
large, upward of 100000 shares being
dealt in the first hour, and more
than $4,000 during the day. Those
who had counted on the traditional
Monday advance in a bull market were
severely disappointed. At the end OF
the day declines were general, ranging
from a fraction TO a point or more.
in bonds one Of the largest totals Of
the year was reached, with prices
firm.
Motor stocks, which had been 30 con-
spicuous at the start of the recent up
turn, were generally weak, while Rub
Der issues were firm in the morning
Missouri Pacific was exceptionally &C
tive, and at its best improved more
that points. Other low priced rail-
roads showed some early frmness
at dnfaflPn
announcement of arrangements Tor
meeting the SS0,000,000 Of notes due
the first Of next month having been
already discounted. Bankers have taken
S27.000000 per cent one-year notes
from the road, and the proceeds, with
cash on hand, will be used to pay OIL
the notes falling due.
Bethlehem Steel in the last hour
practically repeated its performance OF
the previous Thursday. From a price
of around 112 it was rapidly run up to
1875, and closed l point lower, up 10
on the day. At its lowest shortly
after opening, It had sold at 1O1 The
same interests that dealt out stock on
Friday 10 enable shorts to cover were
conspicuous purchasers yesterday.
United States Steel was again cen
ire of heavy trading, and after some
firmness closed fractionally lower. The
report of untitled tonnage issued late
on Saturday appeared TO have little IN
fuence on the course Of the stock
Reading, Pennsylvania, New York Cen
trail, Lehigh Valley and Canadian Pa
cifc all made losses Of some proper
tions. Copper held small gain after
advancing on reports of improvement
in the market for the metal.
A marked tendency toward firmness
appeared in the local money market.
Call money was renewed at PA per
cent, 4 Of l per cent higher than the
rate at the end of the week, and
similar advance was made in time
loans, which we're in greater demand.
Foreign exchange rates were lower,
demand sterling getting down to 4l9's,
while exchange on Berlin was partcu-
lsrly weak.
Coming at a time when official and
unofficial estimates Of improvement IN
general business have been rather
glowing. the reduction in idle cars re-
ported for the first Of April was not
particularly encouraging. Sdetracked
equipment had decreased less than
5000 cars, leaving a total of over 3d.
600 still well above twice that for the
same time last year. The remarkable
memorandum of the German Ambas-
sador had little direct market effect,
though the possibility of trouble arts
ing from this criticism Of our treat
ment Of Great Britain did not escape
recognition.