New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-04-01
FINANCIAL RECORD
HERE AND ABROAD
Reaction in Late Trading
After Early Advance
Minimum Prices Off.

The upward movement in industrials
and in low priced stocks generally was
continued on broad scale for the
greater part of yesterdays trading.
Toward the close, however, profit taking
sales were heavy. and the trend turned
downward. There was more indication
Of foreign liquidation, prices having
risen TO levels that allowed closing
ont of London speculative contracts,
but this was in general well absorbed
and losses in the international list
we're for the most part under point.
The days business OF over 10000
shares exceeded the high total OF the
day before and the list of active stocks
even broader. Dealings in bonds
reached a total of some S4,S00,00O. the
best day since the Stock Exchange re-
sumed business after the war.
Again transactions in stock OF the
old Rock Island Railway furnished the
largest proportion of the days bust
ness. well over 100000 shares chang
ing hands. Another advance of over
points was made, but in the afternoon
the greater part of this was lost ana
The stock closed weak. Following an
nouncemcnt that the coming interest
payments would be met the debenture
> per cent bonds and the Tetunding As
advanced on heavy trading.
Bethlehem Steel was comparatively
quiet and ended the day lower. inter
borough Metropolitan common and pre-
ferred were put up with fairly active
business. but they turned reactonary
before the close. New Haven improved
over 3 points. and the story OF the sale
of the Ontario & Western was again
brought forward and denied Autoho-
pile stocks were decidedly weak IN 'he
last hour. and here, as elsewhere maj
prices were at or near the lowest OF inc
dav. Canadian Pacific made net loss
Of nearly ? points. Reading ana Cnlo'i
Pacific we're also heavy, and Sieel
ended the day traction lower anu
point under its best.
Foreign exchange rates were steaiief'
sterling closing shade higher, nut
francs we're "A little cheaper than on the
dav before in spite of overnight an
Douncement of sale Of French govern
r,ent securities here. From Washing
Ton II was learned that the State De
nartmcnt would not interfere with ar
rangements to aid financing OF foreign
purchases here. 1t Is recognized thaI
there would be little consistency IN al
lowing warning nations TO purchase
supplies here, and at the same time
throw difficulties IN the way oil paying
for what they get. The amount OF
French notes to be offered mere VIII De
$50 .OOO, 900, and the proceeds VIII DE
used to pay for goods already ordered:
The Allies have large amount oi
bills due here this week and next anu
the terms of Great Brltaln's borrow
ing in this country are being aWalIeu
,,itb interest. Another e15,00O,OOO IN
Treasury bills will be put out IN Lon
don neyt week TO meet maturties fall
ing due. For Tuesdays offering tehd-
ers OF some e3S 100000 were received
and the average cost TO the govern
uent for the accommodation was about
Lille per cent The Bank of Eng
land continued to give proof OF It's
confdance in its position by setting
aside f40O. 900 in gold for the Argentine
and 600 1000 for other accounts.
After the close of the days trading
bare governors of the Stock Exchange
decided that minimum prices were no
longer needed, and they will be aooi.
isbed to-day. As to the necessity OF
ever guarding our market with these
artificial barriers, there is no general
agreement. Unquestionably, with the
apprehension that existed over pos
sible overwhelming flood of European
liquidation. adoption of this safeguard
encouraged the Stock Exchange to re-
sumo open trading. Yet failure 30 re
move the minimum during the January
advance restricted buying orders, many
feeling disinclined TO enter market
that they believed was artfcially main-
tanned. Al present our financial in
stitutions are we'll able to furnish &C
commodation for carrying whatever Sc
curities Europe is likely TO send back
TO us, prices are generally well above
the minimum and our immense eX-
ports have turned exchange rates in
our favor, so that our gold supply is
no longer in jeopardy.