New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-04-18
FINANCIAL RECORD
HERE AND ABROAD
Standard Issues Lead in
Place of War Stocks
u. S. Steel at 60.

Less was heard Of wonderful war or
dere yesterday. and standard stocks In
the latter part Of the short session had
considerable Of an upturn. Business,
while still large, WAS under the high
total Of the Saturday before. Bonds
continued steady, some 100000 par
vahe changing hands.
With no definite confirmation of the
big shrapnel contract that so excited
Fridays market, or particulars as 70
the sum involved, equipment stocks
were irregular and rather reactionary
IN the early trading. Announcement
that the Pennsylvania Railroad was
10 spend S20,000,0 900 for new equipment,
following news Of the Lehigh Valleys
intention 70 devote 100000 10 new
contracts, WAS of slight influence, when
compared with the great sums men
toned as involved in war expenditures.
While there were reactions, such as
q points in American Locomotive ana
over . in New York Air Brake, at the
end Of the day, war stocks generally
were irregular, rather than weak. Cen
oral Electric was points higher md
Pressed Steel Car 4, and gains were
made by some of the smaller steel
companies. United States Steel as
sumed It's old place of leader. After
meeting heavy offerings when It got l
point higher, 70 90, il went 70 90 Just
before the close and ended only shade
lower.
A number Of other standard issues
reached their best for the year. Read
ing made a maximum gain OF over
point, anu Amalgamated Copper clo-ed
higher, while the copper stocks gen
orally made fractional gains on the
day. At the end Of the week general
participation in the market seemed as
great as ever, stimulated rather than
alarmed by erratic fluctuations IN
special issues. Sales by traders to take
profits and even up commitments be
fore Sunday were, for the LIST part,
easily absorbed.
Again il appeared that securities
were being taken out O. the district IN
greater volume than they were belng
returned from domestic sources or
from Europe, for loans at the begin
ming of business yesterday had been
reduced 100000 by Clearing House
institutions. Il must be remembered,
however, that a good dea. of llqulde-
ton for European account means sell
ING Of stocks and bonds that form col
lateral for bank loans here. Nith
dealings in this market permitted by
London exchange authorities under Ola
arbitrage methods, as private cable
messages reported yesterday, we may
see more certificates brought over from
the other side.
As had been expected from known
currency movements, reserve OF Cle~r-
ing House institutions increased dur
ine the week, and Jlough demand de-
posits were nearly S12,000,00O greater,
the surplus went nearly SlO,OOO'OOO
birhcr. to over Sl5s 100000 the great
est vet known. So far II seems the
banking position has not been weak
ened BY the wild speculation on the
exchange, and conservative institutions
are protecting themselves by dlscrlm-
mating against collateral Of the rapidly
fuctuating industrials.
In London the market was rather
quiet. with prices firm. The advance
in our market has aided in hquldatlng
speculative positions in American Sc
curities. and the rest of the market has
shown some sentimental benefit. Lon
dom cables told Of expectation that the
Governments new policy of offering
treasury bills would before long allow
Of some control by the Bank of Eng
land Of the money market. YESTERDAY,
however. discount rates showed no ad-
ditional frmness, and sterling exchange
here sold at 4.791s, the low level OF
tho week