New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-03-06
FINANCIAL RECORD
HERE AND ABROAD
Market Maintains Decided
Strength - Standard
Issues Advance.

Securities yesterday showed decided
strength. continuing buoyant 10 the
close. Covering by the short interest,
with stock rather scarce, played
large part in the advance, but there
was, in addition, evidence OF buying
orders from commission houses. Some
Of the investment buying, which has
been more noticeable in bonds the last
two or three days, appeared 70 be go
ing into stocks. At the end Of the
day active issues were point or more
higher. with final prices in many in
stances reached around the close. Inc
days turnover, though only httle
over 100000 shares, was the best for
some time. Bonds were also unusu-
ally active. more than SS,OOO,OOO par
value changing hands. with prices OF
standard issues much improved. ke-
purchases by those who had been en-
couraged 90 sell short because OF
European liquidation in bonds added
materially 90 the advance.
United States steel closed more
than a point higher, crossing 40. re
newal OF the rumor that some settle
llNNL NdQ UttI AtANl4th Ai' Ni'N
ment's suit was probably Occasloned
by the advance rather than its cause,
- authoritative denial OF the report
produced no reaction. New Haven re-
sponded to further favorable leglsla-
tion in New England with a gain OF
over . points. Canadian Pacific was
exceptionally strong on rather a small
amount of business. The lnterna-
tional list generally shared in the I'M
provement, Reading and Southern "a
cifc. New York Central. Northern Pa
cifc. st. Paul, Baltimore e. Ohio and
Copper all making gains Of over
point. Issues that recently had been
lowering around their minlmums went
higher.
Missouri. Kansas & Texas preferred
and the general Al per cent BONDS
showed exceptional weakness, the pre-
ferred stock, which had declined on
Friday, dropping points, TO 26. Ru-
mors that the company would not De
able TO meet the S19,000,000 Of 8 per
cent notes maturing in May were de-
MED. but little recovery followed. The
stock is rather heavily held abroad,
and though t is believed Dutch hold
crs would not be disposed 70 sell at
present levels. there may have been
some liquidation from Germany.
The easier tendency in monetary
conditions continued. Funds for fixed
date loans on collateral were freely
offered with a few takers. Call loans
renewed over the week end one-quar-
ter of ] per cent lower at ia. Dur
ing the week gold imports of nearly
100000 have been more than ofset
bv unusually heavy losses 10 the Sub
Treasury, and with the net inflow
from the interior only about $1,000
600. a gain OF around S1,O0O,o0O is
indicated.
The foreign exchange market was
rather quiet, sterling rates reacting a
little at the end Of business, with
London checks selling at 4.S07s. Ger
man exchange was also trlfle easier
According 10 cable advices it is now
expected in London that release OF
Russian wheat from the Black Sea
will lessen purchases Of grain here
and strengthen sterling rates so IS 10
make unnecessary formal extension OF
credits in this market in addition 10
arrangements privately negotiated by
bankers. For the last week, however
exports Of wheat and flour from this
country and Canada continued heavy
the total of over 100000 bushels be
ing 100000 moro than in the weel
preceding and more than twice a.
great as that Of the corresponding
week Of last year
In London discount rates were firm
or. following announcement that ten
ders would be asked for an issue o
$4,000 900 in per cent EXchequc
bonds. payable i'm five years. Their,
was some selling of the previous wa
loan in preparation for bidding on the
- new securities