New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-04
FINANCIAL RECORD
HERE AND ABROAD
Market Behaves Well on
News of Shooting of
J. p. Morgan.

News that J. ?. Morgan had been
shot had remarkably little effect on Sc
curities Yesterday. IL is true that the
market was a small one in the short
session before the two days holiday
and bulletins obtained from the Nor.
gan offices while trading was in prog
ress were reassuring. Nevertheless
considering the wide connections Of the
Morgan firm and its present command
ing position in international affairs
the break of only point or so in &C
tive issues and the quick recovery
strengthens belief that there Is out
standing no great amount of weak
speculative accounts. The amount OF
business done was under that Of a
week ago. less than 100000 shares
changing hands and under 10000 in the
second hour.
The early dealings have shown some
tendency toward lower prices. Trad
crs were disposed TO clear out long
commitments against possible adverse
happenings abroad before Tuesday. and
Fridays late break in ST. Paul had
some depressing influence. Though no
adequate explanation Of its weakness
had been offered, 81. Paul opened q
fraction lower and was soon under
some selling pressure. Northern Pa
cifc. which runs through the same
Northwestern territory, was also weak
Word Of the insane attack on Mr.
Morgan came toward the end OF the
first nour. Stocks declined at once
United States Steel, the great specu-
lative favorite and an issue which the
Morgan house has long been associated
with, coming out in comparatively
large quantities. At its lowest it was
Gown more than a point. but soon raj
lied. Reading. and other standard is
sues also dropped about a point and
The war induStrials showed greater
weakness. News from the fnancier'
summer home in Glen Cove indicated
that the would-be assassin had accom-
plished little, and for the second hour
there was a steady movement toward
recovery.
At the end Of the day active issues
were lower, but losses generally were
Of fractions. st. Paul at its extreme
decline had touched 50, its lowest for
about eighteen years, but made up the
greater Tart of its loss. Northern Pa
cifc closed unchanged after its earlier
weakness. Canadian Pacific gained a
fraction and New Haven was firm
throughout NAc Jay Oll o4ua4l NidAooN-
tons
A. the result of payment Of taxes TO
the government reserve holdings OF
Clearing House institutions were re-
dUced, and with large expansion OF
loans of over SSO,O00,O00 surplus yes
terday morning fell back over $4,000
coo to 4 little under S164,000000. the
lowest since early in May Financing
the purchase Of the city's bond offer
ing and arrangements for midyear pay
ments accounted for the loan increase.
The foreign exchange market was
quiet. London checks ending the week
at 4765S in the pound, = of a cent
below the close OF the week before
There was only slight recovery from
rates prevailing on Friday. no details
Of the negotiations for the British
bond sale being announced From
abroad came further evidence Of the
strain that is coming to the Allies from
the Unprecedented war needs. France
it was said. was preparing 10 initiate
Germany's policy by calling On her
people to turn in gold TO the central
government. Russia authorized two
issues of per cent Treasury notes
free Of income tax, Of S250,000,00C each