New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-05-22
FINANCIAL RECORD
HERE AND ABROAD
Increase in Speculative
Activity-New Low Ex-
change Levels.

Europe, through Italy's aid, served as
an excuse for some expansion OF
speculative activity yesterday. The
davis turnover reached nearly 100000
shares, and a number OF the inous-
trial specialties, whose profits after all
are assumed 10 come from continued
hostilities, made advances OF some pro-
portions. Investment issues showed
only slight improvement, and In the
latter part of the afternoon the price
movement generally came to stand
still. There was, however, little ten
oency toward weakness, and tho close
was only a little below the best OF the
day.
When It appeared that the ultimate
crumbling of Germany's power was
only a matter of months, the addition
of Italy's forces to those OF her enc
mics seemed certain TO bring about
surely the time of the hoped-for peace.
Now that such strength has been
shown this spring by the German
forces, II may be that the principal ef-
feet of Italy's action will be TO place
herself among the nations whose re-
covery we will have to assist when the
long war is at an end.
Yesterdays trading, however. was
based rather on the unquenched oe
sire of the speculative element 10 geI
some action than on any actual consld,
rations of what the news from ABROAD
might mean for US. The issue most
actively dealt in was Cruciole steer,
Of
intervals in our market. 1t added over
4 points 10 its recent advance on deal
inrs of around 7O,040 shares. Westing-
house, next in favor, ended the DAY
M over 5 points. Gains of from 1 70
2 points were made by number OF
the automobile and equipment and
ordnance stocks that led in the al
vance Of few weeks ago.
United States Steel at its hignest
was up a point and 1t ended only
shade lower, with more stories OF war
contracts circulated and denied. Le-
high Valley made only slight response
10 n most excellent earnings state
ment for April, that showed good gains
in gross and net. Standard railroads
generally were fraction higher az
the close. Rock Island lost nearly
points under professional selling press
ure, making up part of the decline
later Missouri Paclfc retained only
a portion of the gain OF the day De-
fore.
The great ease of money had its
mart in stimulating business or the
stock market. Call loans were made
as low as l per cent for the hrst time
in nearly two years. With the re-
ceipt of S5,O00,0O0 in gold from abroad
during the week and gain on cur
rency movement from the interior
estimated at over that sum, further
increase in reserve of Clearing louse
institutions is expected to-day. Whlle
the strain of our difficulty with Ger
many continues general industry Is
expected 10 hesitate. Bank clearlngs
during the week no longer made the
excellent comparison with those Of the
last wear that they had for the weeks
preceding. Should we come through
the present crisis without serious
trouble, the great amounts OF ldle
cash in lending institutions may be
expected TO lead to a more rapid re-
vival In trade.
Further weakening of exchange
rates on Paris and London showed
how greatly the wars demands for
our goods is overbalancing the usual
offsets. London cheques made new
low record for the war at 4.7S l-l6
and Paris at 5.43. More large imports
OF gold are talked of. Each receipt
of gold adds to our banking reserve
and so enables our lending institu-
tions to extend additional temporary
credit to the purchasing governments
across the water. Such use Of our
banking credit is merely an expeeient
until more permanent settlement can
be arranged. Securities purchased
here from abroad, either our own or
those of foreign governments, may be
nassed on TO the investing public and
leave our banks free for further tenn
porary accommodation at home or
abroad.