New-York tribune., 1915-03-21
FINANCIAL RECORD
HERE AND ABROAD
Industrials Active and
Higher-Bethlehem Steel
Conspicuous.

The stock market yesterday was un-
usually active, as Saturdays have gone
of late, the total turnover approaching
l75,000 shares. Bethlehem Steel again
accounted for an unusually large pro-
portion of the business transacted and
made another spectacular advance.
Such an abrupt movement, unaceount-
ed for by any definite news develop
ments, is generally discouraging to
trading elsewhere in the list. Gester-
day seasoned railroads generally were
quiet at steady prices, but other m
dustrial issues were dealt in freely,
with some pronounced gains.
Nearly $4,000 shares of Bethlehem
Steel changed hands Early in the
day there was slight recession from
Fridays close. but the violent upward
movement was resumed until 6S was
reached. a gain Of nearly 10 points IN
two days. Before the end Of the ses-
sion the stock dropped back over n
points, but ended nearly 3 points
above Thursdays final figure. Rumors
Of possible benefit TO stockholders were
numerous. but lacked confirmation
Since the outbreak of war vast
amount of profitable business has oeen
obtained by the company from Euro
pean governments. In view OF the re
iterated determination of its president
TO postpone dividend payments on the
common stock for two or three years,
It appears probable that this latest
upturn is to be explained as due 10
short covering by traders.
Automobile stocks were advanced
from considerable fraction TO
points. Lead moved up nearly 3, and
Rubber made further advance.
Among the railroads, New Haven was
conspicuously active, with maximum
Improvement Of over a point. Reading
was firm and closed fractionally high
er. while Steel made a moderate i'm
provement. Southern Pacific was heavy
and closed a fraction down. Copper
stocks continued firm.
The Clearing House statement, pre-
sented after the close, recorded con-
siderable addition to loanable surplus
nj the end Of the week. This was due
TO gold imports Of around S3OOOOOO
received during the week and inflow
of currency from the interior, which
added to reserve holdings Demand
deposit liabilities were nearly SI,OOO,-
600 greater, with loans S1A000,OO0
higher than al the end Of the week
before. With considerable gold abroad
vet to be received here, around $780,
900, engagement of which had not been
previously made known, was depos-
tied in the local Sub-Treasury yester-
day from Canada. Advices from Lon.
don indicate that steady return OF
funds we sent to Ottawa in the latter
part Of last year is expected. Ster-
ling exchange here yesterday was a
little lower and francs were weak.
At the Federal Reserve Bank IN TINS
city discounts Of member institutions
were 100000 greater and investments
were enlarged 100000. The regional
institution at Atlanta has made the
first increase in the re-discOunt rates
since the new banking system was es-
tablished last November. Maturities
up to sixty days will be discounted
there at Al per cent, with per cent
for longer dates, an advance Of q OF
! per cent in each instance. Discounts
and investments at this institution
have been exceptionally heavy, in com
parison with cash resources, and II
nav be that the first transfer between
institutions will be from the Atlanta
hank