New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-02-15
REVIEW OF THE
WEEK in FINANCE
Securities Uncertain, in
Spite of Favorable
Developments.
BANK OF ENGLAND
SENDS BACK GOLD
Good Gain IN Untitled Steel Or
ders-Sterling Exchange at
Record Low Level.

W. Favorabls developments IN nnsnee
brsdomin,t.d last week, though there
was some uns,siness at the close over
Germany's var rome warning and our
note Of protest Dividends, which had
been reported IN jeopardy, were de-
clared a. the regular rate. The United
States Steel Corporation reported an
increase in untitled orders much be
yond expectations. Sterling exchange
moved so strongly IN our favor thA'
the Bank % England made its hrst re-
lease OF part OF the S7o,0oO.o0O or 20
we shipped 70 Ottawa for Brtuth ae-
count and receipt here OF s2,So0,o0o IN
gold from Canada was announced ne
fore the week had ended. The Inter
state Commerce Commission recognized
the difficulties the railroads faced from
competition through the Panama Canal
an6 allowed rates from the Mississippi
VALLEY 10 the Pacific Coast 70 be
lowered without a proportionate redue-
ton 70 intermountain points.
On the Stock Exchange, however, Sc
curities moved uncertainty and bust
rsss In stocks and bonds was light,
with bond prices irregular. Money
rates continued favorable 20 borrow
ers. Call loans renewed each cay AZ
z per cent, but were made ss high as
s1A Rates for hxed date funds on col
lateral we're littls changed, though, as
n result Of the large amount OF cor
poration financing under way and In
prospect, the longer msturities were
offered less freely. Again corporate
borrowing was responsible for g large
increase in loans IN Saturdays Clear
ing House statement o. conditions at
fhe end % the week. Loans we're ex-
handed s2l.0o0,000 and demand de-
.posits nearly $22 200, 900 With a small
loss m aggregate reserve, surplus fell
-rT about 100000 20 little under
sl2q 600. 900.
70 The principal corporate financing an
nounced last week was the expected
bond issue by the New York Central.
This took the form Of S100,000,0OO in
convertible debentures, bearing S per
cent interest The road has issued
large amounts Of notes, which Il has
wisely decided 70 retire, the new bonds,
- is understood carrying practically
The same charges as the notes replaced.
In addition, 100000 one-yesr per
cent notes owned by the Union Pacific
have been renewed for another year at
othe same rate Of interest, and some
$4,000 900 OF notes held in London
have been paid of. The bond Issue
will be underwritten, a syndicate for
this purpose having been formed with
out difficulty.
Exchange on London Goes Lower.
Our export balance continues re
markedly heavy, reaching in the first
week Of the month the record total OF
over sS7,o0o,0o0 from the principal
ports Of the country. In spite Of for
eign loans and credits here, these
heavy shipments Of goods are making
large amounts Of exchange. Purchas
ing by banking interests has lessened
provision for msturities on the Other
side having been apparently completed
On Saturday demand sterling fell e
4.s2 in the pound, the low price reached
in 1907. when we were in so great neeC
Of funds.
The Bank OF England announced re
lease Of some 100000 in gold snc
$500 900 was returned 10 US from o.
tawa. Unless arrangements are mad,
by British bankers 10 check the move