New-York tribune., 1915-03-26
FINANCIAL RECORD
HERE AND ABROAD
Good Buying Continued
but Realizing Checks
General Advance.

Profit taking and some operations on
the short eide checked the general sd-
vance in securities yesterday. but
again the list dealt in was broad one.
Railroads were favored in the trading
and a number Of good gains were made
on the day. Outside buying continued,
with commission houses reporting a
good line Of inquiries from other cities.
Business was diminished from the
high totals of the two preceding days
TO under 100000 shares. Dealings In
bonds made one of the largest days
since January, with convertible issues
higher.
After opening a little higher than
the close of the day before. profit TAX
ing caused a reaction of point or so.
Some recovery followed. and In the
early afternoon prices had advanced
until a number of issues were at their
highest for the year. In the final trad
ing the market fell back again, in
some instances wiping out all OF the
earlier improvement.
New York Central was heavy, fol-
lowing the overnight publication OF It's
annual report, which showed that, IN
spite of drastic economies, only the
charging of the fourth quarterly dlvl-
dend to this years account prevented
deficit, Atchison advanced on its state
ment OF largo gains in gross ana net
for February, but this excellent snow
ing had been discounted, and all the
Improvement was lost before the close
on realizing. Baltimore q Ohio con-
tinued its upward movement, with
maximum rise of over points. New
Haven at its best was nearly points
higher, with reports that Its sta'emenV
for February would also be unusually
favorable.
Prediction by the president OF the
Lackawanna that, with business I'M
proving and some benefit from the RATE
increase, earnings should make better
connarison In the next two months
had a general bracing effect on rail-
load stocks. Another advance in price
quoted for the metal was not reflected
in the market course Of copper stocks,
which were generally heavy. Steel
reached 49 again and fell back to close
unchanged. Third Avenue, in spite OF
denials that dividends would soon be
declared. was carried over points
higher on active trading. Union and
Southern Pacific showed continued
strength, but lost much OF their earlier
gain in the late decline.
In the London market American secu-
rites provided the largest dealings,
several more issues rising TO prices
that enabled loans TO be called. Ac-
cording 10 cable dispatches New YORK
was a considerable purchaser IN the
London market. Discounts in the Brlt-
ish capital advanced further following
publication of the Bank Of England 5
return, three months bills being quoted
as high as 2i2 per cent. Here can
loans were renewed 4 OF l per cent
higher at 2 per cent, but otherwise the
increased activity In securities was
without effect on money rates.
Bankers here are considering terms
for the projected credit to be granted
10 London to relieve that market from
the unfavorable course of sterling
rates here. British bankers, being ac-
customed to lower interest rates than
are prevalent here, must be convinced
of the necessity of meeting our terms.
According to one report, short term
British exchequer bonds placed mere
will be the basis for the accommoda.
tion offered Yesterday selling OF
sterling exchange was lessened and
purchasing was d little better. London
checks recovered to close at 4.19's, an
advance Of over y cents in the pound
from the record low reached on Tues
dav. Another Sl000000 in gold was
engaged for import from ottawa and
s50O,0OO from Japan. As the result OF
loss of gold to New York, together
with heavier deposit liabilities. the
Bank of England's reserve proportion
fell off per cent TO under 22t2'