New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-05-14
FINANCIAL RECORD
HERE AND ABROAD
Prices Lower in Waiting
Market - Trading
Much Quieter.

In n waiting market yesterday So
curit;cs went lower Apart from a
little Nquidation most M evidence
early in the day. business was largely
professional The volume OF dealings
was greatly reduced after the hrst
hour. and less than 10000 shares
changed hands during the session. AZ
tho close. after alternating periods OF
higher and lower prices, losses or
from l 90 points were common Al
their lowest Investment issues were
under the low prices Of the two DAY
preceding. but above the levels reached
in Mondays break.
The early weakness was associated
with the belief. principally founded on
rcports from Washington, That ter
uanv's reply TO our note on the LuSl-
tania wo.ld BE- wholly uusau factory.
The German Embassy otAciall% dlS.
claimed having given any intmauon OF
its coyorumcnt's attitude. Moreover,
such belief disrcgarded the principal
tangible sign we have had as to what
Gcrmary's attitude might be. In the
memorandum made public on cdneS-
dav that country. in announcing tnal
il would assume full responsibility for
any DAMAGE TO neutral vessels Wlthin
the zone Of the submarine blocf2dc,
completely reversed its previous posi-
ton. So il is yet 900 early 10 assume
tina. there is no hone Of similar re-
cession in regard 20 safety OF neutral
passengers on merchant vessels OF the
bClIccrCnts
Al Che opening, however, prices were
lower and losses were soon EXTENDED.
Standard railroads were particularly
weak and encouraged professional sell
ing pressure. Prices, however strehG'h-
ened as offerings were absorbed DuI
in the last hour further declines, diS-
tributed pretty much throughout the
list. in some instances produced new
lows for the day. In one or two issues
notably in Steel and Reading, snort
covering cauFed an upturn just al 'he
close.
The slackened demand Of traders for
funds is shown in placing Of call
money In the last two days as low as
IL per cent, for the first time since
March. Yesterdays highest call rate
was 2i4. Time loans on stock market
cout,eral were made yesterday at
little frmer rates, as lending insutu-
,ions tended to protect themselves
against the possibilities OF the inter-
national crisis Mercantile paper was
not quite so freely purchased as on the
day before. g.,
Abroad. the Bank Of England. with
an increase in bullion of over Si,UOO,VOO'
presented the best return Tor some
time. and there was an easier tendency
in the London money market. Win
this erea: increase IN gold and a re-
duction of loans, the banks reserve
proportion recovered TO over p per
cent. against less than 1874 per cent
the week before. Il is now the high
es- since the end of March.
How far this assistance Of the BANK
Of France TO the Bank Of England VIII
be carried remains uncertain. Actual
transfer Of gold across the Channel is
q hazardous undertaking while Ger
man submarines are 50 active. Ii Is
not impossible. however, that the
. 600 600 which the bank received may
have been earmarked in France. just
as the gold from the United States
was earmarked at Ottawa last autumn.
In this city exchange rates yester-
dav were quiet. Sterling checks closed
unchanged and rates on Paris moved
a little further in our favor in spite
Of our recent receipt of gold from
France. A further foreign loan was
announced, 100000 to Bolivia. TINS
is a banking operation. and no public
Offering is expected. The Argentine
loan in this country is being well aD-
sorbed. though of London's half OF
the S5O,OOO.O00 issue only S3.15O,OOO
was taken off the hands Of the under
writer's