New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-04-09
FINANCIAL RECORD
HERE And ABROAD
Bethlehem Steel'S WilC
Rush Upward UnSettles
Rest of the Market.

From the opening yesterday move
ments IN the industrial list held
traders attention, but toward the close
the wild upward rush of Bethlehem
Steel and its partial reaction over
Swallowed all other activity. Sea-
soned investment issues that had been
quiet and rather heavy through the
day declined as this erratic course OF
speculation in one stock unsettled the
market. At the end Of the day losses
ranging from fraction to point
we're common in the international list
while gains Of up 20 4. 6 and points
or more had been made by some OF the
industrial specialties.
Following the annual meeting wnen
II was made plain that no immediate
disbursement Of the great earnings
arising from armament orders was
10 be expected. traders who had been
selling Bethlehem Steel short from
time 20 time during its advance from
40 since reopening, extended theN
commitments. There is, however, only
a comparatively small amount OF
stock outstanding, and Of this q CON
siderable proportion is understood 10
be closely held. SO the floating sup
ply available for speculative purpose is
small, and the public apparently sun
desired the stock at the hlgh prices
20 which it had risen. Confronted win
outside buying and practical corner
chose committed 10 the short side saw
the market turn strongly against them
At the opening yesterday the price
was around points above the close OF
Wednesday and the advance was ex-
tended further as the day went on
In the last few minutes Of trading
the stock. which the day before had
changed hands at only shade better
than SIS, touched III. Then 1t re
acted sharply, recovered little ana
fell back again 10 close at lOo WIN
net advance Of 17i2 points. During
the day over 10000 shares were tradeu
On. AT its best the stock was more
than 70 points above its lowest at
the beginning of the year.
Other advances which would have
been noteworthy had it not been Tor
tho unusual course of Bethlehem steer
we're made BY General Motors, which
also pavs no dividend. and other auto
mobile and rubber stocks. /: is true
that strength and activity in the issues
Of companies which have prospered
through supplying needs Of the war
ring powers preceded the entrance or
the outside public into the stock mar
iet. Such violent fluctuations as those
OF Yesterday, however, may, 1t IL TO De
feared. check a buying movement mat
had continued steadily for more than
two weeks. ,,.,,
outside news of the day was little
REGARDED. Rumors that Austria, pressed
hard by the Russian forces, might
withdraw from the contest had prac-
ticallv no market influence. Reports
Of threatened mercantile difficulties at
home we're ignored. In banking cir
cles there was much interest in the
nlan proposed by the Federal Reserve
BOARD TO base check clearances be
tween reserve districts upon gold held
at Washington, transferring title there
instead Of shipping funds pet"eeh
regional institutions.
Abroad American stocks in LONDON
were rather reactionary. Discounts IN
London hardened, as high as 3A per
cent. being quoted, without effect upon
sterling rates here, which ruled STEADY
around 4.7924. The Bank of England
reported a trihe higher reserve proper
ton than on the week before, but lost
over 500. 900 in gold. While gold move
ment TO this country from Ottawa has
been checked, another S750,OOO has
been engaged for import from japan,
making some Ss,000000 coming from
the Far East this year