New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-05-09
FINANCIAL RECORD
HERE AND ABROAD
Banking Support Checks
Early Break and Steady
Market Follows.


Although the mornings news sho"cd
that s:ckcuiug fears Of loss Of life on
the Lusitauia were only too well
founded. the stock market. after initial
unscttlcment. moved in orderly fash
ION. with prices comparatively steady.
Though selling orders around the open
irc were almost overwhelming, concert
ed banking support, which had come TO
the assistance Of the market in the last
half hour of the day before PROVED
sufficient 10 absorb the offerings ana
prices moved upward. Al the end OF
The day changes from Fridays close
were for the most part OF fractions
with "a fair proportion Of advances,
From cities outside orders 20 CloSe
out speculative long accounts came
uron thc market at the opening IN
heavy volume and there were some
further selling from local sources, but
this was soon taken care Of. AT the
start the pace set was almost as rapid
as that Of the late afternoon or the
dav before. nearly 100000 shares
changing hands IN the first fifteen MIN
utes. The total for the trst hour,
however was well under $4,000 shares,
and the market had so quoted before
the close that the amount dealt IN,
around 100000 shares, was not great ~
above the turnover OF the SATURDAY
before.
In the early break Westinghouse fell
10 points below the final figures OF FIJI
dav. Bethlehem Steel was down g points
and "a number Of the other war stocks
showed extensive losses. Canadian Pa
ciac was more than points down and
losses Of from / to 3 points were made
bv Reading. Union Pacific, Southern
Pacific. Atchison, 81. Paul and other IN
vcStmcnt issues. United States Steel
was the centre Of excited trading and
opened as low as 81 loss OF more
than ' points. In the recovery that
followed .hc greater part Of these eX-
tcusivc declines were made up.
As 20 the result Of Fridays outrage,
the financial district as well as the
country outside was in doubt. The
gravity of.the question confronting our
authorities at Washington was unlver-
sally recognized, but hope persisted
that in some way 1t might be possible
TO maintain peace without dlshonor
The investing public showed sufficient
confidence In the future to avoid sacrl-
fcinc any important part of its hold
ings and there was some further in
veStment buying az yesterdays low
prices.
How the adjustment Of our business
20 present war conditions may be al
fected there was little attempt yester-
day TO prophesy. Sterling exchange
rates were only a tr1fe trmer and
while marine insurance was naturally
dearer it was realized that Germany's
submarine blockade, in spite Of this
latest hideous example, had as yet not
shown power TO cause any material
check TO commerce with the Allies.
The present strength of our banking
institutions made easy yesterdays re
lief measures. Borrowers on collateral
were treated lCnIently and brokerage
houses were not overinsiStcnt for
stronger margins except in the case Of
some of the unSeasOned industrials.
The Clearing House statement that ap-
peared after market hours showed that
the day began with loanable surplus
held by members Of over Sl62.00 600
Loans were about Sl5.OO0.O0O greater
than on the Saturday before, bat de-
post liabilities were not greatly in
creased. There was q surprising rcduc-
ton in cash that amounted 10 $1,000
600 in the weeks average, and Of more
than 100000 in the actual figures of
Saturday morning. As result surplus
at the end Of the week was reduced
about ST,000,000.