New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-01-11
REVIEW OF THE
WEEK in FINANCE
More Business in Securi-
ties, with Prices Higher
Bonds Firmer.
STERLING EXCHANGE
GOES TO LOW LEVELS
Still Easier Rates for Security
Loans Bank Surplus Goes
Up TO S120.000.000.

The scale Of operations on the Stock
Exchange was enlarged last week and
prices were higher. The international
list was particularly strong in the first
two days Of trading, and after a slight
reaction continued fairly firm TO the
end. Bonds were dealt IN 60 much
greater total than the wees before.
with high grade issue showing signs
OF investment buying. There was good
demand over the counter for short term
notes and city bonds. Foreign exchange
rates which no, SO many weeks ago
threatened our gold supply, declined TO
abnormal levels That I'M ordinary times
would have meant import OF the pre-
cious metal Greater monetary ease
showed itself in more favorable terms
for call and time loans. Clearing
House institutions. with the beginning
Of January corporate disbursements,
reported their surplus Of IDLE money al
the end OF tho week increased some
$4,000. 600 10 more than Sl2O.OOO,OOO.
The securities market on Monday fol-
lowed news of the successful reopennC
Of the London Stock Exchange, with an
upward movement IN issues owned
abroad that made pronounced contrast
10 the lanCuid trading of the week be
fore Stocks were scarce on the up
turn. and 10 appeared that traders had
sold too enthusiastically IN the duli
davs that had preceded This improve
mcnt was fairly we'll maintained the
next DAY. though the SO-Callcd Amer
can industrial shares were rather more
conspicuous On Wednesday there was
some reaction. accompanied by signs o.
cautious liquidation for foreign &C
count This was followed by general
frmness and late unturn on Thurs
day. and prices were little changed for
the rest of the week.
Weakness in Few Spots.
Again exceptional weakness appeared
In shares of railroads confronted with
special difficulties IN meeting this
years msturities A number of the in
dustrials which have prospered IN the
last few months made unusual ad-
vances IN the bond list there was
some readjuStment because Of new
financing. but generally prices were
firm. Savings banks, II is understood.
have found January Withdrawals less
than they had provided for and viii
probably enter the market soon.
Instead of rejecting any foreign sell
ing Of securities. sterling exchange car
ried further its downward movement Of
the week before. Sight drafts on Lon
don sold under 1881. a level not
reached since the panic Of 1907. Com
mercial bills were plentiful. and there
was some selling - accumulation
against the cnd-of-thc-year buying.
which had turned out so light. Little
purchasing developed, and the tendency
al the end Of the week was downward.
The Canadian government sold against
credits in London, increasing the over
supply Of sterling exchange, and then
drew I'm Montreal against the proceeds.
There was much debate as 20 whether
or not, with exchange turning against
her. London would release for US the
gold we sent TO Canada for British &C
count As things are at present. We
ere not I'm need OF gold. and Great
Britain can make good use Of her sup
ply. so it was considered probable that
some other means would be adopted
Commodities arc running heavily in our
favor. In December our export excess,
according 10 government figures,
reached some $4,000 600 In the same
month Great Britain's shipments fell
off SSO,O00.000. with decrease in i'm
ports Of only S20.000,00. SO il is TO be
supposed that either our securities
must be sold back TO us or some spe.
clal arrangements be made.
Canada Borrower Here.
The Treasury Department announced
! that negotiations were no longer un-
der way between this country and
Great Britain for credit arrangements
10 prevent transfer OF gold and that
any credits granted would be matter
of private agreement between banks
and bankers Of the two countries. Re
lief for time would be afforded by
our taking over 90 q greater extent the
business Of providing funds for Can
ada. Some small loans were placed
here during the week. in addition 70
che railroad and municipal issues al
ready taken. and more operations Of a
similar kind will doubtless follow.
High exchange rates in Canada on New
York caused some transfer Of gold 10
this city.
Funds for loans on securities we're
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