New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-01-08
FINANCIAL RECORD
HERE and ABROAD
Close Strong
and ACtive-Demand
Sterling at 4.S312.

After rather quiet trading, marked
by advances among the industrials, the
market in the last hour broadcned and
closed strong and active. The late up
turn carried a number Of issues up TO
new high levels for the present move
ment Failure Of securities 90 react 70
any extent from the advance of early
IN the week prompted the short interest
10 cover The dealings Of the last hour
brought the days total up 20 more than
10000 shares. Bonds also were more
heavily Gcit in. some S2000.000 par
value changing hands at prices gener-
ally firm.
Securities opened a trine lower. Then
the principal movement was confined
20 The industrial specialties. with the
rest Of the market comparatively dull.
In the late upturn Steel, Reading, Cop
per and Consolidated Gas were prom
mont New Haven, following weakness
In Boston & Maine on the Boston mar
ket of the day before, was reactionary
in the early trading. but made up the
greater part Of its loss. 81. Paul con-
vertible as were actively traded IN
at lower prices as result OF the an
uouncement Of the forthcoming issue
of per cent convertibles. The new
bonds were traded in on the curb at a
premium.
The foreign exchange market present
ed the remarkable spectacle of further
drop in sterling that carried demand 70
AS3 T. l. is necessary 20 go back 10
the panic days of 1907 TO duplicate such
low figures. Ordinarily imports Of gold
would take place before such levels
could be reached. Considerable differ
ence Of opinion exists rs 10 whether or
not the Bank of England will soon re-
lease part of the gold we sent TO Can
ada for British account Yesterdays
return of the Bank Of England showed
3 further decrease In gold holdings.
Apparently the British authorities are
assured about the banks position and
are not eager TO add 10 the banks
bullion.
Financing Canadian needs here VIII
furnish a temporary Offset 20 Great
Britain's debt for our shipments OF
goods. shown not only in our monthly
reDorte from Washington but IN such
figures as the Board Of Trades, pub
!iShcd Yesterday. These show that
Great Britain exported s17.0OO.OOO less
last December than in 1913, while i'm
ports fell off only e4.000.0OO. British
Columbia. % was announced, mad placed
small issue OF one-year Az per cent
treasury bills in this market In add
ton 10 the recent railroad, municipal
and traction borrowing that Canada
has done here Part Of the recent
break in sterling rates IS due 10 sale
by Canada Of sterling exchange here
against credits obtained in London, the
proceeds being drawn against in Mon
treal.
Further monetary ease was apparent
here yesterday. Time loans on Stock
Exchange collateral were made as low
a. from 31q TO 81! per cent for the
shorter maturities. With the great
amount OF funds lying idle. lenders
could not well continue to hold to high
or rates. Call loans renewed again at
2la per cent, which was the ruling rate
through the day.
Payment of an instalment on the war
loan was without effect on discount
rates on London. A fair amount OF
business was reported from that mar
ket in government securities, though
consols closed a shade lower.