New-York tribune., 1915-03-30
FINANCIAL RECORD
HERE and ABROAD
Reaction Succeeds Early
Strength - Bethlehem
Steel Yet Higher.

The first two hours of trading yes
terday, largely through execution of
orders accumulated over the weekend,
we're on heavy scale, with rising
PRICES. In the afternoon business was
uuieter. and while the advance was con-
tinued by some issues profit taking
prcdominated and the trend was reac-
tjonary Bethlehem Steel was again
the centre of attention and moved up
more than Ii points on heavy business.
This rush upward was accompanied by
covering of short contracts in other
stocks that for time made gains OF
a point or so fairly common. In the
afternoon, however, railroad and stand
ard issues for the most part lost prac-
tically all Of their early gain aud in
some instances were lower on the day
Bethlehem Steel was strong from the
Cpening and on exceptionally heavy
dealings was put up to 80. more than
81 points above its low Of Saturday. II
closed points down from its best at
net gain of more tran II on the
dav. with some $4,000 shares changing
hands The capitalization Of the com
pany is small and the supply available
for traders is said &c be exceptionally
light. Among reasons offered for yes
terday's remarkable advance were pos
Sibility of a contest for control and
reports that insiders were heavily short
Of the stock. One plausible sugges-
tion was that the company was prepar
ing 10 purchase another large Rrma-
ment concern.
Automobile stocks were exceptional
ly strong, General Motors closing near
ly points higher, with expectation
that holders of this non-dividend payer
would soon be rewarded with sub
stantial melon. In the afternoon old
Rock Island Railway assumed promi--
nence, recovering its loss of the end OF
last week and going higher, TO enc the
DAY with a net gain of more than 9
points, while the debenture 8 per
cent bonds made a maximum gain OF
more than points. With. proxies out
for election Of directors at the coming
annual meeting, there is more talk OF
possibility of rehabilitating this once
profitable road and also OF some posi-
bility of an active contest for control.
American Can, which had been com
pRrstlvely quiet of late, was also &C
tive in the afternoon, making an ad-
vance Of nearly points. Canadian
Pacific was firm. New York Central
and Pennsylvania, for which favorable
earnings reports for February are room
expected. made good improvement, and
maintained a substantial part of this
70 the close. Reading lost all of its
early gain and ended the day nearly
n point down, while Union Pacific and
Steel were each up a fraction at the
close.
With preparations for extensive pay
me~ts of dividend and interest in April
and for settlements at the end of the
first quarter of the year, funds were
less freely offered here. and time ac-
commodation was little frmer for
the longer dates. Call money. however
wss again renewed at per cent and
was in ample supply. The foreign eX-
change market was comparatively
quiet. demand sterling opening q shace
lower, and ended the day little above
the final price of Saturday. A French
Loan here of not over S50,000000 of
one year per cent notes is expected
70 be announced soon.
Though without direct market in
fuence, the Attorney Generals brief
in the governments suit to dissolve
the international Harvester Company
aroused much interest, as indicating
the administration present policy
toward corporations. The brief argued
that failure to abuse power was no
defence in antitrust cases where over
wheiming power over an industry had
been obtained by combination Of com
petitors instead of through growth Of
a single business from within.