New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-05-12
FINANCIAL RECORD
HERE AND ABROAD
Presidents Speech Causes
Pronounced Recovery
Shorts Cover.

From the tone Of the Presidents
speech IN Philadelphia tho night be-
fore the market gained more conn
dence that peaceful means might be
found 70 preserve the nations honor
Stocks opened much higher, as the
short interest hurried 10 cover us
commitments A good part OF the I'M
provement was maintained through
out the day in spite Of early warn
ing that the Presidents words should
not be assumed to indicate tho gov
ernment's policy. The market for the
greater part Of the day WAS a wait
ing one Business was reduced to a
total of less than 100000 9hares, ana
n the noon hour less than 00'OoU
changed hands.
Tie upturn at the opening was
spectacular. Early prices Of standard
issues we're o, g and nearly d points
above those made at the end OF the
dav before Speculative lndustrlaIs
made even greater recovery. mere
was a gradual recession from this ad-
vance. hut IN the afternoon another
covering movement strengthened prices.
Al the close gains Of from TO
points or more were common, and con-
siderable Of the stock taken to sup
mort the market on Saturday and Non
dav had been disposed Of.
The recent speculative favorites,
while in some instances making large
gains. were less prominent in the trad
INC steel was the most active issrp.
Al best 70 was above 81, and II closed
only shade lower, more than 8 points
up on the day Reading was corsplcu-
ouslv strong around the opening anc
closed more than points higher, whiIe
Union and Southern Pacific, - Paul,
Atchison and New York Central all
uede good advances. Copper stocks
led by Amalgamated, were strong.
Subscr,Dtions TO the Pennsylvania
loan. completed early in the day FUR
nished remarkable testimonial to the
sustained confidence Of American IN
ves,ors. Placing S65,000,0oO corpo-
rate bond issue AZ a time Of such great
was m achievement Tor
which there are few precedents. TN
the exchange such active investment
bonds as Burlington joint As, North
crn Pacific prior lien As and Central
Pacific first 4 made excellent I'm
provement from their decline after
Fridays news. -,
Should our present international
crisis DC passed without serious con
sequences il may be expected that
reckless speculation in stocks viii be
slow 10 how itself again. The invest
ment demand. however, should con
tinue. II. ,f:cr all. this country should
have 10 use its resources for other
than peaceful purposes this power o.
the public 20 absorb new issues VIII
be an important factor in or national
strength.
Money rates yesterday maintained
their frmness Of the day before, but
funds were offered with sufficient tree
dom. Call loans, renewed dt per
cent. were made under that fgGre'
Sterling exchange was lower. ne
continued outpour Of our goods was
shown in statistics Of our foreign
trade for last week Shipments from
the port Of New York over S24,oOO,-
Ono were about the same as for the
week before. England was the des-
tination Of goods valued at over So
GOO. 600. Last weeks favorable trade
balance in the principal customs dis
tricts was over S20,000,000.
Grain and cotton markets made pro
nouncod recovery from the low prices
of the dav before, while copper produc-
ers maintained the selling price Of the
metal unchanged. In general, through
out the financial district confidence
appeared, strengthened IN our ability
10 meet whatever might come should
Germany make vigorous action neces-
sarv. In quarters where most conscrv-
alive opinions were 20 be expected
there was determination that we
should not recede from our avowed
intention 20 protect the lives and prop
erty Of our citizens.