New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-02-16
FINANCIAL RECORD
HERE And ABROAD
Selling by Traders Weak
ems Market - Sterling
Unprecedentedly Low.

Securities Yesterday we're irregular
and closed trife lower, traders tax
ing advantage Of the uncertainty sris-
ing from our difficulty with Germany
70 apply some selling pressure. The
outside public, however, showed no
sign Of being moved toward liquidation
through fear that the submarine block
ade warning might lead TO serious re-
suits. The amount Of business trans
acted was not heavy. and losses gen
orally were OF fractions. In the for
eign exchange market sensational
break in prices carried demand sterling
TO the lowest in memory OF local bank
ers, with heavy declines in exchange
On Continental cities, with the exception
Of Amsterdam. At the opening prices
OF stocks were little changed from Sat
urday's clcse, but the short interest
coon became active and the market
weakened. The decline did not pro-
coed far. and there was some recovery
IN the afternoon. In the better known
issues changes were OF small fractions
and Reading and Steel. the two stocks
most heavily dealt In. closed at the
final figures Of the day preceding.
Northern Pacific was exceptionally
weak. making decline Of over point.
which have been making spectacular
advances turned decidedly reactionary'
Mexican Petroleum, on heavy trsdlng'
broke over I points. General Motors
lost 8 points on small transactions. In
THE late trading Montana Power was
strong, and 10 gained over ? points on
the day. Minneapolis & st. Louis com
mon and preferred added 20 last weeks
Improvement, emo the per cent bonds
OF its subsidiary. Iowa Central Is, made
a further advance on the day. Nego-
tiations ara under way 70 transfer con-
troll Of the road TO the Minneapolis,
ST. Paul g. Ssult Ste. Marie.
A continuation Of the unprecedented
decline in sterling rates almost de-
roralized the foreign exchange mar
ket. Demand sterling sold as low as
xs0A. No news OF gold imports came
IN market hours 70 cause an upturn'
though London advices told Of O num-
Der OF inquiries at the Bank Of Eng
land for gold during the day. Unless
Great Britain Is willing TO see It's posi-
ton in international markets become
vet more unfavorable gold must be re-
leased or unusual eXpedients availed
q. After the return of representatives
OF the British EXchequer, who visited
US last autumn, II was announced that
arrangements would be made privately
between bankers Of the two countries
g. necessary TO prevent any untowsrd
movement OF gold.
Speculative purchases OF exchange
came on to the market in considerable
volume Yesterday and the supply OF
commercial bills continued large. Gov
eminent figures Of cotton exports for
January show shipments Of over l,3OO.-
OO0 bales. more than 100000 above
those OF the first month Of last year.
Wheat continues TO 90 out IN great
quantity. and war orders, in spite Of
credits granted here, are making large
amounts Of exchange.
In London Yesterday the Chancellor
Of the Excheauer explained TO Parlla-
ment that this year would probably
cost the Allies $4,000 900, 900 in war eX-
penditures No Joint loan for the con-
duct of war would, he said, be- issued,
but advances 10 the smaller Of the al
lied states would be financed in this
way. Great Britain and France are TO
aid Russia to make necessary pur-
chases, and e50.000,00O for this pur-
pose will be borrowed in equal amounts
In Paris and London. Applications for
the el0.000.00O OF treasury bills offered
o. 80 by Russia in London were so
heavy that the books we're closed yes
terday. though It had been expected 10
receive subscriptions unit, Thursday.
Securities in London yesterday were
fairly active at steady prices In Paris
however. where a new large government
Issue is imminent. the old 3 per cent
rentes continue 70 seek lower levels
According 70 cable advicss received by
way OF Amsterdam. Austria is also to
put out a new loan before long.