New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-14
FINANCIAL RECORD
HERE AND ABROAD
Gains in War Order Group,
with Railroads Quiet
Reaction at Close.

Dealings on the Stock Exchange were
enlarged yesterday, more than 100000
shares changing hands, but business
WAS not we'll distributed. Spectacular
advances sent a number Of war stocks
to further high records. Railroads,
while firm for a while, were compare
lively quiet. Toward the end Of the
day profit taking by traders who
bought when the market failed TO de-
cline on receipt of the German note
caused considerable reaction. The close
was irregular, standard issues showing
small net changes and much of the
gain in the specialties being wiped out.
In bonds business was greater, with
sales for delayed delivery Of railroad
obligations lessened and some tendency
toward improvement manifest.
Commission houses did comparatively
little buying, but the outside public
appeared 10 be showing more interest
as a result of the rising markets of
Saturday and Monday. Conservative
brokers were disposed 20 advise against
extensive speculative commitments
while uncertainty over the administra-
tons next move in the German diff
Guilty persisted. Such advances, how
ever, as have been made in the last
few days in some of the specialties
appeal to the Imagination Of the pub
lie, and broader markets are looked for
i'm some quarters should there be no
unfavorable international develop
ments.
Mondays late rise was continued at
the opening yesterday, but stocks were
in better supply and some reaction fol-
lowed. In the early afternoon the mar
ket went higher again, but weakened in
the last hour. Bethlehem Steel, Cen
eral Motors, Air Brake and Studebaker
were conspicuous among the war stocks.
American Can on transactions involv-
ing more than $4,000 shares went up
nearly 8 points, but held only portion
Of this gain at the close. Westing-
house at its best was up points and
was also the centre of lively trading.
United States Steel dealt in to the
amount of over 100000 shares, got up
to 60, but ended with a fractional loss.
Standard issues were comparatively
over a point. while New York Central
business. American Smelling and Re-
The market learned that subscrip-
lions TO the great British war loan
amounted TO nearly $4,000, 100000, the
greatest financing that this wonderful
war has yet produced. New money
pledged TO the government is much
more than had been looked for when
this borrowing was first contemplated.
Since subscribers who desire to avail
themselves Of the privilege 20 convert
former government issues into the new
loan will pay in full the British Ex-
cheQuer will be put into position where
il can better control the London mon
ey market
Last summers relief measures and
unsottlement of general business has
caused an undesirable abundance Of
funds for short term investments in
the British capital. Higher discount
rates are needed in London to counter
act the decline in sterling rates here,
and it may be that the Bank Of Eng
land through deposit Of government
funds and repayment of advances and
release from guarantees may be en-
abled again to control the open money
market through it's discount rate.
Sterling exchange rates here yester-
day were a trifle frmer and closed
higher, but continued frmness Of dis
count rates in Tendon do not do much
toward advancing the price of sterling
here when our exports, as in last week,
exceed imports by over $4,000, 900
during the week were not
so heavy as in the week before, the
principal reduction being at this port
There was deposited in the Sub-Treas-
ury here yesterday s1,3OOOOO in gold
coin from South America, received in
course of business by local banking
institution.