New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-03
FINANCIAL RECORD
HERE AND ABROAD
Break In st. Paul at the
Close Unsettles List
British Loan Here.

A break in 81. Paul, which carried
that stock 20 within q fraction OF its
lowest for the year, unsettled the mar
kot around the close. For the greater
part of the day investment securities
had been rather quiet and fairly firm,
Price changes as result of the days
transactions were irregular, for the
most part Of fractions, but the closing
tendency was toward weakness. In the
bond market sales for delayed delivery
again indicated London liquidation
here, but prices were fairly steady.
81. Paul. which has been far from an
active issue Of late. was dealt in yes
terday TO the extent Of over $4,000
shares. Practically all of this was done
after noon, when the stock weakened
under heavy offerings. There was some
tendency toward recovery, but this was
not maintained, and from an opening
price Of 81 the stock dropped to 1874
more than points below the final fig
ures Of Thursday. and closed only hall
point higher.
Some foreign selling was suggested
as possible cause for this weakness
but the outlook in the roads territory
is not particularly favorable. The re-
terday showed further loss In net. and
for the eleven months Of the fiscal year
net earnings are nearly S2,500000 un-
der those of the year before. Toward
the end of the month the directors
will consider the question Of dividends
and maintenance of the present rate
Of per cent not naturally questioned
after yesterdays decline. The con-
D., l. h. Do N
heavy dealings.
At the opening a break in United
States Rubber followed the announce
ment made late on Thursday that the
dividend had been passed. The stock
went more than points lower, TO 44A
in the early trading, making up points
or so Of this loss before the close. In
April, on expectations of profits from
increased business due to the war. il
had sold over 80 points above yester-
days low price.
American Can was a leader of the
market in volume Of business, making
an advance of nearly 2 points, only
part Of which remained Mt the close.
The company is understood 10 be ne
gotiating for war orders. In the late
unsettlement, decline, Northern Pacific
& Minneapolis, st. Paul & Sault Ste,
Marie showed decided weakness.
Money rates at the end Of the week
were practically unchanged, loss. net,
TO the Sub-Treasury on payment Of
Federal taxes of around S12,000,000
amounting to little at this time Of swol-
len surplus With the gold imports
from Canada interrupted and small
gain from the interior loss Of around
S10,000,000 in currency by local insti-
tutions is predicted The sterling ex-
change market was a little frmer, and
rates on Paris made some recovery.
Negotiations now under way for pur-
chase by our financial institutions OF
from s10O,000,0O0 to S3OO.000,000 of
bonds issued by the British govern
ment should serve to steady the ex-
change market and do much toward
simplifying the problem Of financing
the great purchases of the Allies in
this country. Though the rate pro-
posed-5 per CENTS one-half Of per
cent higher than that on the present
war loan offered in LONDON, there will
be no increase should later issues be
at higher rate, and this should aid
to prevent dissatisfaction among Eng
lish investors. The time for which
these bonds are to run has not yet been
determined, but il is understood that
our fnanciers wish maturities Of some
thing like three years because of the
present preference for short term Sc
curities.