New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-02-04
FINANCIAL RECORD
HERE And ABROAD
Prices Go Lower in Dull
Trading-Canada Comes
Here for Funds.

Trading I'm securities yesterday was
further restricted and prices went trac-
tionally lower. The list Of active Is
sues again was narrow, with ,;tte sign
Of participation by the outside public.
Bonds continued 20 be dealt 10 on
comparatively small scale, investment
demand this week having been 50
largely absorbed by new financing:
Sterling exchange showed the effect OF
hasty cotton shipments iurther
decline. and money continued easy.
While there were a few issues that
advanced on the day. these were gcuer-
ally the less prominent indUStrials.
steel moved in a narrow range ana
closed 4 fraction down on not parNcu-
larly active trading. Reading again
was depressed carly iu the day, but
made parfial recovery. New Haven lost
more than q point on small transac-
tions. American Sugar made maxi
mum loss OF nearly 8 points. with some
discus SION Of possibility Of reduced
dividend Beet Sugar m the afternoon
was also dcprcsScd. Missouri Psclhc
was weak in tho late trading.
Allotmeuts % the new Si9,OOOooo
Pennsylvania bonds showed that. as eN-
pectcd. ,hc issue had been q pronounced
success. Those who had asked for one
or two bocds had their applications
.lled. but larger subscriptions received
only ouo-"fth Of the amount desired.
Seven wear. ago. when similar issue
met such an excellent response from
the investment public, less than hall
The present amount was offered in the
United States. The bonds Yesterday
were traded in on the exchange al
point above the issue price.
There was little change in moncT
rates yesterday. Call loans renewed
al per cent. though some loans were
made y Of ] Ter cent higher Time
accommodation was steady and Quiet:
Accep.ances were bought IN fairly gOod
amount, with tho prevailing rate for
prime names %, per cent. In London
discount rates again were easier on the
eve Of war loan payment
supply Of Co.tOu bills ARISING iroiA
recent Extraordinarily large shipments
caused heavy selling Of foreign eX-
change and rates were much lower
though there was Slight recovery be-
fore the day had ended. Demand ster-
ling sold a. as low as ASS, more than
one-half a cent IN the pound under the
close Of tho day before, and CONT
mental exchange also was weak. Pre-
iminary figures for January show
favorable trade balance of more than
Sl3l .O'b.NNO from prlnclpdl ports o. 'He
country. from which the government
estimate an export excess Of Sl50,0OO.-
900. which would be SlS.000,000 above
the great total Of the month before.
To Canada we regularly send much
more than VIC ,akc, and with London
rs source OF funds shut off, our
reichbor 10 the north must come here
for loans 30 paw her debts. Canadian
nnaucicrs arc applying to this market
FOR funds. and Manitoba has placed
$4,000, 600 Gvc-ycar > per cent notes
with local banking house. Such
financing merely enables foreign Gus
toners 70 pay for purchases in this
country and stimulates our own pro-
auction. With our financial system
strengthened As il has been by the new
banking act. the opportunities arising
from the European outbreak are great.
Slowly Improved financial conditions
must assist recovery IN general indus
try. Weekly reviews Of the steel trade
report railroad orders increasing as
The roads find borrowing made easy.
The steel Corporation. j. is said, is
now operating at 50 per cent Of capac-
ity. against 80 I'M the last month Of
1914. Pig iron production during the
month increased and further furnaces
are to he put IN blast this week.