New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-06-19
FINANCIAL RECORD
HERE AND ABROAD
Prices Sag, but Recover
Toward CloSe-Coming
CITY Bond Sale.

Yesterdays trading produced de-
clines from a fraction 70 a point or
more in prominent issues, but there
was some recovery around the close
The market opened with lower tend
encv among the railroads because OF
exaggerated reports from the Middle
West Of damage caused by violent
storms. The downward movement did
not last long or get far, more definite
news bringing reinsurance. business
was about as quiet as on Thursday
with little evidence Of selling pressure
or much buying demand. In the az
ternoon the market was for while
rather soft before the closing upturn.
For the uncertain, hesitatinG state
into which trading has fallen various
explanations were offered in addition
70 the important one Of our pending
negotiations with Germany. pacihca-
ton Of Mexico, which II seems more
probable we must undertake, IS recog-
nized as q serious task. The end OF
the week is near. and on Monday the
Supreme Court may hand down lmpor-
tart decisions affecting the business
life Of the nation. I'm Europe engage
ments Of possible great consequence
are being fought IN GaHcia and IN
France.
Traders had the market practically
20 themselves and price fluctuations
generally were Of no great slgnlu-
canoe. United States Steel Was firm
the greater part Of the day, supported
by continued good news from the
trade Metal stocks showed iurther
weakness, such issues as Amalgsmated
Conner, American Smelling and Renn-
ing and Butte and Superior making
maximum declines OF a point or more.
Baldwin Locomotive again was unusu-
ally active ~ new high levels, closing
only a shade under It's best after an
advance OF nearly points. DlSullers'
Securities was also heavily traded IN
and went higher.
Announcement by the Controller Of
a New York City loan 20 the amount
Of ST 5000 was well received, easy
money and the approach Of July DIS
bursements Of dividends and interest
making this a favorable time 20 Dor
row should no untavorable develop
ment from abroad inJure our market
OF the amount 10 be offered S25,OUv,-
600 will be in ffteen-year serial cor
porate stock. in accordance with the
agreement made at the time OF the
city's fnancia! difficulties last IAN
that 10 should so far as posslDle pay
only for permanent improvements
with long-term bonds. When the cl,y
bond sale was urst talked oil "a
per cent issue was expected, 5ut since
then outstanding issues at taat rave
have been selling on the exchange al
less than par and have made p nee
essarv. Sales Of the new iity-!taF
bonds, when issued, at good pre-
MUM on the curb indicate be.lct IN
successful sale.
Recent Of the daily shipment Of
S2.5OOO0 from Ottawa brought Eo!d
imports for the last six days to 2Io'-
100000. The gain in currency trans
actions from the interior has more
than Offset the small loss to the SUP,
Treasury, June payment OF tederaI
amount here. Accordingly gain OF
over $4,000 900 in currency by GEAR
ing House institutions is estimated,
Sterling exchange, after AVue
early frmness, reacted, to close az
A76% for London checks. EXcnange
on Russia and Italy went TO new 10"
levels. Italy is reported to nave au-
tborized a twcnty-nve-year war loan
a. Al, per cent. free Of taxation. Ne
gotistions Of our fnanciers looking
Toward some means of aiding the Al
lies 10 pay for war supplies mere WIN,
ont continued heavy shipment OF gold
have. il is understood, nearly Teachea
definite conclusion,