New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-04-12
WEEK in FINANCE
HERE And ABROAD
Buying Kept Up in Great
Stock Market Activity
Prices Higher.
UNSEASONED ISSUES
CONTINUE IN FAVOR
observation-disclosures Reduce
Loans - Sterling Exchange
Still at Low Levels.

Buying Of stocks by the speculative
and the investing public was continued
for the thSd week with daily totals,
even including Saturdays, running we'll
over half a million shares, and on Fri
day reaching over a million and quar-
ter. For the greater part of the week
there was less buying of what CON
servative houses consider seasoned is
sues and more Of those Of industrial
corporations which are subject 10 little
foreign liquidation. Some Of these
that have obtained large and profitable
business from the war have greatly
appreciated in price. Because of this
appeared that many inexperienced
purchasers were tempted 10 acquire al
most any issue still selling at a low
price in expectation that il, too, might
experience great upturn.
Investing by the general public in
securities Of our corporations is much
20 be desired. now that Europe's saw
ings are being wasted on the battle
fields. 1t would be unfortunate If
great proportion of the new money
coming 10 Wall Street should be d.
,erted into improbable channels. Sea
soned dividend paying stocks of solvent
corporations are selling at prices to
yield good income and may be expected
TO furnish investments worth holding
for a long time TO come. But with
imagination stirred by sensational rises
IN issues many Of which pay no divi-
dends at all, possibility of speculative
gain has for many outweighed the more
certain income promise. Possibly the
prominence Of railroad and other
standard securities toward the end of
the week may direct attention to safer
channels.
Furry in Bethlehem Steel.
Operations of traders still constitute
A large part Of the dealings on the
floor of the exchange. These acceler-
atcd on Thursday a remarkable ad-
vance in Bethlehem Steel of more than
$50 a share from the lowest of the day
before. After the annual meeting had
made plain that earnings from war or
ders were TO 90 into Improvements in
stead of dividends, professional sell
ing for a decline was confidently under
taken. The outside public, however,
refused TO dispose Of its holdings and
bought more With only small sup
ply of stock available for market pur-
poses. the short interest found itself
cfcctually cornercd. Those IN control
OF the stock permitted purchases IN Inc
open market TO cover short sales ana
the furry had no disastrous aftermath.
Money for loans on collateral was
abundant With payment Of dividends
and interest a little early trmness vas
relaxed. Mercantile paper was pur-
chased more readily, and at the end OF
the week sixty-day money ON stock
market collateral was in good supply a.
from 2l2 to pa per cent. Gall loans
were renewed at the J gged rate OF
per cent, and were not made hlghef
than pc. In spite Of the great en-
larpcment Of stock market operations
Tho Clearing House statement at the
end Of the week showed reduction
Of more than S5.O00.000 in loans. an in
dication of the substantial nature of
the buving orders that have come TO
the market. Aggregate reserve was
little lower. but deposits were reduced,
and the loss in surplus was the lnslg-
niGcdnt sum OF $4,000.
Foreign exchange rates during the
week were fairly steady at low levels
Preliminary estimates from Washing
ton put the excess of our exports last
month az around $l45,000,000. and
though weekly figures for April are
NOT quite so much to our advantage
our favorable trade balance still must
be much greater than the invisible
charges against us. This means that.
with gold movement amounting 20
.n.. mt
f.. being squared through our pur-
cbaecs Of securities and through tenn
porary credits granted 10 our foreign
customers.
Foreign Selling Here Not Felt.
A prices Of stocks on the intcrna-
ronal list reached higher levels, we