New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-03-25
FINANCIAL RECORD
HERE AND ABROAD
Another Broad Rise, with
Some Reaction on Profit
Taking Sales.

With every appearance Of public par
ticipation. Tuesdays advance was car
RED further yesterday in the early
trading at an even livelier pace than
on the day before. The list broadened
and. still led by standard issues, gains
Of and points or more were common
in the noon hour. Then fairly liberal
supply Of stocks was offered at prices
reached and there was some reaction.
For the rest of the day business was
on a smaller scale. and final figures
were n point or so below the best. but
gains from fraction up to point or
two were in evidence at the end OF the
day. Brokers spoke of the last two
sessions as furnishing the most en-
couraging markets for two years.
Activity of commission houses. in
ouiries from customers outside and re-
ports of buying orders over the wires
from widely scattered centres lndl-
Gated the general nature of the buying.
Large interests. it is understood. are
not responsible for the upward move
ment. Instead IL seems to represent
in measure the accumulation of
large amount of speculative and in
vestment demand that has at last been
encouraged to enter the market.
With such foreign business as was
disclosed in Februarys Sl73,000,OOO
favorable trade balance. tangible signs
of which appear in the large gold I'M
port engagements. there must be great
sums seeking employment. On the
Stock Exchange yesterday bonds were
dealt in to around the moderate total
of the day before. but prices we're
shade better, and in the bond houses
increased inquiries seemed TO give
promise of resumption of investment
purchasing. For the last thirty days
business in bonds has suffered from
slack season that succeeded TO the eX-
cellent demand Of early in the year,
With idle funds commanding such low
return on collateral loans and business
requirements so small improvement in
bond buying may be expected should
no unfavorable event intervene.
Stocks yesterday opened generally
better than the close Of the day before
and Immediately moved upward in ex-
ceptionally active trading. Baltimore
& Ohio. Union Pacific. Steel. Reading,
Southern Pacific and Copper all made
good advances. Selling for London &C
count here was the heaviest for some
time. but was easily absorbed. As
prices reach the Lowell Of London max
ing-up prices. of the end Of July, call
ing of loans in that market is permit
ted under the relief measures adopted
before its reopenng Should the
broad demand of the last two days be
continued this is not an insurmounta-
bic obstacle.
In the early afternoon. after the ad-
vance had halted, there was cOnsidera-
bic reaction on profit taking. Activity
lessened and the days total was around
$50, 900 shares, some 10000 less than
on the day before. Union Pacific was
notably strong and led the market in
activity. At the close it held more
than points Of its maximum advance
of 8. Steel. after reaching 40, closed
nearly q point lower, gaining a fraction
on the DAY. Reading lost almost all Of
its early improvement. Baltimore &
Ohio, following a report that showed a
large gain in net as compared with the
February Of heavy expenses last year,
made maximum advance of over 2
points. The industrial specialties were
comparatively inactive and generally
heavy.
Sterling exchange with discounts
frmer in London ard some purchasing
because of the increased London sell
ing of securities here. was over 4.79
for checks early in the day, reacted
and then recovered most of its de-
cline. Another S2,5OOOOO in gold was
engaged for import from Ottawa, but
formal negotiations for large British
credit here are expected TO be started
next week. Argentina is arranging for
Sl5,000000 credit with New York
financial institutions.