Newark evening star and Newark advertiser., 1915-05-11
FINANCIAL NOTES

The biggest men in the financial
district do not think the United States
is going TO war. 1t was suggested
IL several quarters yesterday that
more likely result of the Gulfllght
and Lusitania challenges would be
a conference of all of the neutral
nations of the world for the pur-
pose of agreement on terms to be
presented TO all of the belligerents,
these terms to state in unequivocal
language the impatience of Holland
Sweden, Norway, Switzerland, Italy
and the United States with recent
practices on the part of the nations
at war toward the commerce and
rights of the countries which have
been trying to carry on their peace
full occupations.
1t may be that the war has Sob
cred the United States, and that
events which would have started a
panic five years ago are now stud
led with view to determining
what their final effect will be. At
any rate, there were not lacking
signs in Wall street yesterday that
with the air full of war talk, business
was proceeding just as usual, with
investors making their plans just
as though It were not quite within
the range of possibility that the
United States would have to take
an active part in the word struggle.
The offering of $25,000,0 900 of Argen-
tine government bonds came at a
most inauspicious time, for that
issue was not formally announced un-
til the day following the Lusitania S
sinking, so that it did not have the
benefit of even one business day
under the old conditions, but 1t
was said today that the bonds were
being absorbed at most satisfactory
rate. A country that will buy most
of two new bond issues aggregat-
ing s90,000O00 in such troublesome
times as these cannot be called
fiighty.
The New York Stock Exchange
yesterday reelected II. G. S. Noble
president, and the New York Con-
solidated Stock Exchange reelected
M. E. de Aguero president
The new Pennsylvania Railroad
general mortgage Az per cent bonds
were quoted yesterday at only 98
bid, against yS1a the issue price, but
bankers reported a good demand for
them. The consolidated AVS fell
to 103, which is q point below the
original offering price in January.
Money rates stiffened slightly in
New York yesterday. The minimum
on call loans was per cent, against
1% per cent. most of the time lately;
the minimum on time loans rose from
2$ to per cent, and commercial
mum.
The New York Public Service Com
mission has approved the construction
of the new Lehigh Valley Railroad
Company terminal in Buffalo the
plans for which have already been
agreed upon by the railroad, the city
and the Terminal Commission of the
city. The financing of this s5,000,00
Improvement through the Lehigh-
Buffalo Terminal Railway Corpora
ton. is provided for in another order
of the commission.
So far as known, bankers suffered
no important losses through the de-
struction of securities or the loss of
gold or silver shipments by the sink
ing of the Lusitania. The ship was
stated yesterday to have carried no
silver, and gold is coming this way,
instead of going to England. The chief
inconvenience VIII be through the de-
struction of commercial bills Of lad
ing, of which the liner no doubt car
ried considerable amounts. These can
be adjusted probably by cable or the
mails, but 1t will take time.
The United States Steel Corpora
tions untitled orders on April 30
amounted to 4,162,244 tons, de-
crease of 93,505 tons during the
month The figures issued yester-
day, indicated that optimistic fore
Gusts of the market made by leaders
of the industry few weeks ago had
not been borne out. The decrease was
about in line with expectations in the
trade, based on the rate of inflow of
new business in the last half of
April.
Forward business on February IS
aggregated 4,345,371 tons, on January
81 4.24S.571 tons. and on December 81
1886, ,643 tons. Operations at the mills
are reported as between 70 and IS
per cent. of capacity, with speciflca-
tions against export orders supplying
substantial part of the output.