New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-05-05
FINANCIAL RECORD
HERE And ABROAD
Early Recovery and Then
Irregular Changes
Gold from France.

After opening lower In what ap-
pesred likely TO be continuation OF
Mondays decline the market recovered
yesterday and, with irregular fuctua-
tions thereafter, closed with active is
sues generally higher. In the late trad
ing prices weakened, but there was a
slight upturn Just at the close. Though
purchases from outside at the lower
prices produced by the reaction Of the
day before were in fairly good volume
the market had more Of a professional
appearance than for some time. Bust
ness was much reduced from that Of
the day before, around 625,O000 shares
changing hands.
Copper stocks were all strong for a
while, following publication Of an ex-
celent report Of one of the porphyry
group for the first quarter Of the year.
Amalgamated later lost most Of its
gain. but advances Of up TO point
were retained by some Of the other
issues at the close.
Stocks of the companies mentioned
as recipients Of armament orders from
foreign governments were irregular.
Pressed Steel Car opened much lower
and at one time was 10 points below its
best Of the day before, closing, after
some recovery, more than 3 points
down on the day. Baldwin Locomotive
and American Locomotive carried fur
Their Mondays reaction, while Westlng-
house, New York Air Brake, Mexican
Petroleum, Bethlehem Steel and Can
ended higher. Studebaker sold of on
profit taking after announcement of
declaration Of a dividend on the COM
mon at the rate of per cent. Earn
ings for the last year were exceptional
ly good, extraordinary profits being
ascribed TO sales of its products TO the
warning powers of Europe.
Union Pacific in the early afternoon
had made up a good part of Mondays
decline. but closed only shade higher.
Steel also lost all Of its earlier gain
and lost a fraction on the day. Canadian
Pacific recovered over a point and other
issues Of standard railroads made
small net changes. Rock Island showed
early frmness on expectation that
strong committee would be formed to
protect the rights of common stock
holders in the coming reorganization.
Sale by the Pennsylvania Railroad Of
S65. 100000 AZ per cent bonds issued
under the new general mortgage added
to the better tone of the market. This
is the largest issue of corporate Sc
curities that bankers have taken since
the war. In January the road sold
S49. 900 900 Of consolidated Az per cent
bonds, which were placed with great
success and were an important factor
in the revival of the bond market early
in the year.
A Shipment Of gold from France, so
long expected, came in yesterday direct
from Rordeaux 60 600 600 consigned to
local bankers. In addition some $780,
600 was brought in from Canada. This
gold has long been expected and its ar
rival had no effect on foreign exchange
rates, while figures of last weeks eX-
mort balance reached s23,OO0,000 the
largest since March. Locally money
continued in its accustomed liberal sup
ply, call loans renewing at 2 per cent
and time money being freely offered as
low as 31s per cent for fve and six
months.
Changes in the Federal Reserve dis
tricts made by the board in Washing
ton were we'll received here. The orig
inal division of the country by the re-
organization committee was made, It
was felt, with more regard displayed in
some cases TO political effect than to
convenience of member institutions
and TO the customary courses of trade.
Attaching the banks in Northern New
Jersey to Philadelphia rather than to
New York, where they are now placed,
appeared particularly illogical, and 1t
will now be possible for them to act
on reserve matters with the institu-
tons with which they have been asso-
ciated through years Of business.