New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-02-28
FINANCIAL RECORD
HERE And ABROAD
Volume of Trading Re
duced-Prices Steady
Bank Loans Increased.

The week on the stock market closed
quietly. More than commonly did u
seem possible that developments abroad
might change financial factors before
the exchange opened on Monday. It
may be, however, that as the submarine
blockade Of Germany has so far had
little effect on our commerce Irest
Britain's threatened action against all
shipments Of foodstufs TO Germany
and Austria will amount to little. Sc
curity prices yesterday started little
higher. fell OF bit and closed lArm.
The reaction Of the month has set -oscH
the average Of active issues around
points from the best reached In the
January advance. This reaction seemed
10 have run its course on Wednesday.
Prom a technical view Of the market
II would appear that without influences
from the outside prices would not be
inclined 20 work much lower. Al TINS
time. though, the war produces such
powerful incentive 20 security move
monts that traders are disposed TO play
cafe. 8,
Conner stocks yesterday continued
their frmness Of the day before. Au-
tomobile shares were generally higher.
steel reached its best price OF the
week. and closed with a fractional
gain. In general, movements OF the
day were without much significance
and prices az the close showed irregu-
lar changes Of small fractions from
the final figures Of Friday. The days
turnover was we'll under 100000 shares.
Bonds, in comparison, were fairly &C
tive, with prices steady.
Clearing House institutions reported
loan expansion resumed. At the emo
Of the week loans had increased more
than 100000, principally as the re-
suit Of the end Of the month borrow
ing Demand deposits, more than Sl9'-
900 900 greater, added TO reserve re-
ouirem,nts. and though the aggregate
reserve was little changed, surplus was
nearly s2,50O,O00 smaller than on the
Saturday before. leaving the excess at
about SlS4000, 900. The local Federal
Reserve Bank, with full week OF low
er rates, has made considerable IN
crease in discounts, which are now
more than S2,200,000, against less than
$500 900 at the close Of business on
Fridny OF last week. Through pur-
chases OF bankers acceptances invest
ments we're enlarged sl,50O,O0O.
During the day S3,ll5,OOO OF the gold
engaged in London was received at the
Sub-Treasury from Ottawa. No new
imports were announced in business
hours. and the foreign exchange mar
ket was quiet, demand sterling reced-
ing more than one-haf Of cent, to
close under $50 IN the pound. EX-
change on Paris was little cheaper,
but the Berlin checks at the end OF the
day was a trihe above its low record
OF Friday. In spite Of considerable
purchases Of sterling exchange by bank
ing interests and Of gold imports, sight
drafts on London were cent IN the
pound lower on the week, and some
definite aid to London is expected.
Just before noon the Denver RIO
Grande announced that interest on the
first mortgage bonds Of its subsidiary,
the Western Pacific, would be default
ed on Monday. Negotiations have been
conducted between representatives OF
the Denver & Rio Grande, which guar
Rnteed interest on the bonds, and the
principal holders Of the securities and
some plan Of readjustment is expected
this week.