New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-02-19
FINANCIAL RECORD
HERE AND ABROAD
Waiting Market. with
Prices Changes Slight
Sterling Exchange Up,

The securities market yesterday
was a waiting one, price variations o.
/ ing slight end trading limited. CaUIe
disratches in business hours bfousn
mo news Of merchant vessels suns III
I the first dav Of Gcrmany's suomsriine
! blockade. but il wac felt that until the
result Of that powers threat became
I known II WAS an unsafe time for TRAD
ters 20 venture upon any extensive oP.
erstions. Our recovery from las.
T summers crisis vas IN large par
based upon Great Britain's control o.
/ the sea. Should this be seriously u"
/ dermined and our trade with EUROPE
/ interrupted. il would be necessary 70
make new plans for the conduct OF our
business.
The stock market did not carry or
, the general decline with whIcn
Wednesday had ended. but there vas
no progress toward recovery. The DAY
hsosn With securities at about the lev
eIe Of Wednesdays close. and for the
greater part stocks moved in a narrow
range. Selling that appeared TO come
from foreign sources was again IN ev-
idence. but the market wss well sup
norted on declines. There was some
further liquidation by those who had
been interested in advancing indus
trial specialties, but little appeared 20
indicate that investors were dlsposing
Of their holdings.
At the end of the day active is
sues were generally only a fraction
from the final prices Of the day be
fore. with losses outnumbering gains
Reading recovered and closed un-
changed. Steel was off a small frao-
tion. while Copper made slight an
provement. Central Leather was weak.
Following announcement by the presl-
dent OF the Minneapolis, 81. Paul &
Sault Ste. Marie that his road was nov
contemplating purchase Of the Mime
apolis & St. Louis, the a per cent
bonds of the latter road and OF the
Iowa Central were lower in the early
trading. but advanced again before the
dav had closed. There were number
Of sales for delayed delivery Of North
ern Pacific and Southern Pacific, ap-
parently by foreign holders.
More liberal offerings gave an easier
tendency to time accommodation, DuV
little business was done. Call loans
were renewed at the prevailing rat"
of 2 per cent and were made lower
Foreign exchange rates were hrmer'
but the market was unsettled through
doubt as TO probability of artificial
aids to British credit here. Demand
sterling at the beginning Of the day
added more than IL cents IN the
pound 20 Wednesdays recovery. Later
Il reacted a full cent in the pound
and recovered 10 close at 4.Sl1a. Sales
of British government securities IN
this market are now generally expect.
ed to protect the gold of the Bank, OF
England and 10 steady sterling rates
The Bank of England during the
week lost over 81 100000 in gold, but
liabilities decreased through reduc-
ton of government deposits and the
reserve percentage was practically the
same as in the week before. Securities
in London were fairly active, invest
ment issues being favored. In Paris
8 per cent rentes continued their de-
cline. The Imperial Bank Of Germany
reported an increase Of over 100000
marks in gold. In England, where the
reasons advanced for the great gold
holdings Of the Imperial Bank have
failed 20 carry conviction, the theory
is now brought forward that the Bank
of Austria may have transferred its
/ gold 10 the keeping Of it's ally. The
Bank Of France reported gain oil
/ 100000 francs in gold since February
4. with circulation increased over 103,-
/ 10000 francs.