New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-04-08
FINANCIAL RECORD
HERE AND ABROAD
Some Tendency Toward
Reaction, but Prices
Yield Little.

A reactionary tendency was manifest
in the stock market for the greater
part Of the session yesterday, but al
though profit taking operations and
professional selling for the decline
were often in combination not much
impression was made on prices. On
the whole, the list resisted well, con-
sidering how vulnerable il has gener-
ally been supposed TO be because Of its
rather long and uninterrupted rise.
Shares Of industrial companies. Of
which no great number. comparatively
speaking, are held abroad, did better
than the railroad issues, in some cases
scoring substantial gains on the day.
What are generally called the standard
stocks had still TO bear the weight Of
foreign selling as we'll as Of that which
seemed to originate largely in the
financial district. Commission houses
reported a good business, with consid-
cradle absorption Of stocks by inves-
tors.
The days turnover IN stocks was
smaller than Tuesdays, as Tuesdays
had been IN turn smaller than Mon
days, amounting TO a little over $780,
900 shares. Business in bonds held up
fairly we'll. about 100000, face value,
changing hands with prices firm.
At the outset Of trading there WAS
l,,N - oH
The reaction that followed wiped out
most of the gains, supplsnting them
with fractional losses, except in the
case Of some Of the industrial securi-
ties. such as United States Rubber and
the shares OF the fertilizer companies,
which did we'll throughout the session.
The old Rock Island stock rose sharply
In the first hour, and was erratic in its
later movements, finally closing with a
gain of more than 2 points. Bethlehem
Steel, doubtless rejecting further the
disappointment of bullish spectators
on tuesday, when dividends were put
further into the future than ever.
broke about 3 points, but in the after
noon recovered all but fraction Of
the loss. Missouri Pacific manifested
strength early and stayed strong.
There was a continuance Of the rise IN
General Motors, which advanced 70
l343s at the close, a new high record,
the rapid retirement Of the company
notes opening g prospect Of dividends
or, as the speculative community gen
orally believes, the cutting OF
melon"
Most of the oldtime market leaders,
such as Reading, Union Pacific, steel
and Amalgamated Copper, were content
TO mark time, moving within rela-
lively narrow range, in strong contrast
TO the unseasoned industrials, Ameri-
can Sugar, however, was notably strong
Most important Of all the days de-
velopments was the government report,
as Of April ], on the condition Of WIN
ter wheat and rye. The outlook for
the former left little TO be desired.
Instead of falling off in condition
through the winter, as is usually the
case, it showed q distinct, II small IN
provement, and by reason or the large
acreage planted last fall, gave prom
Use of crop Of 619000,OO0 bushels, as
against an indicated crop last April oil
62O.O00,000 bushels. Last years mar
vest was much greater than was mai
Gated in April, and it may well be that
this April's indications will be greatly
Circumstantial reports from Rome
that the Austrian government was
about TO sue for a separate peace We're
not generally accepted as probable IN
the financial district, implying, as they
did. that the end of the war was only
3 matter Of a few weeks. There was,
however. a good deal Of interest IN the
report from London that Lloyds were
offering g TO l that the war would be
over before December 81. The french
Governments decision TO buy the cotton
cargo Of the Dacla was not generally
known here until after the close Of the
market. So far as Wall Street is con-
cerned. that incident was closed some
time ago. and il is not likely that the
decision will have any financial lnfiu-
ence.
In the money market there was OBJ
servable an improved demand Tor com
mercial paper, without any change IN
rates Time money was also nrmer'
can loans touched 2lg per cent, but
the ruling rate was .. Sterling eX-
change. at first reactionary, grew hrm
toward the close on news from London
that discount rates there were irmer'
The Bank Of France come TO the rescue
Of the Paris money market, lowering
exchange on London by the sale OF
sterling bills. 1t was reported that
the bank would release gold, II that
step was found necessary, 70 protect
cross Channel exchange.