New-York tribune., 1915-03-29
WEEK in FINANCE
HERE AND ABROAD
Public Comes to Stock
Market-A General Ad-
vance Results.
RAILROAD STOCKS
AGAIN IN LEAD
Exchange Rates at New Low
Levels, but Plans Are Making
to Sell European Loans Here.

Trading in securities broadened last
week with a manifestation Of public
interest that for couple OF days pro-
duced general advance In greatly en-
larged business. For months specu-
lative operations have been repressed.
Traders here, with fear Of European
selling when prices in the international
list reached levels of before the break
that Immediately preceded the war. had
been operating in stocks Of the So
called American industrials not dealt
in abroad. Many Of these companies
had proftcd greatly by the extraordi-
nary demands arising from the con-
fict across the sea, and accumulated
profits encourage speculation. A rise
in such issues, however. Is not con-
vincing to the outsIde public.
The surrender Of Przemysl after
months Of siege by Russian troops
opened the way 10 more effective IN
vasion Of Austrian territory. The
spring campaign Of the Allies In France
and Belgium has been counted on for
q supreme effort against Germany, anf
this success in the east strengthened
the hope of an carly ending Of hos
tilities. Those who persisted In the
belief that nothing save shortage OF
ammunition could bring Germany to
terms seemed in the minority.
Reports of our immense excess OF
exports appealed to the imagination,
and imports of gold were a tangible
expression Of the profits accruing 70
our foreign trade. Overabundance or
funds accumulating through the small
needs Of general business has made 1t
easier to operate - securities. When,
with these favorable influences, rail-
road stocks took the place Of indus
trial specialties rs leaders in rising
market, the public Joined with enthusl-
asm in the trading.
Two Days of Heavy Trading.
On Tuesday and Wednesday, when
daily totals of more than 100000 shares
were reached, commission houses were
unusually active; telephone inquiries
and orders were increased and business
was received over the wire IN excellent
volume from outside cities. For
tlnle
run away with the market. Selling for
European account, though large, was
easily absorbed. The advance was so
rapid that traders here took profits
and operated for decline. and these
commitments checked the rise. In the
latter ouieter days Of the week there
was little reaction, and at Saturdays
close active issues were up around
points on tho week In many stocks
the best prices of the year had been
reached.
Business in bonds, which had been
30 excellent on the exchange and over
the counter early in the year, showed
signs of recovering from the lethargy
into which it had sunk for month or
so. In bonds, as we'll as stocks, at
present prices, investment yields offer
tempting contrast with low returns
commanded by money, and funds have
piled up, not only through lack of en-
ployment in general business, but be-
cause of greater economy throughout
the country and through profitable war
orders placed here.
Money continues to flow into this
city from the interior, and the sur
plus Of Clearing House institutions
available for loans at the end o. the
week preceding had been nearly Si4u,-
100000. To this were added gold i'm
ports Of more than $21 100000, received
before Friday night, and in spite OF
the greater supply Of securities to be
carried loans expanded only Sl,4OO,OOO.
Total reserve was greater, and the sur
plus went more than $10,000,000 higher,
TO nearly S15O,0OO,000 the highest ever
reported.
Money Rates Continue Low.
Requirements of greater stock mar