New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-02-21
FINANCIAL RECORD
HERE AND ABROAD
Prices Recover from Early
Professional Selling
Bank Surplus Drops

Traders were Unexpectedly active In
Yesterdays market, but left prices IT.
tie changed a. the close. Early in the
session there was considerable profess
slonnl selling, accompanied by rumors
% possible international complication
With Germany and Japan. A NUMBER
Of active Issues declined a point or So
hut then offers were we'll absorbed and
vriees hardened gradually, with firm
ness al the close Bonds changed
hands in fairly good volume. with con
vertible issues a little lower
Omitted States Steel went below a.
bu, improved a point from its low and
made a gain Of a small fraction on the
6sv. Reading, Union Pacific and Cop
ver made net losses OF small fractions
obf. Southern Pacific ended the day
unchanged. Canadian Pacific after 81"
early decline OF some propo'uoh' re-
covered and closed fraction hlghet,,
Southern Railway preferred was 'id"e'
In and did not quite reach us new nun
mum. For Tuesday lower levels nave
been established for a number OF I'M
,ortaut issues, including Baltimore q"
ohio. New Haven, American Gar aNg
Foundry and American LOCOMOTIVE t"1
Seaboard Air Line preferred. = l'n
.hares Of Baltimore & ONO were GS9i'
in Yesterday az its minimum O1l Ne"
Haven did not appear 90 the tIao"lE.,
The foreign exchange mafHcl nv
ehted that cable reports o. cs,ao''sH-
ment OF credit here for Great hf''a.H
we're az least premature He"l@hu
siefling ended the day ooc-a2'- OF
cent i'm the pound lower. a. 4.>' So f' or
,bsn two cents below the close OF we
Saturday before. Negotiations 5yI s..'
ssle 81 government issues here by EN-
80, nowers have already been be-
o,,, and NAV supply tho necessary sup
49,, ~ exchange rates. France mas
esked n number Of local banking lnsu-
tn.ions 10 receive subscriptions 20 her
Con,ing bond issue, and IL IS understood
tbst German and Austria VIII also
ofTe, here privately their coming gov
eminent loans.
From London = quiet security mar
ket was reported. with investment ouy
ing continued American shares We're
conrora.ivclv inactive. Discount rates
in the British capital closed al z Per
cent for short and three months. DIS,
ene-eighth Of per cent higher IMAM ~
the end Of the week before.
Although S5.O0O,Oo0 IN gold had been
imported from Canada during the week
and some gain o. currency from me IN
terror was expected. the Clearing House
Placement Of conditions at the opening
~ business yesterday showed a de-
crease I'm reserve that resulted M los.
of over S2.5OO.OOO in surplus. Demand
deposits were SlOOO0,0OO lower. and
loans. which in the two preceding
weeks had been heavily increased, were
a triNc lower. The Federal Reserve
Hank. though its discount rate had been
reduced, reported drop of over SooO'-
600 in discounts.
There was little DEVELOPMENT in husl-
ress hours Of the blockade and contra
hand situation abroad. Washington
dispatches Indicated that our govern
ment might make no further reply u,
notes received from Great Britain ana
Germany, awaiting some possible overt
act for adding 20 its recent protest
Gable advices told o' damage 20 an
other neutral vessel near the British
Isles.