New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-03-18
FINANCIAL RECORD
HERE AND ABROAD
Market Dull and Uncertain
Some Activity in IN
duStrial Issues.

The stock market halted yesterday
and movement of prices was uncertain.
The business done was even less than
on Monday. The international list was
comparatively neglected, while indus
trial stocks furnished few instances
of fairly lively trading. At the end of
the day active issues were irregularly
changed, with small fractional gains
general. Bonds were dealt in on a
smaller scale, prices showing some
irregularity.
Regular dividends were declared on
Reading and Lehigh Valley. which had
been under pressure on Tuesday, and
each made some slight improvement.
Bethlehem Steel showed early strength,
but closed only small fraction higher
on the day. General Motors lost part
of its recent advance and other auto
mobile shares were reactionary. Next
can Petroleum was, next TO Reading,
the most active stock in the list, and
made a gain of some proportions. The
general 3 per cent bonds Of the Chi
cago & Eastern Illinois were weak,
with some selling for foreign account.
Sailing Of a mail steamer to-day for
England failed TO bring out any great
amount OF buying for sterling ex-
change. After a little early advance
London checks sold at the end of the
day at 4.792a. The Continental ex-
changes were also weak. Some selling
of marks by Italy recalled the similar
drawing down Of balances in Germany
by France at the end of August, and
strengthened belief that Italy would
soon be ranged beside the Allies.
There was received from Ottawa
about S2.5O0,000 in gold, engagement of
which was reported on Saturday, but
the market learned Of no further ar
rsngements for import during the day.
In London open market discount rates
went no higher, but maintained their
recent advance. The renewal rate for
call loans here went back to per cent,
but loans were again made at l%.
News Of trade conditions continues
to furnish little indication Of any great
revival of industry Steel orders were
reported by trade authorities as run
ming under those of last month, though
mill operations increased. Export
business arising from the war showed
some gain, and a large contract from
France was reported placed with the
United States Steel Corporation. An
advance in the price of tin plate has
been made by few companies.
panies Of the state made formal de-
cision yesterday 10 oppose legislation
at Albany 10 allow national banks TO
take up the trust functions permitted
by the Federal Reserve law. Directors
of the regional bank in this city gave
evidence of their desire TO avoid fric-
tion with the non-member institutions
through announcing that they would
take no action in support of the bill.
Large national banks here are showing
no interest in the matter, and the bill.
it is believed here. will probably fail of
passage. II was introduced at tie re-
quest of national banks elsewhere who
desired TO obtain part of the profitable
trust business they had not been al
lowed to handle. Trust companies. to
serve as guardians and trustees with
out bond. must invest their capital in
New York state and municipal bonds or
in first MORTGAGES, and they feel II
would be unfair TO extend the privilege
70 institutions which are allowed to
lend their capital.