New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-06-11
FINANCIAL RECORD
HERE And ABROAD
Rising Market in Stocks
Bonds Firmer-Metal
Group Prominent.

Rising prices in stocks and better
tone TO the bond market gave evidence
that the financial district had come to
the conclusion that the note TO Ger
many which caused Bryan's resigna-
ton could not be such bellicose docu-
ment after all The market opened
higher. and in general was only mod
erately active, but ordnance stocks and
the metal group made advances that
ranged from ] point to or more. and
standard issues were firm. Strength
was maintained 70 the close. in num-
Der Of instances the best prices of the
day being made in the final trading.
Forecasts Of the letter 20 be made
public to-day were widely circulated
and Washington dispatches indicating
that il was in no sense an ultimatum
and that peaceful negotiations were
still possible met general credence.
That our investors have confidence IN
underlying business conditions here
has been established in these last
troubled weeks, and many now believe
that only the most definite news of de
velopmonts leading to break with
German will cause the outside public
to sacrifice any great part OF its hold
ings.
Yesterdays market was still princi-
pally that of professionals. Higher
levels for metals needed TO furnish
ammunition for the belligerents abroad
concentrated attention on the copper
and kindred stocks. Here net gains of
UP TO points or more were common.
Among the companies that are sup
posed to benefit by contracts from the
Z &c An, vi n
General Electric were conspicuous.
Can was heavily traded in, and late in
the day advanced > points above
Wednesdays close. General Electric
at its best was up over 6 points.
Union Pacific. among the railroads,
showed special strength, ending over
points higher. Reading and Southern
Pacific made good gains. while Atchi-
son went above par again. Canadian
Pacific recovered more than points of
its recent loss. Pacific Mail went to
its highest in some years on talk OF
liquidation at a time when ocean ton
mage is in great demand.
United States Steel closed 2 points
higher at SO. Untitled orders at the
end of May were over 100000 tons
greater than at the close of the month
before, after decreases in the TWO
months preceding. With the high rate
of mill operation. now over so per cent.
the gain was rather better than had
been expected in the trade. Except for
February. orders on the books stood at
the highest total since April Of last
year.
Money for market purposes con
tinued abnormally easy. Oversubscrip-
ton of the General Rubber Company's
5 per ce... debentures was an indica-
ton of the desire for means of invest
ing funds for limited term. Success
of this issue had some stimulating
effect on the market for short term
corporate notes.
The British government sent to this
city another shipment of s2,5OO,OOO IN
gold from Ottawa to pay for purchases
Of war supplies here. Its agents have
received to date and deposited in the
ub-Treasury S20,000,000 in this fash
ion. in addition to a sum, popularity
estimated at S5,000,000, retained in their
own vaults. Some easing of sterling
rates yesterday showed the still press
ing need for some more effective
method of squaring international &C
counts.
In London the Bank of England
strengthened its reserve proportion by
a little over one. half of l per cent,
with a reduction of reserve require
ments and addition Of over 100000 to
gold holdings The Bank of France
reported an increase of some 100000
frarcs in gold. against S9,O00,OOO francs
more circulation.