New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-01-07
FINANCIAL RECORD
HERE AND ABROAD
international List Lower
Demand Sterling Down
Call Money Easier.

Stocks were moved irregularly yes
terdsy in a smaller volume Of trading
The more prominent railroad issues
generally turned reactionary, with
losses that in some instances reached
a point or more. Steel and Copper
also held abroad, were weak. II APP
peared that the advance Of the two
preceding days had brought on some
quiet liquidation for foreign account
Industrial shares for the most part
were firm. Dealings in bonds contln-
ued in good volume at hardening
prices.
Early attendance was restricted by
the subway accident and the resulting
congestion Of traffic lnterborough-
Metropolitan issues naturally were
lower. i'm expectation OF damage SUITS
and demands for more expensive
equipment. Interborough-Metr
preferred went two points lower; the
common and the ~ per cent bonds
lost a point, though all made recovery
later. Missouri Pacific turned down
ward again. realizing a new low level
New York Central and st. Paul were
lower. Canadian Pacific and Louis
VILE & Nashville lost ground on Hght
business. Reading ended the day un-
changed, and Union and Southern Pa
cifc were a shade lower. Bethlehem
Steel continued its upward movement.
Announcements of coming bond IS
sues by the St. Paul and Pennsylvania
were made after the market had closed.
St. Paul's financing is 70 be through
offer TO stockholders at par OF about
S29OOO,OOO 3 per cent convertible
bonds. issued under the new general
and refunding mortgage. The Penn-
sylvania is to ask consent OF It's STOCK
holders to put out Sl0O,OOO,OOO IN bonds
in addition to S20.000,000 already au-
thorized. This will provide for com
ing maturites and contemplated I'M
prOvementS.
Money was offered literally. Call
loans renewed at 2l2 per cent, 4 of l
per cent under the rate of the day be-
fore, and loans were made as low as
before the market closed. The local
Regional Bank found temporary use
for some of its idle funds in the pur-
chase of S5.000000 of bonds of the
City of New York. RediscOunting of
commercial paper here has increased.
Estimate of our export excess for
December, given out at Washington,
reached Sll0.000,000. With so great
an advantage in the, interchange of
commodities, selling Of securities for
European account here at the present
rate should have little effect on the
foreign exchange market, and the gold
pool will probably soon be dissolved.
Demand sterling yesterday got down
to 4.S4A. the lowest for about six
years, and Continental exchange was
weak. 1t was announced that the
S2.000,000 in gold bars taken from the
Assay Office on Monday had been cF-
posted with local institution TO the
credit of the Bank of France. Sugges-
ton that part of the City of Paris loan
might be placed here has, it is under
stood, met with no favor.
The artificial ease of money in Lon
don, arising from government relief
and quiet trade, is bringing about an
increase of investment demand. FL
nancial institutions there, in addition
to purchasing bills, were understood
to be absorbing high-grade securities,
Consols closed shade higher and the
tone of the security market was firm.
The central institutions of Denmark
and Sweden gave evidence of easier
monetary conditions in reducing their
official minimums from 8 to 5l2 per
cent.
Purchases of steel rails and other
equipment by the railroads are fur
nishing some encouragement to the
steel trade Baltimore e. Ohio, Illinois
Central, Louisville & Nashville, Penn
sylvania and Reading all have placed
some orders or arc in the market.
Pig iron capacity on January l was a
little above that Of December /.