New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-04-11
FINANCIAL RECORD
HERE AND ABROAD
Heavy Profit Taking Well
Absorbed in Another
Big Days Trading.

Business on the Stock Exchange yes
terday was on an even larger scale
than on Friday. but profit taking ny
traders on the floor and by outsiders
was heavy enough 20 counteract the
continued buying movement. Com
mission houses were less unanimous
in their reports Of the nature Of orders
from their customers, many hnding
selling orders prCponderant At that
the result Of the days trading could
not be said 20 have produced reaction,
and at the close in those stocks that had
been most active there were more gains
than losses.
The day started with n rush that
carried further Fridays advance. Inn
mediately offerings at prices reached
were so heavy that the market gener-
ally gave way. Buying was stlll con-
tinued on a large scale, however, and
prices fuc.uated widely. Toward the
close the trend was upward again. The
first hour saw the largest business Tor
wears, over 100000 shares. and the
DAVIS total Of over 100000 was the
heaviest for a two-hOur session since
January, 1910.
The list OF active stocks was broad
one. but business was concentrated IN
q comparatively few issues. Of these
Steel was by far the most active, GET
ting up TO S. I point above Friday,
close, and ending the day az 56. Read
ing. Union and Southern Pacific, Cop
per, Baltimore & Ohio, Atchlson ana
Canadian Pacific all made net gains,
ranging from a little under point TO
nearly .. Rock Island Railway was
exceptionallv active, at one time show
ing a gain of nearly 4 points, but end
ing the day unchanged. Report that
the Injunction against holding the an
nual meeting on the date set had been
denied did not reach the market until
after the close.
With all the trading done in stocks
during the week, loans Of Clearing
House institutions at the opening OF
business Yesterday had fallen OIL So
100000. instead of expanding, and those
committed TO the bull side pointed to
this as proof that buying had been in
large measure by purchasers who had
taken their stock out Of the market.
Demand deposits shrunk S1S,OOO,OOO,
but a drop in reserve produced small
loss of less than $4,000 IN surplus.
At the Federal Reserve Bank there was
some further slight expansion Of dis
counts and investments.
Sterling rates closed a little lower
than on Friday. with London checks
little under the price at lne emu VI
the week before. During the last six
DAYS we have taken back our securi-
ties from abroad in q way that has
excited the wonder Of the fnanciers Of
Europe, but even this has not Offset
the favorable movement of goods and
strengthened our exchange rates on
London. Where our foreign trade for
March produced an export excess OF
around S145,O00,0O0 Great Britain con-
tinued TO fall into less favorable posi-
ton. Imports into the United King,
dom were more than 98,5OO,OOO greater
than in March, 1914, and exports fell
off f14.00O.O00. Against such trade cur
rents it appears that attempts 70
remedy exchange conditions through
artifcially raising the cost Of money in
London viii be insufficient
After the close of the market the
Steel Corporations figures Of untitled
tonnage at the end Of last month made
a rather impressive record Of our pres
ent industrial depression. II was
known that with the nigh rate Of oper-
alton of the steel mills shipments were
much in advance of new orders, and
a loss of nearly 10000 tons was no
worse than had been expected Ii may
be that the growth in export business
reported and renewed domestic pur-
chasing. with the time for increased
construction work at hand, have been
considered in this speeding up Of the
industry beyond present needs.