New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-04-20
FINANCIAL RECORD
HERE AND ABROAD
Sharp Late Break After
Railroads. Advance
War Stocks Weak.

A sharp reaction that extended gen.
orally through the list marked the last
| hours tiPding yesterday of the biggest
days business for some four years.
/ Throughout the morning and the
earlier part of the afternoon the up
ward movement, of almost five weeks
duration, was enthusiastically con-
tinued in railroad and other standard
issues. While war stocks were reac-
tionary, the international list went
higher. gains of up TO 4 points and
more being recorded. At levels reached,
however, buying slackened, and selling
orders came out in heavier volume
than the market could absorb, and
traders seized the opportunity for
which they had been waiting to put
out short commitments. In most in
stances the better part Of the gains OF
earlier In the day had been wiped out
at the close. During the session nearly
100000 shares changed hands and
over S6,000,000 in bonds.
Switching from war stocks to more
seasoned issues had been begun on
Saturday. Publication on Sunday Of
an unofficial but apparently carefully
calculated suggestion as to what Ger
many would consider the price OF
peace accentuated this movement.
Prospects of railroad prosperity had
seemed TO be strengthened by the
Pennsylvania announcement OF
Sl0,000,000 equipment appropriation
and buying orders at the beginning OF
the week were concentrated on oldtime
favortes.
In addition, it is not impossible that
conspicuous strength in standard
issues was furthered by those who had
occasion TO distribute some of the in
dustrial specialties accumulated. All
during the earlier trading realizing
was heavy for both foreign and do
nestle account, but for a good part Of
the session the stock offered was taken
without difficulty.
At their best such issues as Read
ing, Canadian Pacific, United States
Steel Baltimore g. Ohio. ST. Paul, New
York Central, Lehigh Valley and Union
and Southern Pacific were from TO
points or more above Saturdays final
figure. For the most part they retained
some Of the gain at the close, though
Lehigh Valley and United States Steel
made net losses of some extent.
Steel at one time was within "a of
81, but ended the day below 5s, 2 points
under Saturdays close. The cOnserva-
1--WE GeMdTkS OF lHt CHdlTHdu VI IHc
corporation at the annual meeting Of
stockholders proved rather disappoint-
ing. Though ne predicted better year
than 1914, the first quarters earnings
he announced were still very poor, be-
cause of low prices for finished prod
ucts. After this Steel went points
below its best, but recovered a little.
The war group that had scared so
feverishly the latter part of last week
was weak from the opening, and at
the end of the day showed heavy
losses, reaching over points in New
York Air Brake and in American
Locomotive and Baldwin Locomotive.
Mexican Petroleum, in which erratic
movements are now less noticeable
than some months ago, was put up
over II points early in the session on
report that a British selling company
had been formed, but lost q good part
of this gain. Rock Island Railway
stock was exceptionally weak through
out the day, and debenture 5s went
lower.
Early London prices were favorable
and American stocks IN that market
closed firm. Discount rates in London
were weak Here, sterling exchange
was steady a. around the closing rate
Of Saturday. The remainder of the
gold engaged for import from Ottawa
arrived al the local Treasury, and
in spite Of the weakness in sterling
exchange, no further engagements were
reported in business hours. Money
rates were steady, call loans renewing
AT . Der cent