New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-07
FINANCIAL RECORD
HERE And ABROAD
Quiet Trading After Early
Rise on Short Covering
st. Paul Off at Close.

Again a break in st. Paul disturbed
the market in the final trading. Bust
ness had been light, with stocks drift
ing lower after an early display of
strength In the early trading favor
able news since Saturdays close caused
an upturn at the expense of the short
interest, but dealings were confined for
the most part 10 those of professional
traders and the advance was not main
tanned. At the close prices of active
issues were irreguarly changed, with
more gains than losses, but practically
all the improvement had been made in
the first hour.
In bonds London selling. which had
been so heavy last week was renewed.
Sales for delayed delivery accounted
Tor about one-third Of the dealings and
there was little life in the bond market.
+ or the most part prices here were
steady though here and there few
standard investment issues went frac-
ton lower Business of the day in
bonds as we'll as stocks was small.
At the opening active issues were
generally higher. Assurance that in
juries to J. 2. Morgan, which had
seemed so threatening when Satur-
days attack was made known, were not
serious brought reinsurance. Decision
Of the United States District Court
that the Reading company's control OF
anthracite road and anthracite mines
was not in violation of the antitrust
law or the commodities clause of the
interstate commerce act also encour-
aged the market. While international
affairs brought little news Of definite
market moment, at least there had
been no untoward developments while
the exchange was closed.
Under such influences the market
opened fractionally higher, and i'm
prOvement was carried further for a
while in fairly active trading. Read
ing went 2 points above Saturdays
close, Steel over a point and other
standard issues made gains Of a point
or more. Among the industrials ad-
vnnces of greater proportions were
soon fattened out, however; prices
sagged and trading became dull.
Reading failed to hold its gain, the
favorable decision, after all, being that
Of a lower court and the Interstate
Commerce Commission still having
power in its judgment OF the anthra-
cite rates to disturb the present status
OF the coal business. At the end of the
day Reading was only fraction above
its final price of Saturday.
st. Paul in the early upturn advanced
mere than a point, to So, but fell back
slowly as the day went on. In the last
fifteen minutes of trading the stock
broke rapidly from around SO to S0h,
which was / u points under its lowest
Of last week. Domestic liquidation in
anticipation of unfavorable dividend
action was commonly given as cause
for the decline. Northern Pacific was
also weak, ending with a loss of more
than point, though declaration Of the
regular dividend was announced. Mis-
souri, Pacific went to a new low at the
close in anticipation of to-days an
nouncement of the plan for readjust-
ment without receivership, with its call
for a $50 a share assessment.
Money for collateral loans was in
great abundance, the loss of surplus
by Clearing House institutions on Sat
urday not having even a sentimental
effect toward firmer rates. Call loans
were renewed lower, at IL per cent,
and time accommodation was quiet on
about the same terms as at the end of
last week. Sterling exchange market
was a little higher with purchases for
remittance to London of proceeds of
bond sales here. London checks closed
at 4.76 Ills in the pound, against
final price of 4.762s on Saturday. There
was received from Canada during the
day 100000 in gold bars, and, accord
ing to London dispatches, more is to
follow.