New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-02-17
FINANCIAL RECORD
HERE And ABROAD
Securities Sag in Dull Mar.
ket-No Aid for Brit
ish Exchange.

Little came from outside yesterday
10 influence the course OF security
prices. and. The German situation still
containing possibilities Of trouble.
thc market was dull and irregular,
with the trend downward. Busl-
ness was restricted. the total Of the
day reaching only around l5O.OOO
shares. and trading was almost wholly
professional At the end Of the day
changes ZOO tho more prominent issues
were generally Of un,mportant frac-
tIons, with declines fairly general
Bond, changed hands 10 a little bet
ter volume. az steady prices.
The opening was az around the final
level. Of the day before, but protes-
-ioual selling soon weakened the list.
Then the market lapscd into dUlness,
with a slight recovery in the afternoon,
Among tho Specialtics advances such
~ were seen week or so ago we're
nfrcuuout Mexican Petroleum con
tuucd 10. rcactlouary movement OF
Monday and other oil stocks we're
weak Bethlehem steel made maxi
mum gain OF nearly two points on
heavy transactions, in spite OF con
tiuucd dcuIals that the present man
aCcmcut would consent 20 payment OF
dividends.
Readiuc again was unchanged on the
dav steel. Union and Southern Pa
cifc and Copper made fractional de-
glincs American Smelling and Rein
ing was exceptionally weak. New Ha-
ven W.. dealt ir once or twice at the
minimum Of 80. The proposed eNten-
SION Of Boston & Maine notes has
20
fronting the New England carriers.
After the close a new minimum was
announced. points down. Lower levels
fo~ trading were also fixed for the
preferred stocks Of Baltimore & Ohio,
Southern Railway and American Loco
motive and for two or three less active
issues.
Rlotmcnts OF the New York Central
convertible dcbcuturc. 6s showed that,
as understood. the issue had been
heavily oversubscribed Preference
was given 20 bank, that had partlcl-
patcd pa the note issue Of last au-
tumn. and dealers generally received
only ouC-frth Of the amount asked
for The Montana Power Company
has Just sold S6.OO0.O00 Of its first re-
funding , per cent bonds TO a syndl-
cate Of the local bankers that year
sco took SlO,OO0.0O0 under the same
mortgage.
A little frmcr tendency appeared in
the local money market though call
loans we're again renewed at per
cent. which continued the ruling rate.
Mercantile paper was placed with less
freedom and time accommodation was
not 80 literally offered as last week,
In London the possibility of raising
tho discount rate Of the Bank of Eng
land to rrotect ITS gold supply WAS
discussed, but considered unlikely for
tho present. as other measures would
now be more effective.
Foreign exchange yesterday showed
further signs Of Generalization. Sight
drafts on London opened at 4.79h and
we're sold as low as 4.79, The price
recovered 20 over 4S0 on expectation
that emergency measures would be
odopted by bankers but much OF this
Improvement was lost later. Announce
mcut Of arrangements to relieve Great
Britain of the necessity Of heavy gold
shipments may be expected II rates 60
much lower When the exchanges were
rtill moving against Us. II was pro
posed 10 establish credits in our favor
iu London Until we could make pay
ment I'm commodities. Our willingness
10 give up gold as required and the
rapid recovery in our exports made
such assistance unnecessary II was
agreed. however. that bankers here and
ma London should act If the course of
exchange seemed to indicate an un-
reasonable movement of gold between
the two countries.
Now Great Britain finds herself in
q position where she may soon have
90 avail herself of this agreement.
Engaged boo "a great war, it would be
lnadyisablc for her TO allow any large
reduction Of her gold holdings. Move
mcut Of commodities is against her,
and She has for the time rellnquished
her profitable business of selling credit
io other nations. So IL is probable
that credits will. If necessary, be es-
tabHshed here for London account
which will probably be met later
through sale of British government
ISSUES iu this market. In the mean
time. some 100000 in gold was re-
ceiyod here from London for trans
shipment TO Cuba. and another $1,000
600 was taken from the Bank Of Eng