The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-06-16
FINANCIAL NEWS
AND COMMENT
Anglo French Bonds Decline
on Heavy Selling by Du
POnt Co. Stockholders.
FOREIGN BANK REPORTS

\ drop ~ n full half point in the
Anglo-French ) per rent. bonds. which
was accompanied by heavy trading In
this security, held chief interest In fnan-
cial circles yesterday. wall street was
considerably mystifed at first by the
sudden heaviness In these bonds. which
had manifested n strong tone, as all Of
the recent news from the various battle
fronts had been accepted as favorable to
the allied cause. Thu recession In the
price of the joint bonds of the British
and French Governments was accom-
panied by all sorts Of rumors. thief
among these were the reports that the
United States Government proposed TO
offer at an early date Sloo. 900. 900 bonds
Tor the purpose of raising funds for the
invasion of Mexico. Another report was
that Great Britain proposed to Loaf n
$3.50. 0oo. 0Oo collateral loan here. A
further rumor was that the negotiations
for the 5000. 00U. 00n French loan had
hoSn completed All Of these rumors
were without foundation. 1t was found
that the heavy selling Of the Anglo
French bonds came from stockholders OF
j.. l.. du ront dc Nemours Il Co, who
received some $1,000. 600 OF these bonds
yesterday as n special dividend.
Otherwise than tho drop In the Anglo
French bonds the trend OF the security
market was generally without much fca-
ture. United States steel was strong.
hut there was little interest shown In the
standard rails and the boom in me COP
per stocks died out almost as suddenly
as II had begun. This securities of prop
critics situated In Mexico seemed little. II
ut nil, affected by the apparently more
serious turn in the Mexican situation and
the further killing OF United States
I troopers In a running battle with Next
can bandits.
The days news. while containing much
| that may ere long have influences on the
I security markets OF the country. seemed
to receive scant attention. Convention
! developments at 81. Louis were spoken
of In a casual manner only. while the
continued Russian successes were with
out market effect.
I, was considered significant that the
railroad stocks manifested so much
strength In view Of the apparent lack
Of harmony between the representatives
Of the railroads and the representatives
of the labor unions over the wage aues-
ton. Wall Street was inclined to inter
pref the fact that there had been no
heavy selling of the rails on the an
nouncement Of the dcadlocked confer
! t1fe rs an lnllCtNl'u kift hFV iN'P'N
who are best situated to understand the
situation fel, that ultimate settlement
would be equitable TO h railroads.
In spite OF the continued gold impor-
tations from Canada to New York, the
Bank OF England statement showed an
increase Of f7.429 IN gold for the week.
Total reserves increased 1885, 900. while
there was q decrease OF $4,000 In the
notes In circulation. The proportion OF
reserves TO liability Il now 3l.95 per
cent. against 1888 per cent. last week,
the latter being the highest percentage
thus far this year
An increase Of 5.es4.ooo francs In the
gold holdings OF the Bank OF France was
more thai offset by an increase Of
Sl.A45,0O0 In notes In circulation. an
incident which further indicates the tire
mendous strain under which France is
laboring TO maintain her fight. The cir
c~ulation OF the Bank OF France is now
i5.II6.644.o00 francs. against 1908
6t6.3i0 francs for the corresponding
week in 1915 and 6.9l7.359,4e5 francs
In 1914.
Exchange rates on London and Paris
we're unchanged yesterday. while there
was a sharp upturn In rates on Berlin.
4 further importation OF $4,000. 900 in
gold was received yesterday from OF
tawa. bringing the total TO date In the
present movement up to s53,6I5.oo0.
A further indication of the generally
improving railroad situation throughout
the country as regards earnings was
seen IN the increase Of the semi-annual
dividend rate on Louisville and Nashville
stock from 2A per cent. to 81 per
cent. This places the stock once more
on a I per cent. per annum basis, the
rate which was maintained from Feb
ruary. 1910. 10 February. 1915.