New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-23
FINANCIAL RECORD
HERE AND ABROAD
Profit Taking in the War
Stocks and Reaction in
Afternoon.

Though the war industrals whose ad-
vanccS have been so spectacular were
firm carly yesterday. the market gave
evidence of good deal OF profit TAX
ing and there WAS considerable reac-
tion in the afternoon. New favorites
we're put forward and advanced, caus-
ing suspicion that distribution else
where was under way. At the close
railroads were generally fraction
lower, with pronounced weakness in
two or three special issues. The in
dustrial list. in which the great part
of the trading was done, ended irregu-
lar with more gains than losses among
the active issues.
Forecasts of this country's announce
ment to Germany that further loss of
life of Americans through submarine
attacks would be considered "un-
friendly" had little or no market in
auence. The text Of the document is
TO be given to the public on Saturday,
but traders showed no disposition to
await full knowledge of its terms,
dealings amounting to over $4,000
shares. To this total railroads con-
tributed little and Steel alone of the
international list was dealt in on any
large scale. Westinghouse, Can, Cruel
BILE Steel. Baldwin Locomotive and Re-
public Iron and Steel provided most
of the days business.
Westinghouse, after coming within
a fraction of its high price of the day
before, ended with net loss OF over
8 points. Crucible made an early ad-
vance, but finished at its lowest, a
point down. Baldwin Locomotive. with
more war order talk, touched new
high record but held less than a point
of its gain at the close. Can fell back
in the afternoon to close fractlonally
lower.
General Electric and Air Brake were
put up in the morning. Cuban Ameri-
can Sugar in the afternoon changed
hands more than 20 points above the
final figure of Wednesday, American
Beet Sugar advanced over 3 points on
the day and American Sugar REFINING
made a maximum of over points
American Locomoti provided another
of the late speculative advances. Can
adam Pacific and St. Paul were weak
around the close. with further as
cussion of poor earnings and possible
dividend reductions.
News from Washington that the In,
tcrstate Commerce Commission had
Granted to the express companies
The relief asked for from lever rates
imposed. beyond temperance OF the
shares in the list at higher prices.
was ignored. With the railroads OF
the country so dependent on the al
titude Of this Federal body, such favor
able action in normal times might nave
been the ruling market influence.
Abroad the Bank of England, In us
weekly return, showed wide changes
as result of the payment Of the hrst
REGULAR instalment on the great war
loan. The net effect of the shiftlng
of funds on the reserve proportlon'
contrary TO expectation. was an ad-
vance of about one-half Of per cent
Government deposits were more tnah
$3.50 900 900 greater than the week pc
fore hut private deposits fell on more
+ban s115 900 900 and there was a large
increase in reserve, including gam
of some s91,000,0OO in gold. which
largely represented payment OF cash
hv the public for the new Governmenn6S
issue. Loans at over sozV'oVV'VUO
wsre more than S120,00O00O above the
week before and the heaviest yet re-
Discount rates in London showed an
oosier tendency, following the favor
able bank return. Here time accom-.
mediation was a little firmer for snorS
dates. while call loans again renewed
Of 1& per cent.