Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-06-17
NINE-POTNT BREAK
IN FEDERAL MINING
proft-taking Sales Larg e
throughout Market-Stan-
dard Shares Inactive.

.rrw YORK, June 17-while the stock
.,tst opened strong today and lndl
.nons we're that II would continue at
4. higher level, profit taking. which has
~, very much in evidence every day
.n,ns the present week, again put in
=, spparance before midday, and reac-
49,, were general throughout the list
rs.r. seemed to be a lack Of demand
N around when the first realizing sales
80 nut out. but there was nothing like
raid. prices declining easily. The
s,.,.t has been at a loss to figure out
-hsrs the liquidating sales have been
.,,,ins from, and the opinion Of many Is
,tst they have been made to depress
..icss 10 a point where they can be
bought back
AGAIN today the standard shares. such
- Inc big trunk line railroads, held back
I, FAR as activity was concerned, but
moved along to higher levels in the early
sssslon with the industrials. Commit
s,snts of the old line issues are said to
1. email while those of industrlals are
muoh larger than usual.
nnring the early morning Steel COM
NON was a feature. being helped by Inn
r,oved trade conditions, and II was
slrong. Realizing forced this stock down
.ionF with the rest. General Motors
r,,hstood the pressure against the gem
,ral market well, being up over points,
.,biIe other shares sought lower levels.
rnban American Sugar. a comparatively
,rscilve issue, was also strong and rose
aver sl5 points before noon.
puyinR orders appearCSh,in larger vol
midday and gtrnnuth
,hown in many issues, while many prices
vsre still off. The war specialties led
on the uprising, Baldwin gaining nearly
nd steel recovered its loss and mounted
. half above Yesterdays close. Federal
Mining and Smelling common, which
made sensational advance in the last few
days. turned weak, at one time showing
loss Of points to 35, just % points
below the high of so.
Chesapeake and Ohio this afternoon had
very little effect on the general market,
except a sentimental one, as It had been
generally expected that nothing would
be paid at this time. In anticipation of
thls action, the stock was weak through
out the day. being off a good-sized frac-
ton at the end of the day. There was
4 fresh selling movement before the final
bell and prices went off, stocks. with
lome exceptions, closing weak.
In view of the large shipments of gold
which have been coming from Canada
almost daily, the weekly statement of
the Bank of England today was par
tcularly interesting. It showed the ef-
fects very plainly, gold holdings having
fallen off e2,S56,O 900 (S14, ,2s0. COO during the
week. Actual holdings now stand at
EH5Z,OO0 (S2S2, ,000, which is still con-
Ederaby higher than the same week
last year. when the holdings of the
metal were e3s,6s1.OOO CS173, 4O5, ,OOO). Re-
serves were brought down to 1856 per
cent or 124 per cent below last week
The almost daily drop in rates of for
esn exchange to new low records, par
tcularly on London, was checked today
temporarily at least, but there was no
demand for Saturdays steamer. Demand
sterling came up Il as compared with
low of A.76h made late yesterday after
noon, while the exchange on Paris rail-
led % There was no indication that
rates would remain at any level for a
long period. More gold imports are ex-
pected by the bankers here, and in the
meanwhile every one is waiting for the
europeans to take some step to
Hrengthen rates. To do this it is re-
ported that British bankers are consld-
erng raising loan in the United States
W using American securities as COL
hteral. The scheme is now believed
. have been definitely launched in
france, and loan from that country
WI be first taken up if the plan goes
through.