New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-05-02
FINANCIAL RECORD
HERE And ABROAD
Profit Taking Checks Rise
i'm War StoCkS-Bank
Loans Expand.

For brief period yesterday the war
group continued its ascent Of the day
before, but extensive proht taking
checked the rise and turned prices
downward. At the end of the day,
despite some late recovery, most Of the
advances had been wiped out and IN
some instances had been changed into
losses. Standard railroad stocks were
again practically neglected and copper
stocks were weak. The days business
of over half a million shares was large
for a Saturday, with bonds fairly ac-
tive at steady prices after strengthen
ing through the week
Early gains were made by Baldwin
Locomotive, Westinghouse, Studebaker,
New York Air Brake, Goodrich, Lead,
Pressed Steel Car and others OF the
group that had been so prominent the
day before. Westinghouse was again
the most active issue, but reacted TO
close points below the final inquire Of
the day before United States Steel,
after recovering from considerable
selling pressure. eHued with gain of
a point at only little below 90. In
the minds Of many this issue IS TO be
placed among the war stocks. Ihough
IL has been denied that the corporation
has received any armament contract
belief is prevalent that such orders re-
Gently taken by equipment and similar
concerns must benefit our producers
of steel, of which i is the greatest.
Overnight news that the Channel
port OF Dunklrk was being bombarded
by artillery instead Of by German war
ships was not sufficiently reassurlng TO
encourage trading IN investment is
sues. Other developments from out
efAa fha r-uwlaf had |.1r.n IFTrpnT IEl.e
influence on The course of the market
Earnings statements of important
trunk lines for March were, as expect
ed, much less favorable than for the
month preceding. The New York Cen
trail and Pennsylvania systems each
made larger prOpoTuonate losses IN
gross as compared with the year be
fore. The Central gain in net, unlike
the spectacular increase OF February,
was small, and the Pennsylvania was
forced to report a small reduction net.
Following the heavy financing incl
dental 70 railroad borrowing during
the week, Clearing House institutions
added more thar S3O,OOO,OOO TO their
loans and increased deposits. Good
gains IT. reserve kept the loss in sur
plus TO less than a million, unlmpor-
tant when the total is yet over Sl1O,-
100000.
The local Federal Reserve Bank at
the end Of the week had made small
additions 20 its discounts and invest
ments. The latest instalment OF CAPT
tai subscriptions has ali been paid in
and members are responding IN good
number TO the check sharing PROPOSE
ton.
At Atlanta discounts were reduced
and the Federal Reserve Board has
authorized reduction Of rates there
to 4 for paper maturing in sixty days
and al in sixty TO ninety. The undue
expansion in that district Of credit ia
cilities has apparently been checked
by the higher rates.
Sterling exchange here closed little
changed after a week Of unusually
narrow fluctuations. Cable dispatches
from London continue 10 speak Of re-
lease of gold by the Bank Of France
for the benefit Of our market, but so
far the movement has been shrouded
with secrecy.