New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-02
FINANCIAL RECORD
HERE AND ABROAD
Weakness on Submarine
Attack Soon Overcome
Bonds Steadier.

Death Of our citizens in an attack
on the Armenian by a German sub
marine unsettled the market yesterday
for brief period around the opening.
Recovery followed quickly on word
that the vessel was engaged on British
Admiralty business and by later de-
tails shrowing that IL had attempted
TO escape For the rest of the day the
market was generally a repetition Of
those Immediately preceding. Invest
ment stocks were comparatively quiet,
moving in a narrow range, while few
industrial specialties were given un-
due prominence in the trading.
Selling of bonds for future delivery
continued to indicate liquidation Tor
London, though such transactions did
not constitute quite so large pro-
portion of the days business as on
Wednesday and prices were n little
steadier. The British war loan is still
causing a good deal of London selling
of our bonds, but so far It appears
that individual holdings across the
water have been little disturbed, most
of the selling orders coming from IN
stitutions. The movement IS causing
Some disturbance in bond circles, but
offerings are being we'll absorbed.
In the early decline of stocks losses
of a point or so were made by a
number of issues, American Smelling
and Refining and Canadian Pacihc
being conspicuouSly weak. For the
most Of the day little was done IN
standard issues. American Can was
most favored in the trading, ending a
shade higher Crucible Steel closed
about a point down, New Haven and
Ontario & Western each lost over
point on small transactions, and United
States Steel ended about where 1t lett
off Wednesday. Encouraging reports
of earnings for May by Pennsylvania
and New York Central had no effect
on the market course of these issues.
New York Central made a particularly
good showing, with gross around ST.
100000 better than last year and net
increased over S2,500,0OO.
United States Rubber advanced in
the morning as traders covered their
short commitments, but fell back to
close only a fraction higher on the
dav. The directors, who last autumn
declared the regular dividend on the
common SLONhs 4CNA4l4b Nf0S w 49,
bursement would do much good at that
time, decided after the exchange had
closed that though business was as
good as last year and prospects were
bright it was wiser to make no dis
bursement. Requirements of business
because of the war made it advisable,
it was announced, to increase working
capital and reduce the floating debt.
Sterling exchange rates made a llttle
further progress toward recovery, but
fluctuations were irregular, and the
advance at the end of the day was
slight No imports of gold were made
known during business hours, and
London selling here is not exerting
any important effect for the present in
strengthening sterling rates. In the
meantime the Bank Of England's re
turn indicates probability that the
promised reinforcement of its re-
sources from France may soon be ex-
pected. Gold holdings went more than
f2.O0O,000 lower during the week, loans
to the money market were greater and
deposit liabilities increased. AS re-
suit the reserve proportion fell nearly
"a per cent to 1915, the lowest since
tina. excited week at the beginning Of
last AUGUST