New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-06-13
FINANCIAL RECORD
HERE and ABROAD
Weekend Profit Taking
Checks the Advance
Specialties Up.

Yesterdays stock market had to ali
sorb a good deal Of professional proht
taking. and, apart from the industrial
specialties, opening gains we're not
maintained. and prices we're at the
close changed only by small, irregular
fractions. The volume OF business
well over $4,000 shares, was large Tor
Saturday. In the bond market trad
ing was also on good scale at nrn
prices. Fridays advance appeared 10
he continued Al the outset, nut press
urc Of realizing sales checked the up
ward movement, and in most instances
onening prices were about inc pest OF
the dav. The improvement IN rah-
roads. so pronounced on the day be-
fore. was not carried further. IN
stead. few OF the war and metal
stocks we're advanced on disproporuon-
atcIy heavy trading. In this movement
number Of low priced smelling ana
mining shares were conspicuous.
American Can. which uuconhrmed re-
ports have placed in the war group
was the most active issue on the llst.
At its best II was up 3 points and not
far below the highest IN lts history
Gugccnheim Exploration made a max
imum gain Of over 3 points. Reports
that the company was 70 dissolve ana
distribute It's assets we're current nut
these were authoritatively denied.
Central Leather was actively traded m
and closed over points higher. baId-
win Locomotive lost most Of its early
gain in spite Of announcement OF
large locomotive order from Russia.
Further advances in metal prices
were reported during the day. and
naturally focused speculative attention
on securities Of companies expected TO
benefit thereby. Federal Mining ana
Smelling az ono time was ~ points
above Fridays close. and At the end or
the day was "a points higher on the
week. United States Steel, after get
ting above 81 again, dropped back, and
was only a shade higher on the day.
Reading. Union Southern racine
Atcbison. Baltimore q Ohio and Le-
high Valley showed little change AT
the close.
The Bank Of England sold 100000
in foreign gold coin, and from Ottawa
another S2.500.00O came to this city.
Gold imports this week amounted 10
S150OO.O from Canada, but at the
close sterling rates were easier. Lon
don cheques ending at 4.toB IN the
Mound. a Of a cent under the lowest OF
the week before. More gold Is eX-
nected next week, but il is difficult 70
see how this can MAINTAIN rates Tor
long
The Clearing House statement, as
expected. reported surplus further aug
mented. With an addition of nearl
So. 600 900. the actual total Of idle funds
has now reached over Sl95, 600.
Loans we're nearly Sl6,OOO,O00 greater
and deposit liabilities showed greater
increase. but this was more than Offset
bv additions to reserve, the aggregate
standing at over S6lO,OOO'OOo. me
Federal Reserve Bank Of this district
added some $5,O000O0 to its gold, with
a corresponding reduction of invest
mert through maturing of obligations
held.
After regulations for admitting state
institutions TO membership in the Fed
eral Reserve System were promul-
Gated one trust company in this city
has voted TO apply for membership.
There is great desire to improve IN our
centralized system as large proper
tiop as possible of our banking
strength. and after careful conference
the new regulations were drawn up TO
meet as far as is possible the objec-
tons offered. The difficulty seems to
be that at present state banks and
trust companies feel it is not a ques-
tion Of why they should not join the
system. but Of what advantage 1t has to
offer them. In this city the conclusion
has generally been reached that for the
present there is not enough gain TO
make up for tying up funds in the Re-
serve Bank, where they would bring no
return.