New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-06
FINANCIAL RECORD
HERE AND ABROAD
Profit Taking in the War
StockS-U.S. Steel Up
Railroads Firm.

A further advance in United States
Steel and a period of strength in the
railroad stocks yesterday served to
facilitate a large amount of profit TAX
ing in industrials. A good deal of
stock accumulated on the recent rise
must have been distributed but the
war group was irregular rather than
weak Trading. particularly in the
first and last hours, was on large
scale and rather feverish, around 90O,-
OOO shares changed hands during the
day.
The market began at higher prices
United States Steel carrying on its rise
at Wednesdays close in excited trad
ing. Gains from a good fraction to a
point or more were common among the
industrials. Allis-Chalmers, however
which presented report for the sec
ond quarter of the year that failed to
justify estimates of immense earnings
from war orders, fell back nearly
points from its best The reaction be-
came general. with declines of /,
and points from the best in the war
group. Part of the loss was made uT
later, but movement was irregular IN
the late trading.
Railroads suffered little in the set
back. The supply available in stand
ard issues proved small and around
noon a good advance here was started
that carried leading issues up point
or two. Most of this improvement
however, was lost before the end OF
I the day. Reports that the decision in
the Western rate case would give lit
/ tie 10 the roads was ignored Canadian
Pacific kept points of its gain to the
/ close and st. Paul made up the ground
lost the day before.
United States Steel was leader OF
the market in volume of business and
in popular interest. Dealings in this
issue approached 100000 shares. 1t
was above 20 all day and in the last
hour went to 72R, up 2 points. Beth
lehem Steel made another picturesque
advance that carried it II points high
er to 307 II closed point above 300
The supply of this stock is so limited
and so little general trading is con-
Quoted in il that its advances are be-
coming rather a matter of curiosity
than of any particular market interest.
About the time of the morning re-
action word came TO Wall Street of the
fall of Warsaw. Any direct influence
from this news on security prices may
be questioned. Profits from war or
ders rather than the outcome of the
war and financial adjustments after
wards now occupy the mind of the
trading public. In London there was
some hesitation that might indicate
that markets uncertainty as 70 the eff
feet of the German successes at Rus
sias expense.
The Bank Of England's weekly re-
turn showed its reserve position max
ing some Of the recovery predicted as
result of the government financing.
Loans were reduced deposits, govern
ment and privat~. ~ere much lower
and gold holdings increased more than
S6,500000. The reserve proportion at
over 20$s per cent. was more than 312
above that of the week before. Dis
count rates in London were a little
easier as a result of the favorable re-
port Of the banks condition.
Cable advices told of sale by the
Bank Of England Of about $1,000, 900
in bar gold, but no further imports to
this city were made known during
business hours. Sterling exchange here
was a little frmer and closed with a
slight recovery. The Bank of France,
which two weeks ago was exchanging
notes for gold at the rate of about
50 100000 a day and last Thursday re-
ported a gain of about $l5,O000OO,
showed bullion holdings S1S,0OO,0O
rreater Yesterday