South Bend news-times. (South Bend, Ind.) 1913-1938, 1915-07-23
TONE ON Street
SHOWS STRENGTH
War Stocks Feature of Deal
ingS in Which New High
Records Are Marked.
BY Broadan Wall.

NEW YORK. July 23.-Although
price fluctuations were irregular IN
the stock market today conservative
interests said the market displayed
steady urdertone considering that the
note to Germany was in the course OF
transmission and the heavy selling by
professionals War stocks were the
feature OF dealings. several new hlgh
records being recorded. chief among
them being Baldwin Locomotive.
At the opening there was strength,
activity being confined ALMOST entire
", however, TO the industrials The
railroads showed little life, declines IN
these issues during the first 10 min
utes OF trading ranging from II TO
nearly a point During the early trad
ing several new leaders appeared IN
the industrial group among them be-
ing General Electric and New York
Air Brake.
The encountering Of profit-taking
orders in the second hour resulted IN
reactions and declines of from one
half TO more than point Shortly
after 1 O'Clock war stocks lead by the
Baldwin Locomotive (Which rose 10
the new high record Of IS 4-6) dis
played renewed vigor but this was
only short lived, for before the begin
ming OF the last hour a heavy tone de-
veloped to professional selling, which
resulted in a general reaction that
continued until the last l. minutes OF
business, when there was slight frac-
tional recovery from the low.
Railroad shares failed to show any
signs Of strength, notwithstanding that
the Baltimore and Ohio earnings for
June showed an increase in net of
S1.716,944 and S3129, 66S for the year
ended June 30. Baltimore and Ohio
stock however, made a good showing.
there. being at one time a gain Of
more than three points. In explain
ing the heaviness Of the railroads,
investment bankers say that securi-
ties are in competition with the invest
ment issues Of cOnsols and English
cOnsols. ON a basis of from 4 to 4 II
per cent these great issues, they say,
will be preferred by the English par
ticularly at "A time when American
railroad earnings are being sustained
mainly by economies.
The decision of the interstate COM
merce commission granting higher
rates for the express companies, ere
ated a favorable impression and had a
good effect on the shares Of the ex-
press companies, American Express
stock advancing six points and Adams
Express three points.
The Canadian government notes are
going very well. Investment bankers
said today that subscriptions indicate
that they will be literally oversub-
scribed The yield on the notes is at
tractive and well above that of recent
isues Of securities in New York and
Canadian provinces and municipalities.
II. V. Meredith. president of the Bank
of Montreal, which acted as fiscal
agent for the dominion in placing the
loan said the establishment of large
fund of money IN the United States
would correct the exchange situation
as between Canada and New York
and also have the effect Of improving
the borrowing exchange situation as il
applied between London and New
York. mr. Meredith also added that
Canada obtained its money in New
York cheaper than it could have in
London where the penalizing rate OF
exchange in transferring funds from
the other side to this was considered