Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-06-24
TALNG OFF IN HOLDINGS SHOWN I'M BANK on q
MARKET TURNED WEAK;
SELLING PRESSURE BIG
Losses Ranged From One to
Three Professionalism Pa
cific Lowest Since 1908.

NEW YORK, June 24-More pro
-onnced pressure was exerted agalns
-tocke on the exchange in the early ses
sion today than at any time in more thar
month. and as a result the whole list
r,th one or two exceptions, reacted
Tbere were heavy selling orders in evi
Ssnee all around the room. Losses were
tbe greatest in the industrials. or tht
,ar speclaltles, and while the standard
issues met good support, they we're sym
pathetically affected On the whole
howover, they held up very we'll in face
Of the large llquidating movement.
II was not hard to secure reason
for the selling of the war speclaities
and among them were reports that the
british Government would cancel orders
for large amounts of shrapnel and take
Explosive shells instead and 1t was also
pointed out that manufacturers who were
turning out munitions for the Russian
government were experiencing difficulty
IN getting paid in cash, so much so that
many shipments are understood to have
been cancelled.
The acuteness OF the foreign financial
situation was also given as a reason for
the selling, and there was also some
llquldating from abroad, which was
thought to come 20 some extent from
England, for the purpose probably of re-
NUVeHll1E lHt IlOileN secured IN the new
war loan. An inclination of the monetary
Conditions in England was furnished in
the weekly statement of the Bank of
England, which made q very poor show
Ing The gold holdings showed another
falling off, as was the case last week,
they being E2,3S2,000 smaller (s11 ,910OOO),
while reserves fell e2,605, 900 C$13, OPS OOO).
The reserve to liabilities was 1S.47 per
cent. against 1856 per cent. last week
80 l,a
ard list was Canadian Pacific, the selling
pressure against 1t being particularly
large. resulting in a decline in the price
OF az points before midday. Sales from
abroad in this stock were said to be
heavy. The low price today, 146%, was
the lowest since 1908 The only reason
assigned for the decline was poor earn
ings, and some people were of the opin-
ion that the dividend stood a good chance
OF being cut from the 10 per cent. basis.
In the afternoon the stock dropped still
further, showing loss of 3A points.
An improving tendency was shown
around midday and prices moved UP all
around, The betterment was not of last
ing quality and n fresh outburst of SELL
ing carried stocks down to the low OF
the day. On the down turn Canadian
Pacific and United States Rubber we're
the leaders. Rubber showed a loss of ~
points. The company's directors meet for
action on the dividend on next Wednes-
day, and the decline was thought to be
due expected unfavorable action
The Copper shares were also weak, re-
fecting the lower price for the metal in
London. The list as a whole showed
losses of from to points around p. M
While the market closed weak, 1t recov-
cred somewhat from the low.
Railroad earnings which came out dur
ing the day were divided between good
and bad. Lehigh Valley showed up good
IN May. the gross being S9S556 larger and
net Sill ,4S3; Ii months gross was $685. ,9S2
above last year and the net $S17.659 This
served to keep the stock fairly steady
the day. Union Pacific, on
the other hand. made a very poor show
ing. May gross falling S253,S6 and net
i26,657; II months gross s5,193,647 and net
a, ,7l232S smaller. Southern Pacific, the
other Hartman road, while 1t had de-
crease In gross, turned this into net
Increase Of $4,000.