New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-06-15
FINANCIAL RECORD
HERE AND ABROAD
Market Reacts or Profit
Taking - Sterling at
New Low Levels.

Profit taking on last weeks rise soon
overcame an early tendency toward I'M
movement in yesterday STOCK market
Public demand for securities was NOT
sufficient % maintain prices, and When
selling pressure was renewed IN the
afternoon leading issues were down as
much AS Q points There was irac-
tonal upturn toward Oh" end OF the
Gnv as traders covered their short com
mi4meuts The active list was Un-
usually broad. but IL included a mum
her Of low-priccd metal stocks, whose
giraffe fluctuations were far from con
vincinE
In general the week opened with n
preponderancc Of bu..lsh sentiment for
the long pull, but the German question
still contains enough Of uncertainty
20 restrict orders originating outside
the financial district. The day turn
over over C50c00 shares was rather
larger than the market has been accus-
toned 70 Of late, though not up TO
FRIDAYS total In bonds the trmer
tendency Of the latter part Of last week
was again in evidence, but here, too.
the amount OF business done was not
large.
lleAllnR9
heavy, and though early in the day IL
was well above 81, 1t closed below CO.,
more than n point down on the day.
Reading, Lehigh Valley, Union Pacific,
Great Northern, st, Paul and Baltimore
& Ohio all ended around point lower.
From metal markets came further news
Of unusual demand at high prices, but
AmalgBmated ended over a point down
81
tionary.
IN few Of the war stocks gains were
maintained until the close. Among
these were American Beet Sugar Good
rich, American Locomotive and p num-
Der Of the low priced mining and smolt-
ing stocks Decision by the Supreme
Court in Washington bringing nearer
the settlement Of the old dispute on the
state debt between Virginia and West
Virginia caused an abrupt rise in Nir-
ginia deferred IS, which touched 10 and
ended at esq., over 10 points above the
last previous transaction.
In the late afternoon sterling ex-
change rates, which had been weak all
day, got down TO levels unheard of un-
der normal monetary conditions here,
London checks selling az AT Ole and
cables below 4.7S. This weakness was
in face Of heavy shipments Of gold by
the British government from Ottawa,
which last week reached S15,0O0,0o0.
This withdrawal of the support Of
the exchange market that had main
tanned demand sterling around 4.78is
for the last few weeks was taken to
indicate the approach of a new plan
for paying the Allies debts here.
Continuous remittance of gold was
not expected. 1t was, doubtless, neces-
sary for the Bank of England to return
a good part OF the gold we sent last
year TO maintain its prestige. There
was received s2,50O,OO0 more from OF
tawa yesterday and further shipments
are expected, but the supply cannot
hold out much longer Now, with the
immense British war credit TO be voted
this week, the long awaited arrange
ment for avoiding unnecessary ship
ment Of gold may be made known. That
this can be wholly through formal sale
Of foreign securities here does not seem
probable, unless the rate paid for the
accommodation should be much higher
than loans offered in the countries of
the belligerents. Pressure may be
brought on the private owners of our
securities TO expedite sale here. This
would be welcome now, as foreign cell
ing has ceased to be an alarming pos
sibility.
Word Of another defeat for the gov
eminent in an antitrust action, this
time through the Supreme Courts de-
csion in favor Of the officials of the
National Cash Register Company, came
too late TO affect the trading. The &C
emulation Of judicial decisions favor
ing the present conduct of our great
industries cannot, it would seem. fail
TO stimulate our business at time
when its prosperity is of consequence
not only to US but 10 the rest Of the
world, which we must aid to recover
from this disastrous war.