New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-24
FINANCIAL RECORD
HERE and ABROAD
War Stocks Irregular i'll
Smaller Day-COtton
Roads Decline.

In an irregular market business was
further restricted yesterday, but still
amounted to over 100000 shares, and
weakness in war stocks. Of which trad
crs thought they had seen evidence the
dav before, failed 10 develop TO any
marked extent. The short interest ap-
piled pressure from time to time, but
prices were fairly steady in the group
and some further large gains were re-
corded. Reports that Great Britain
might make more stringent rulings
against cotton shipments and needless
suggestions that organized relief meas
urcs might be required to aid the
planters. caused some selling Of stocks
Of railroads operating in Southern ter
ritory.
Bonds on the exchange were dealt
IN to no large volume, with prices
little soft. London selling has for
the time practically ceased. Whether
II will be resumed before the next
payment on the British war loan Is
a question that greatly interests the
bond houses. Rumors of negotiations
for a British loan in this market
based on our bonds owned on the other
side. similar 10 that arranged by the
Rothschilds for French account, may
remove necessity Of London liqulda-
ton. Reports of this proposed credit
are still indefinite, but II Is assumed
that if put through the transaction
will involve at least 00,000,000. In
the meantime buying is slack, pur-
chasers looking for better bargains or
awaiting settlement Of our dispute
with Germany.
At the outset yesterday changes
were irregular, but war stocks pre-
sented numerous gains of point or
more, and for a while the market was
firm with the short interest covering
some of its commitments. Though
inspired forecasts had indicated the
purport Of our note 10 Germany to be
published to-day, its reception here
and on the other side remained un-
certain. and there seemed little out
side participation in the dealings. The
professional short interest sold the
war stocks later, but made little i'm
preston, though apart from few
favored issues the advance was
checked.
Baldwin Locomotive, the most active
stock on the list, continued TO rise,
reaching a new high level and clos
ing with a net gain OF more IMAM
> points. Westinghouse was firm IN
the late trading and ended little over
n point higher. Can finished trac-
ton above its final figure OF the day
before. Crucible Steel lost q trihe
and American Locomotive held only
a little Of its earlier gain.
Southern railroads were consplcu-
ouslv weak. Texas & Pacific declined
over 8 points TO its lowest in years.
Louisville & Nashville lost over
points on small transactions. South
ern Railway, preferred made similar
recession. while the 4 per cent bonds
declined. Low priced railroads gen
erallv were depressed. Missouri Pa
cifc and Rock Island reached new low
levels. Canadian Pacific was firm,
and st. Paul, after dropping to new
low for the movement, recovered It's
loss. Metal markets here and IN Lon
don gave lower prices for copper, and
copper stocks here fell back trac-
A little better demand appeared for
time accommodation, with a trmer
tendency in rates. Call money re-
newed over the week end at Ia per
cent. The Dominion of Canada notes
with a WELD Of per cent for year
and the conversion privilege into TWEEN
tv-vear Dominion bonds at similar
rate of interest, are in good demand,
financial institutions considering them
particularly desirable investment
for their short time funds.