New-York tribune., 1916-02-17
Stocks Turn Downward,
with Some Commission
House Liquidation.
CANADIAN STOCKS
BREAK ON TAX PLAN
Railroads and Coppers Lower
War Stocks Unable TO Hold
an Early Advance.

The hesitation and uncertainty Of
Tuesday gave way in yesterdays Sc
curity trading 20 some reaction. Trad
ers were besrish and there WAS more
OF less liquidation by customers OF
the commission houses. Apart from q
few issues, however, selling reached
no great volume. and in the railroads
and coppers declines a. thcir greatest
were generally only point or so.
Dealings were only triho larger than
on Tuesday, business being greatly re
ducsd in heimiddle OF the afternoon.
A proposal TO raise war revenue IN
Canada through taxing practically ali
concerns doing business IN ihat coun-
try one-qusrter OF net profits above
T per cent on paid-up capital caused
considerable losses in some OF the
shares affected. Canadian racine
went back more than points, Inter
national Nickel certificates, o. ana
Doms Mines. 6. Canadian Pacific con-
.jnued it's decline to the end OF the
dav. but the mining companies made
some recovery
The cost Of this unprecedented war
+, becoming more and more o. PROB
lem. The London Stock Exchange has
been hesitating in anticipation o. an
nouncement Of new taxation TO come
within few days As attempt IS maze
10 meet part OF the eXpenS" OF nos
tilities, while war is IN progress an
ever increasing pressure l. being eN-
erted toward peace. II may De thal
this vii! bring 10 definite result loI
months 10 come, but thinking men III
the nations AZ war are SHOWING more
and more sign of discoura cement over
the great interest burden tnat IS oe-
ing placed upon the people.
Yesterdays market here started lr-
regularly. changed. but turned down
ward before the first hour had enceI
and i'm the noon hour showed osses o.
a point or more fairly common anon
active ssucs. 4 few OF the war stock
were advanced in the early deailhts'
but strength here Was short hEed, I'D
the middle of the afternoon dealings
were on a small scale and price move
mont was neGlglDlc. lHtiI wa 'N'"-
recovery later. followed by an lrreg-
ular reaction at the close.
Reports that the Carranza govern
meni. which our administration had
bopea would restore order in Mexico.
was in a precarious coma ton added
20 the feeling OF depression and
brou~nt some selling OF concerns inter-
ested IN that country. Mexican
Petroleum. after an early gam, went
. points lower. and American Sme!t-
iur and Refining made loss of great
er extent. Cruciblc Steel was advanced
for a while. but ended AZ its lowest,
more than > points down. United
states Steel. after q fractional rise
10 above 81. declined nearly g point 20
below So. ending shade above ITS
lowest
steel trade publications told of CON
tinued advances in the price of finished
products. with more business being
turned away from the mills than ac-
cepted. but such trade news from this
basic industry no longer has power
20 stir the market Considerable buy
.nr from neutral nations is now pre-
dlctod.
Sterling exchange was steady yester-
dav. while rates on Paris and Berlin
weakened Some gold. 10 is learned,
IS being shipped 20 Holland, but cS-
change on that country holds 30 It's
high levels.