New-York tribune., 1916-07-21
MARKET NEWS
AND COMMENT
Slump in Marine Issues
Affects Rest of the
Stock List.
CHECKS FURTHER
PRICE RECOVERY
General List Leaves Off lrreg.
ular-Some Strong Spots
More Gold Comes In.

The recovering movement in the
Wall Street stock market, which had
developed considerable vigor the pre-
ce ling day, lost much Of its momentum
yesterday. Price changes became much
more irregular, and the general trend
of the list indefinite. Speculative SEN
timent was adversely affected by the
sharp decline in the International Mer-
c.ntile Marine shares on reports from
London of a proposal of the British
government TO impose a drastic tax on
excess profits of shipping concerns.
While the Street had known all along
that the tax contemplated would be
heavy, GO per cent instead of the n
per cent reported in the latest advices
had been generally looked for, and the
increase caused CONSERVATION in specu-
lative quarters.
The break in the Marine issues came
at the opening. and the preferred stock
dropped to Sl$4 where it showed de-
cline of points from the previous
close. 1t rallied somewhat later and
closed at SO, with a net loss of 5%4.
The common stock lost 212 points.
The sentimental effect of the drop In
the Marines made itself felt in other
parts of the list, although there were
some strong spots, notably number
of the munitiOn shares, such as Bald
,-T~ NJ
Foundry. Crucible Steel, United States
Industrial Alcohol and Distilers Sc
curities. Alcohol sold up vigorously
for time on reports of new contracts,
establishing a top price of l1612, the
highest since the current recovery set
in, and left off 2 points up at 1874.
Railway issues as a rule were again
neglected by the professional traders,
who devoted their attention almost en-
tirely to the industrials. United States
Steel. which had displayed such I'M
pressive strength on Wednesday, moved
sluggishly within a narrow range.
Business as a whole fell oil slightly,
while bonds. too, were less active.
Figures that cast a favorable light
on the improvement in the steel In
dustry. and which were accorded more
than usual interest in view OF the ap-
preaching meeting of the Steel di-
rectors on Tuesday, when the quarterly
earnings will be announced and divi-
dend action taken, were furnished IN
the reports of operations OF the Re
public Iron and Steel Company for the
first half Of the year. Net earnings
of S6.779.703 were disclosed, against
Sl.771 .697 for the corresponding period
of 1915. The surplus available for
dividends on the common shares was
equal TO 1923 per cent, after payment
of 6l2 per cent on the preferred. IN
filled orders showed decrease as com
pared with the preceding SIX months,
which. however, was hardly unexpected
in the face of the reported slackenlng
in the domestic buying. Republic Iron
and Steel shares were among the
strong features Of the market yester-
dav. the common and preferred closing
with gains of more than points each.
The Bank of England, in its weekly
return, revealed a somewhat less favor
able position, in that gold holdings fell
about S12,000,000, presumably as a re
suit of the movement to this side. Inc
proportion of reserve to liabilities also
declined. Notwithstanding the clrculd-
tion of rumors in London Of another
advance in the banks discount rate, no
change was announced. The Bank of
France gained about S1,00O,OOO IN gold.
An interesting feature of the London
securities market was supplied IN the
purchases of British treasury bills Tor
New York account. The influx of gold
from Canada continues, with anotner
shipment of $4,000, 900 yesterday, which
WIT to Philadelphia for the account
of local bankers. This brings the total
movement to above the S200OOO,0OO
mark. Foreign exchange rates were
steady. The renewal rate on call loans
vent a peg lower yesterday to PA per
cent.