New-York tribune., 1910-08-17
FINANCIAL MARKET
Sterling Exchange Strong and
Well Above Gold Import Level.

volume throughout the day, but prices
were strong in the best part of the hVe
hours of trading, with substantial ad-
yances in Amalgamated Copper, Inter
national Harvester. Missouri Pacific.
Central Leather, American Smelling,
Consolidated Gas, Rock Island. Read
ing Union Pacific and United states
Steel. The general market was helped
bv early weaknes in the grain and cot
ton markets. in which trading was based
to considerable extent upon a favorable
weekly government weather report ana
on the absence Of overnight selling or
ders which bear operators had counted
upon as d consequence Of the weakness
displayed in yesterdays quotations.
Strength in London discounts, an un-
fazora l,le foreign trade statement for
July and the prospects of heavy de-
r71ands upon this centre for currency IN
the course of the next few weeks failed
TO encourage outside selling, and While
in the initial trading there was some
pressure from the bear element the
chief effort of the shorts In the larger
part of the day was to cover outstand-
ing contracts. Indeed, the heaviest buy
ing came from this source. The opinion
of the best market observers in the
Street favors the theory that for some
time TO come stock market business will
represent little beyond the swapping op-
erations of an insignificant professional
party, barring, of course, the develop
Yoent of important conditions affecting
intrinsic values.
Wall Streets speculative Wiseacres,
who always have had former President
Roosevelt on their black list. found in
the refusal of the anti-Hughes men to
indorse him for temporary chairman or
the coming Republican State ConVen-
zion a reason for higher stock market
prices. and as this Is about the time for
the appearance of the silly season and
dog days in the speculative community
the argument found the usual quota OF
followers Favorable London copper
statistics attracted buying Of American
Smelling and Refining and Amalga-
mated Copper, while the reduction IN the
nraferred dividend Of the United States
Cast Iron Pipe Company was entirely
disreyarded as a market factor. The
best prices of the day, operations for bull
account in the last hour showing
marked expansion as compared With the
dealings earlier in the session.
Although our merchandise export trade
since January ! has been heavier than
in the same time last year, 1t barely has
kept pace with the import movement,
the net excess of exports in that period
amounting in value to only Sl,666,364,
against an excess in 1909 Of S66,S1O,-
o11 and an excess in 1907 OF S372, No..
AL The increase in imports in the last
seven months as compared with the cor
responding time in 1909. Is SShooS,Sli,
conlpared with a gain in exports of S2l,-
944 964 while in the month OF July, the
figures for which were received yester-
day. imports exceeded those OF July.
| 1909. by S3.S12, 100, against an increase
i'm exports Of S5, ,159, ,SS9, the excess of
| inports for the month amounting to
| 81 o1S SS3 Both imports and exports in
| I,,lv were heavier than in any CORE
sponding month. except in 1907, exports
| increas sing from year ago in spite of
decline in the outward movement of
fOodstuffS and cotton. II may pc inter-
esting to our free trade friends to learn
/ that in the month under review 1919
| per cent of the total imports came in
free Of duty, the percentage being
larger than in any earlier July since
| 1897, when large quantities of wool and
other articles under the free list at that
| time were rushed here in anticipation Of
| A change in the tariff which became ef-
fective on July - Of that year.
The fact that exports and imports in
! the last seven months have about bal
anced offers a ready explanation for the
heavy shipments from here of gold in
the first six months of the year, while 1t
presents a satisfactory reason for the
| improbability of gold imports in the
autumn without a large gain in exports
| of merchandise and an active absorp-
| tion Of our securities abroad. unless the
metal is brought in loan. London
discounts are higher and Egyptian ex-
| change is moving iii favor of gold with
drawas from the British capital for the
account of Egypt. 1t therefore is un
likely our bankers will secure any
| further amounts Of the South African