New-York tribune., 1910-07-12
RANk STOCKS ON STOCK 2
FINANCIAL MARKET
Sterling Exchange Weak ard
Gold Imports Probable

For the first -i-1e in 11Ore than tF7o
wears New York was bidder YESTERDAY
in the open London market for tbs
weekly consignment Of South African
gold. and the fact that or bankers Sc
cured z large proportion of the metal
was an important factor in bringing
about higher prices n the early STOCK
market The t-11prcve.,eeE,ts-z5ae-re
was not maintained. though tbs larger
number Of issues closed ~ small net
gains which represented n the case o
-h= leading shares substantial declines
from tbs high figures Of -he morning
Tns signal for general selling IN tbs
afternoon -as found IN pressure against
A-zzlzana-ed Coppsr, which ended ~ :
net Ioss Of more than ? po1nrs ms
stocLz nth American Smelling and
Tinted states Steel. Tzs the only prom
tng-t active security that failed % show
: net gain. The reaction tro- the high
POINTS q the morning was not accom-
pa-ted b. genuine liquidation. --t'ls N
speculative circles there appeared 70 os
70 real enthusiasm Tor th= selling side
- tbs moment there IS little disposition
On Lns part O the public = buy stocks
ercecr <or permanent Investment &C
count r-hile On the o-hs- hand. traders
81 -c- EXHIBIT any confidence n rhe
shot side q speculation for more than
-,,sol. r,,rrs Until tbs crops have been
gathered and an 5dea nay be had o.
-,-z+- total money value = IS no- likely
-17z larger interests will Do anything
-o-g tha- support prices On possible
1,-zeEs zrd n Che event % injury y
co-r and cotton. whtch now give promise
q large ytelas. professional traders
5,rb-1sss I'll, 3se1 more nl-e -esu-nc ing
ope-e+zo-s Eo- -hs decline Just nov
however. corn and cotton e-e making
good o-oz-ass. while -he ioss or spring
u-haz- ts causing no u-eas!ress II 5Us!-
ress circles Rains - -,s what co-2-
~ yesterday sent prices to- grain doT---
The New york banks ara preparing
- - active da-a-d upon -he[r -
sources later - -ac seaso-. ard -hay ap-
r7r=-tlv +eal ~ apprehension o-<a- -a,-
ability = handle tha autumn inquiry -o-
funds even without -he assistance O
gol5 i-.ro-ts. -Lo-eh = s quite likely
-ra- : considerable amount Of tha yellow
neal -.u - <h+rre5 q th-s centre -
-h= AUTUMN According % -11e STATE
-- q the Clearing House. showing
sc-3z1 bank conditions g o4 las- E--d2y
,.ent- -,-z looaI institutions -av5 coz
--ao-z5 -ha:- loans . II extent that has
b-o-g-- about : heavy increase = t1a
reserve above legal requirements. T7-----e
-t- ---ce- companies al1o have -e2d5uS-1c
-La.- leans 70 2 lower isve.. The -o-a- d.
cline last week 90 5o-h -9-a banks a-d
-Ls trust companies amounting 70 ---o-e
.ha- So. .oo0 COO = = ltQu-51--o- q --s--;,-
so-- -ha- 5 strengthening the @-2-c-a>
situation, z-5 = IS = 70 hoped that The
western banks wiu soo- s1cw similar -
e-,l.s u their s-ats-re1Ls- Tke very -2c-
.ha- cr- bankers are 2l-i--g arrange
-os--s 70 -nee- heavy demands. -ogeIhe-
with -ha tendency On ths pa-c q bus!-
nes. nan . PIT their houses ~ order.
doubtless viii prove effective ~ we-1--g
Of the trouble that Sc many people be
Eeve rnus- develop IS z consequence q
the oversp5culatior and genaral exrraV2-
paros OF The country at large Wal
Street prices may nO- b g. the octJcr--,
bur the declines thar al-ea dy have taken
place have brought high grade issues -tc
: basis THAI warrants investment pur-
chases