New-York tribune., 1910-08-25

FINANCIAL MARKET
Stocks d to 8 Points Under Au-
GUSTS High Figures.

In the absence of an active demand
for stocks from commission houses pro-
fessionaI traders sold the general mar
ket with a marked success, maximum
losses running from one TO more than
two points among the prominent shares
The room element found in President
Taft's advocacy of further tariff re-
vision reason for lower prices, on the
theory that the reOpening Of the tar1f
question would cause further hesitancy
on the part Of merchants and manu-
facturers il making commitments for
the futureEbu the volume Of business
throughout the day did not indicate i'm
portant liquidation, although there was
a certain amount of selling of stocks by
interests who accumulated large lines at
the low figures recorded in July's de-
pressed market Most Of the buying
power came from the shorts. The ap-
palling forest fires in the Northwest also
supplied bear ammunition, especially in
! the operations in Northern Pacific and
| Amalgamated Copper, the latter reflect
ing the belief in speculative circles that
d large portion Of the company's lumber
properties had been destroyed The
Amalgamated owns the Big Blackfoot
Milling Company, TO which it has ad-
vanced S3.0O0,000 on notes. and that
subsidiary owns one million acres Of
land in districts supposed to have been
in the path of the flames Stop orders
were caught in many issues, notably
Union Pacific. which showed a loss al
its low level Of the day of more than
seven points from the high level on the
+ recovery following the July decline. The
larger number of prominent stocks in the
last week have lost more than one-half
of the advance reported in the preceding
three weeks, the heaviest declines being
shown by St. Paul, Reading. Northern
Pacific, Union Pacific. Southern Pacific
and Amalgamated Copper. The general
market closed without showing i'm
portant rallies from the low figures
Sterling exchange was strong. demand
rates being quoted more than one cent
above the low level of July, while the
firmness in London discounts and the
persistent selling of stocks for Euro
pean account suggested the probability
Of continued strength in the market
until the appearance Of round amounts
OF commodity bills Current conditions
not only discourage the expectation of
gold imports in the autumn. but hold
out the promise of shipments of the
metal from here later in the season, un-
less there should be marked change in
foreign trade in favor of this country
and an active investment demand
abroad for our securities. We We're able
to import S17.G3000 gold in July be-
cause London was willing to let the
metal 90 out as loan. and not because
of trade obligations due this country.
the latter being less in that month than
the debts incurred on our import move
ment but we cannot look for further
/ assistance of this sort in the near future.
as London is confronted with the neces-
/ sity Of soon supplying both Egypt and
South America with gold, the demand
for which may be shifted to other co1sr-
/ tries as il was last year and early in
/ the current year, when the United
/ States was compelled to make shipments
+ to Argentina N volume for the account
+ Of the British capital Conditions now
developing in the local money and for
! eign exchange markets prove the wis
! dom OF the New York banks in strength
en1ng their reserves to an unusual ey-
I tent At this time last year bank re-
/ serves at this centre We're $50. 900, 900
/ ! So than they are at present Current
rates for time money. nevertheless, are
/ higher to-day than they We're a year
! ago; also commercial paper.