The Washington herald., 1914-06-17
MARKET FAILS
TO regain Loss
Prices in New York Continue
to Decline During a
Featureless Day.
GOLD AND BETTER RATES
Local Bonds = Selling WelllCrop
Movement Money Needed
in South.
GOLD AND BETTER RATES
BY w. sTEALEY.

There was more activity in the New
York market yesterday, but prices con-
tinued TO fall, Steel closing g. l-2, Read
ing. 1si Ia; Union. l54 S-4. and Copper
7o1-2
There was some activity at the opening,
and prices were somewhat lower. In the
main a generally heavy tone prevailed
during the first hour. In the second hour
a raid was made on the market. under
which prices sold off comparatively
sharply, but the selling seemed to be
largely for short account, and brought
out no liquidation of Importance.
Leading issues like Union, Steel, Read
ing, and Amalgamated Were naturally
chosen to bear the brunt of the attack.
Brooklyn Rapid Transit also sold of
rather sharply. Utah Copper was a strong
feature all day, advancing to a new
high mark IN the early dealings, and de-
clining only moderately when the rest
of the market turned weak.
The market rallied a little from the
lowest, but losses running from good
sized fractions to point were the rule
throughout the active list.
LocnI Stock Exchange.
Trading in the local stock exchange
amounted to $1,000. and fifty-five shares
of stock were sold.
The principal trading was in Railway
Is. which brought So Ia and 81 l-2. Two
$500 Traction IS brought los, a s1,0oo Gas
5 1O5: City and Suburban ), 1O2 I-2; and
Potomac Consolidated, 80 ga.
In the stock list. Railway preferred
shares brought s. S-4, and ten shares of
Gas &c.
Ten shares of Federal National brought
IS5.
Foreigners Taking Gold.
Engagements of gold for foreign export
made yesterday brings the total to near
Iy s66O0O,GO0. There is, however, little
apprehension over the situation. There
is in the Treasury sS61. 100000 gold coin
and 2J0,0OO,OOO in bullion. In addition
there is the gold reserve fund of sl50, ,0OoO,-
900.
In the absence of bars, naturally coin
would be exported. Our coin is in such
magnificent shape due to the ability of
the Director of the Mint that almost full
weight is given. ....
Foreigners seem a little bit wiser than
We are, and our American money is not
melted down, but is kept intact so that
when the import movement sets in we
will set back the coin itself, and the only
loss sustained would be that of aberra-
Stion, which. however. according to tests,
is a negligible quantity. The gold move
ment is likely to continue for some time
and may reach S7e,0eOOC0. This would
answer the purposes of foreigners for
the present, unless money should become
still cheaper here, but the rates promise
to stiffen, which is not unwelcome.
Foreigners have not been called upon
this year to furnish credits in anticipa-
tion of our crop movement OF course,
it is true that quite a large amount of
credits are outstanding, due to mer-
chants, but such credits are always re-
newed and practically never liquidated.
The result will be that when we start
giving out our surplus wheat, corn and
cotton, there will be millions to be paid
for less imports. The fail, however, is
not the import season; hence. there will
he very little stuff brought in with the
result that the trade balance in our
favor will be a very large one during
the fall months. unless there is an off,
set by the continuity of the return OF
securities, which has been going on for
the past three or four months and which
is the cause of our present outward
movement of gold.