New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-03
Foreign Selling Weakens
international List
Market Lays.
A 12-CENT RISE IN
DEMAND STERLING
Further Liquidation from
Abroad Expected - Allies
Banks Add TO Gold Held.

For a short space around the oHcn.
ing, stocks continued their upward
course Of the night preceding Gains
we're general. with few lnduSTia!s ~
q point or more. Selling IN the inter-
national list for foreign account soon
brought the upturn TO an end. There
was no pronounced weakness, but, Tor
a while AT least, enthusiasm had left
the market During the day, though
industrial spccialities here and there
were nut UP a point or so, trading IN
crest was rot heightened and few OF
these advances held until the close.
In the middle OF the session, business
was small. and throughout a sense of
uncertainty prevailed, heightened by
talk Of possible peace abroad. Ster-
ling exchange rates made further re-
covery. the London market leading IN
the movement
The levels at which London exchange
sells here, however, are still so low
chat a large addition to the supply
Of our securities is expected. Steel
Anaconda, Union and Southern Pa
cifc. New York Central and Reading
all were subjected TO a good deal OF
selling pressure, a large part of which
is to be ascribed to foreign liquids-
ton. Here losses on the day ranged
from a good fraction TO point or m ore.
Return Of our stocks and bonds from
abroad is 70 be welcomed if il comes
in orderly fashion.
International houses look for n
steady stream of our stocks and bonds
as exchange rates favor their sale
here, but unless unusual pressure is
applied bv foreign governments the
amount should be absorbed without
much difficulty. This weeks unprece-
denied dislocation Of the exchange
market, has been followed by what,
after all, is only a moderate amount
of foreign liquidation. British OBJ
servers have figured that, without spe
cial legislation. about S10,000,O00 a
week IS the best they can look for in
movement Of our securities toward Off
setting the trade balance.
Among the war stocks Crucible Steel
led with transactions up over 10000
shares. II started TO a rush up until
the market was full Of predictions as
10 the high prices that would be
reached before the close. 1t got up s
points. but then stock was offered in
sufficient quantity 10 wipe out all eX-
cept q fraction of the gain. Baldwin
Locomotive. Colorado Fuel. Can and
other. showed good gains but ended
with losses. Beet Sugar was firm
throughout.
Dealings in sterling exchange be-
gan with the market almost as bare Of
offerings as the morning before had
been of purchasing. There was rapid
recovery until bids Of $3.50 in the
pound were made. against a previous
close Of S4.55. When It appeared that
no definite announcement rs to any in
ternational understanding was to be
made, there was some recession, but
the rate stifened again. At The end
Of the day sight drafts on London
sold at S4G2, u cents in the pound
above the low Of Wednesday.
Weekly statements Of central insti-
tutions in Paris and London, showed a
gain Of over 100000 in gold, by the
Bank of England. and of more than
S12,000000. by the Bank of France. In
spite of receipt Of S39, 100000 of gold
from the Allies, shipped direct to Can
ada last month. the only important
less reported by these two institutions
was the 100000 released by the
Bank Of France for the Bank of Eng
land. Gold continues 10 be turned in
by the peoples Of both countries, but
circulation also expands. The stock OF
gold of the three great Allies. accord
ing to latest reports, amounts 10 more
than S1,740,000,O00. Should it be nee
Cssary TO send great shipments Of gold
here. there is an immense amount to
draw on. but such procedure. it is
felt, would serve merely TO unsettle
the affairs of those nations without
apparent benefit to us.