New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-08
FINANCIAL RECORD
HERE AND ABROAD
Foreign Selling of Stocks
WeakenS LiSt-ShOrtS
Cover at Close.

The international list yesterday was
not able to withstand European liqui-
dation, which was more pronounced IN
stocks than it had been for some time.
Buying demand for investment issues
has been light. and the coming note
from Germany on the Lusitania affair,
with intimations that the aGministra-
ton was not satisfied with its tenor,
made BUYERS even moro cautious. In
the middle of the morning and in the
early afternoon prices of standard
issues weakened under foreign oner-
ingS. accompanied by more or less
short selling. Louisville Nashville,
st. Paul. Southern Railway preferred
and Illinois Central made conspicuous
losses. Elsewhere declines OF from
around point 90 over were common.
Toward the end of the day repurchases
by the short interest and slackenlng OF
European selling were responsible for
some recovery.
REPRESENTATIVE stocks were generally
a point or more lower at the end OF the
day. Business done amounted TO over
half million shares, the largest IN
two weeks or SO, and this enlargement
Of trading was significant as occurring
in decline. In bonds. too, trading
was greater. and offerings from the
other side were said 10 be increasing
Bond prices, however. were compare
lively steady. I'm addition to llqulda-
ton from London. where funds for IN
vestment in the new war loan were IN
demand. the Continent was understood
TO be doing rather more selling OF our
stocks and bonds than of late. Ihese
orders affect not only the recognized
international securities, but some OF
the seasoned industrials, in which the
amount of foreign holdings has not
been generally recognized.
ST. Paul went to lower levels on
rather large amount of business at It's
extreme decline, being nearly points
under the lowest Of Tuesday and losing
nearly a point on the day. Louisville
& Nashville made maximum loss OF
more than 8 points and Southern RAIL
wav preferred Of more than 4. Illinois
Central in the afternoon went I points
under its last previous transaction TO
below mar. At their lowest OF the day
such issues as Steel, Union and
Southern Pacific, Reading, New Haven
and CONFER were down points or
more. Early in the session there were
q few spasmodic advances in the war
group. but these were generally not
maintained.
Missouri Pacific opened with a sharp
decline following publication OF the
plan for readjusting the finances OF the
company. 1t fell nearly a point 70
under 5, and ended the day only
shade above its lowest. To reduce
fixed charges of this great system ana
provide the necessary amount OF new
capital will mean some present sacrl-
flee by security holders. Should 1t be
possible to effect this reorganization
without placing the property IN the
hands of the courts it will be an
achievement in our finance.
The money market continued favor
able TO borrowers. The abundance OF
accommodation offered to enable pur-
chases of our securities from abroad 10
be carried until they are passed on to
investors enables us TO await the eX-
tent of EurOpe's return OF our stocks
and bonds with equanimity. Eventu-
allv they must be absorbed by the IN
vesting public. and whatever can De
done by state and national authorities
and by corporation arrangements prop
erlv to strengthen confidence IN our
properties will be of assistance.
In the forenoon foreign exchange
rates stilfened little as a result OF
selling of our stocks and bonds from
/ the other side. Demand sterling cot
above All in the pound, but later part
of the advance was lost. Exports con
tinue heavy, the excess over imports
reported for last week being over SZO'-
600, 600, which was more than SlO,OOO',,
600 above that of the week before and
the highest total since early IN May.