Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-07-10
MARKET PRICES RALLY:
IN THE FINAL TRADING
Renewed Foreign Offerings Check
the Initial Rise Only
Temporarily.
Closing Is Firm, Under Spirited Lead
Of Union Pacific, Canadian Pacific,
Reading and q. s. Steel.

NEW YORK. July 1o.-Over-night
developments in thu relations between
this country and Germany impaired
greater strength to quoted values to-
day.
Berlin's note impelfed q hasty retreat
of the short interest at the outset, with
reoovsr1es Of to almost points in
numerous investment iesues-
The rise was met by renewed foreign
offerings, causing a general reaction
and in some Instances wtping out ini-
tial gains
In the anal trading. however, prices
rallied spiritedly under lead OF Union
Pacific, Canadian Pacific, Reading and
United States Steel.
Tho closing was hrm.
Bonds were steady.
Sharp Rebound at Opening.
A sharp rebound from yesterdays
late weakness was recorded oy the
stock market at today's opening. win
gains of a point or better In Union
Pacific, Reading, Amalgamated Cop
per, American Smelling and some OF
the war specialties
The recovery was materially assisted
by hurried covering of contracts by
the short interest.
encouragement From London.
London offered some encouragement
by Its higher range for Americans,
notably Canadian Pacific, which ad-
vanced two points in that market.
Substantial recessions from the top
ensued here before the end OF the first
half hour with = general slackening OF
activity.
Foreign Selling Weeks Feature.
Foreign liquidation Of American Sc
curities was the overshadowing fea-
turs Of this weeks operations. and.
coupled with the uncertainty attending
impending negotiations with Germany,
impaired a weak tone to quoted values.
Although much of the European SELL
ing was traoeable to London. 1t was be-
1ieved that considerable had its origin
at Paris and other continental centers.
and was accepted as q sign of more ur-
gent financial needs. The desire Of the
French government to garner all avail
able home supplies Of gold and Its
prohibition Of all exports OF the metal,
except under certain specified condi-
tions, bore rather directly upon this
situation.
The foreign selling was assisted in
no small measure by local traders,
many of whom seemed committed to
the short account They found numer-
Gus vulnerable points of attack, espe-
cially in the low-priced railway shares,
not few of which sold at lowest prices
in many years. while Missouri Pacific
at made the lowest quotation in its
history. in connection with the pro-
posed plan to place q $50 assessment
on tho stock.
Southern Rails Fall Precipitately.
Shares Of southern roads like Louis
willie and Nashville and Atlantic Coast
Line. ~ we'll al Southern railway COM
mon and preferred. also fell precipi-
lately for no very definite reason. and
later st. Paul and New Haven were
subjected to severe drives-
st. Paul at 1871 held At its low price
in many years, the decline being based
In part on the dubious dividend outlook
Railroad earnings give promise of
continued bettermsnt but in most In
stances net gains are being made at
the expense of enforced economies.
Crop prospects, as disclosed by the re-
cent government report. indicate un-
precedented yields for most Of the i'm
portant cereals.