New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-13
FINANCIAL RECORD
HERE AND ABROAD
Short Interest Finds 1t
Hard to Repurchase-
Upturn at Close.

The outside public still refuses Il
dispose Of its securities because O.
the German crisis. As result tina
part Of the Wall Street trading Gle
ment which had been selling stock OF
European liquidation and anxiety owe
the German note found it difficult L
cover now that the note was read ant
digested and London selling slack
ened. On the recent decline buying
was better than the selling and offer
inGs from the other side were alb
sorbed better than appeared. Yester
days efforts by the short interest tc
repurchase put active issues up from
I to 2 points or more with gains OF
greater proportions in some Of the
specialties. Highest prices were made
at or near the close.
Offerings Of bonds for future deliv-
cry were lessened, such dealings on
the Stock Exchange being only about
half those of week ago and prices
were a little frmer. The London
banks and insurance companies that
had to purchase the new war loan to
convert their holdings Of former Brit
ish government obligations paid on
Saturday the first instaIment as they
filed their applications. 1t is assumed
that they have largely provided them
selves with funds to meet payment in
full and that the crest Of the London
selling has passed. London cables told
Of smaller dealings in our bonds
there. Bond houses here do not look
for a secondary movement Of any great
size with payment in full Of war loan
subscriptions a week from to-day. In
the meantime bonds for immediate de-
livery in our market are rather scarce
at present prices. 1t remains to be
seen how great a proportion of sales
OF bonds for future delivery in the
last two weeks has been for the short
account
The securities market opened YES
terday with trifling changes and the
press Of the country having empha-
sized the failure of the German reply
to give satisfaction and the gravity of
the situation created, the short inter
ests raided the market and forced
prices to around the low levels of
Saturday. Little long stock came out,
however. and covering the short com
mltments was no easy matter. BY
II o'clock the market had made uD
practically all the ground lost I'm
I'll the last hour principal movement
thereafter was among the so-called war
stocks. American Coal Products in
the first hour had a spectacular rise
of over 20 points, and such issues as
DlStlllerS Securities, American Loco
motive, Air Brake and General Motors
made net gains Of 8 TO II points.
United States Steel was strong in
the last hour and standard issues fol-
lowed as those who had sold short
tried to cover and found stocks scarce.
The remarkable increase of untitled
orders reported by the Steel Corpora
ton on Saturday gave reason for its
advance and probably accounted for
some improvement Of general purchas-
ing by investors, Influenced by the
try rather than by fear Of interna-
tional complications. Most Of the buy
ing in the last hour, however. was 70
cover short contracts. Stocks ad-
vanced rapidly and were at or close
to the best Of the day at the end.
Steel closed above 81, up over a point,
and similar gains were made by 9TH
ers Of the international list
In London with payment of initial
subscription for the war loan and
prospect that large proportion Of the
markets funds would shortly be put
into control of the Bank of England,
discount rates went higher. Here this
frmness of funds in London had little
strengthening effect on sterling rates,
which ended practically unchanged
from the final price Of Saturday. There
was some stiFening in time loans for
the longer maturities. but elsewhere
local monetary conditions remained
about as in last week.